Egypt is holding intensive meetings with Cyprus and Saudi Arabia to accelerate the implementation of electrical interconnection with a total capacity of 5GW, and set a timetable for the two projects.
Government sources told Daily News Egypt several meetings with Cypriot officials and the company responsible for conducting the project, with a capacity of 2GW.
There are ongoing studies on the technical and financial aspects of the project.
The sources added that the meetings that are currently under discussion are on the project’s technical matters, until the project is studied in detail.
Egypt is seeking to increase its exports of energy and meet the needs of neighbouring countries, as there is a surplus of up to 18GW. The price of electricity to be exported will be determined in accordance with the terms of international prices announced on the London Energy Exchange at the time of export.
The sources pointed out that an Egyptian delegation visited Saudi Arabia to follow up on the implementation of the interconnection line with Saudi Arabia after being modified to implement the Neom project.
Moreover, a consultant will be selected for the implementation of the maritime survey for submarine cable tracks and to set a date of entry into testing and operation of the project.
The project connects the two power grids in Egypt and Saudi Arabia to a 1,500-kV DC line from Badr transformer substation in Egypt to East Medina substation in Saudi Arabia passing through Tabuk station in Saudi Arabia along 1,300 km, including 820 km in Saudi Arabia and 480 km in the Egyptian territory.
Egypt started negotiations with Saudi Arabia in 2010 to establish a project to exchange energy between the two countries. However, due to political events, the project was postponed more than once, and negotiations were completed again with the support of the political leadership of the two countries.
Saudi Arabia announced in last October a plan for the establishment of the Neom area, which runs between three countries, namely Saudi Arabia, Egypt, and Jordan, with investments up to $500bn, located northwest of the kingdom, on an area of 26,500 sqkm, overlooking from north and west on the Red Sea and the Gulf of Aqaba.
The project will focus on nine investment sectors. Its first phase will be completed in 2025.