Greece and Saudi Arabia Study Connecting Their Energy Networks

The Greek Ministry of Energy announced that "Athens and Riyadh agreed on Wednesday to establish a jointly-owned company to explore the connection of energy networks between the two countries as the first step towards implementing their plan to supply Europe with cheap green energy." The statement mentioned that the Greek independent power transmission company "IPTO" and the Saudi Electricity Company will establish the Saudi-Greek interconnection company, which is tasked with studying the commercial feasibility of connecting the energy networks between the two countries. The two companies added that each will own a 50 percent stake in the new company. The agreement follows discussions between Greece and Saudi Arabia last year regarding the possibility of this interconnection. Approximately 40 percent of Greece's energy is produced from renewable sources, and the country is already looking to extend undersea cables connecting its grid to Egypt as part of its efforts to enhance its role in providing cheap energy from renewable sources.