Saudi Arabia, Egypt sign $1.6 billion deal to link power grids

Saudi Arabia and Egypt on Saturday signed a 6 billion-riyal ($1.6 billion) agreement to link their electricity grids, a project that will allow power trading between the two countries. Peak-time summer power consumption in Saudi Arabia falls between noon and mid afternoon when air conditioners are most intensively used, while in Egypt peak time is after sunset.
Linking the two will allow Saudi Arabia to export power to Egypt. The kingdom's majority state-owned utility, Saudi Electricity Co (SEC), and Egypt's state power company Egyptian Electric Holding Co will share the cost of the 3,000-megawatts undersea transmission cable.