Ramallah – the world of the homeland
The Egyptian Minister of Electricity, Mohamed Shaker, said that about 17% of the electrical link between Egypt and Saudi Arabia has been completed, in order to benefit from Egypt’s electricity surplus.
He added, in a statement to “Cairo 24”, on the sidelines of the meetings of the African Development Bank in Sharm el-Sheikh, that the link line will deal with about 3,000 megawatts, and that the entire project is expected to be completed in 2027. , according to what was reported on the “Russia Today” news channel.
He added that the project is a link to exchange electricity between peak times and times of low consumption to export the surplus in both directions in Egypt and Saudi Arabia.
Egypt and Saudi Arabia signed an agreement to establish an electrical connection project between the two countries to exchange capacities in peak times in October 2021, at a cost of 1.6 billion dollars, of which 10 billion EGP belong to the Egyptian side.
This project is considered the beginning of the path to link Egypt and the Gulf countries towards the establishment of a common market for electricity, as the line allows the exchange of 3,000 megawatts at peak times between the two countries, which differ by a difference of 3 hours, and the agreement signed between Egypt and Saudi Arabia allows the sale of energy to the Gulf countries through a line It.
The rate of return on investment is more than (13%) when using the link only to participate in the electricity production pool of the two countries, with a cost recovery period of 8 years.