2000 News Story

GCC states to invest heavily in privatization of power sector

The Gulf Organization for Industrial Consultancy (GOIC) has declared that the six member states of the Gulf Cooperation Council (GCC) will have to invest U.S. $ 100 billion over the next ten years, implementing the planned regional electricity grid network and accelerating privatization of the power sector, in order to meet the rapidly growing demand, which is increasing at an average rate of 7 percent annually.  The current capacity of the GCC states is around 41,000 megawatts, more than half of it in Saudi Arabia. This needs to be increased by 26,000 megawatts over the next five years to meet projected demand. The project of the unified grid, first proposed in 1991, will enable the states to exchange surplus electricity.