Abu Dhabi [UAE], December 2 (ANI/WAM): The Arab League announced today the launch of the Arab Common Electricity Market, in a step aimed at achieving regional integration in the field of electrical energy.
This was announced during the 15th session of the Arab Ministerial Council for Electricity, which was held in the New Administrative Capital of Egypt. The meeting was attended by electricity and energy ministers and delegations from 22 Arab countries.
During the meeting, two agreements were signed: the "General Agreement," which defines the goals of the market and mechanisms for its development, and the "Market Agreement," which sets the institutional and commercial framework for the market, including governance of operations and cooperation between member states.
The agreements were signed by the UAE, Kuwait, Palestine, Syria, Egypt,Saudi Arabia, Qatar, Libya, Sudan, Yemen, Morocco, and Jordan.
The goal of this market is to enhance the stability of electricity supplies, reduce costs, support investments in renewable energy, establish the position of Arab countries as major exporters of clean energy globally, improve electricity consumption efficiency, and expand developmental projects, thereby strengthening the national energy strategies of the member states. (ANI/WAM)
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