Greece, Saudi Arabia to look at linking their power grids

Greece and Saudi Arabia agreed on Wednesday to set up a jointly-owned company that will look at linking their power grids, taking the first step in their plan to supply Europe with cheaper green energy, the Greek energy ministry said.

The meeting was held in Athens between Deputy Environment and Energy Minister Alexandra Sdoukou, and Saudi Arabia's Assistant Energy Minister Nasser Hadi Al-Qahtani. 

Greece's Independent Power Transmission Operator (IPTO) and Saudi Arabia's National Grid will set up a company, Saudi Greek Interconnection, tasked with examining the commercial viability of the power interconnection, the ministry said in a statement.

IPTO and National Grid will each hold a 50% stake, it added.

The deal comes after Greece and Saudi Arabia discussed last year the possibility of such a tie-up.

About 40% of power in Greece is produced by...