AEC, ICT Europe and Enel join forces on Smart Grid development in Saudi Arabia
In Riyadh, Saudi Arabia, AEC, ICT Europe and Enel signed a Memorandum of Understanding (MoU) aimed at smart grid area implementation within the Saudi Arabia Kingdom and the Gulf Cooperation Countries (GCC), namely Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman.
With decades of experience in Advanced Meter Infrastructures (AMI) and great working relationships with regional electricity utility companies, Advanced Electronics Company (AEC) has joined forces with ICT Europe and Enel (having a field-proven technology and international expertise on Smart Metering and Smart Grids) to provide local capabilities in this evolving technology. An MoU has been signed with a prime focus on delivering world class performance in smart grids and power distribution capabilities.
This collaboration is a response to the Saudi Arabia Kingdom’s plan to embrace the smart grid technology. The energy trend today is moving rapidly towards integrated networks, which requires better management of assets, peak demand and better response to faults. In addition to efficiency and reliability gains, smart grid technologies can attain easier integration of renewable energy sources, such as solar energy. The potential efficiency gains and power distribution alternatives can also further strengthen the region’s energy security as all GCC currently depend mostly on fossil fuels for their energy needs.
This MoU will support AEC to increase its technical footprint in the regional power distribution companies whilst enabling them to benefit from Enel’s proven industrial expertise in the energy sector. This collaboration brings together local and international technologies in areas of Smart Grids, Advanced Metering Infrastructure, Network Automation, Distribution Management Systems and Smart Cities. Thus providing high value added operational services to help end customers and significantly improve operation efficiency.
“It is an important step in the context of expanding our value chain across the region. By joining forces with ICT Europe and Enel we will significantly advance our smart grid solutions. This MoU shall enable fast-track technology transfer of smart grid technology, thus creating job opportunities for national talents, whilst in the meantime integrating national requirements regional electricity utility companies, regional renewable energy initiatives as that headed by King Abdullah City for Atomic and Renewable Energy (K.A.CARE) and the national Electricity Cogeneration Regulatory Authorities such as (ECRA).” said Dr. Ghassan Al-Shibl, President and CEO of AEC.
“We are a leading global player of smart grids solutions and this cooperation represents an additional milestone in affirming our leading position. With a proven track record of 38 Million meters in Italy provided with our technology,13 million new generation meters currently being installed in Spain more than 24,000 MW of Distributed Generators connected to our distribution grid and a top-level quality of service improved by more than 60% since 2001, we are pleased to join forces to widespread smart grid technologies in Saudi Arabia Kingdom and all Gulf Cooperation Countries.” commented Mr. Livio Gallo, Director of Infrastructure and Networks at the Enel Group.
ICT Europe CEO, Mr. Francesco Costanzo said that “As a boutique investment bank and co-developer of business, it is our vision to bridge the technology gaps that exist in the Saudi market, by bringing leading international technology companies, such as Enel Distribution, that are willing to transfer technology and invest in the Kingdom of Saudi Arabia through strong and credible local partners, such as AEC. We don’t only nurture and manage the relationship between the partners, but also invest in promising opportunities such as the Smart Grid which for us is a prime example of our business model.”