The new electronic platform for pricing electric energy for GCC Countries

The inauguration of the electronic platform for pricing electric energy in the countries of the GCC Council comes at a crucial time, during which GCCIA announced that, in 2020, the deals for the exchange of electrical energy has reached 1,056,000 MWh, according to the Emirati newspaper, “Al Bayan”.

In this respect, the Gulf Cooperation Council Interconnection Authority (GCCIA) has launched the electronic platform for pricing electric energy in the GCC countries, as part of the first phase of the energy pricing project in the GCC. The electric energy pricing platform is the first electric energy pricing project of its kind, which is the cornerstone and the foundation for operating the energy trading platform project launched by GCCIA in 2018, which contributes to the development of the spot market for electric energy trading.

In order to complete it in the best possible way, the GCCIA has dedicated a team of the authority, in partnership with CESI and ENERWEB, to operate and follow up this project. The inauguration ceremony, hosted by the GCC pavilion at Expo 2020 Dubai, was sponsored by Engineer Ahmed Al-Ibrahim, CEO of the GCCIA, in the presence of officials of a number of Gulf authorities, and specialists in the field of energy and electricity.

Commenting on the event, Eng. Ahmed Al-Ibrahim, CEO of the GCCIA said: “The authority has carried out many projects and efforts to develop energy trade. Last year, it has launched a platform for bilateral contracts for energy trading, which contributed to an increase in energy exchanged between countries by about 20%, It has also helped significantly improve the time of conducting deals between countries.” He added: “Now countries can conclude deals in a few minutes. The project also contributed to recording and archiving deals, and presenting deals in an impartial, transparent and easy way.”

The GCCIA serves the GCC countries and key players outside the region by leading the development of an effective energy market, providing knowledge excellence in the integration of energy systems while promoting a culture of innovation, and allowing the GCCIA to exchange energy in the Gulf region.

You can read the Arabic version of the announcement here.