Croatia's Valamar invests 34 mln euro in third hotel in Austria
Real Estate Sofia shareholders okay RS City Sport purchase
Bosnia's Teleoptic launches buyout bid for Klimavent
Serbia's Nis Airport breaks pre-pandemic passenger record - report
N. Macedonia to auction 72 mln euro of govt paper on Dec 12
Nov 29, 2017 17:35 EEST
November 29 (SeeNews) - Albania and Kosovo have signed a memorandum of understanding (MoU) on the establishment and operation of a common energy exchange, the Albanian government said.
The project will be known as the Albanian Energy Exchange, according to a news release issued after a meeting of the governments of Albania and Kosovo held in the southeastern city of Korca on Tuesday.
The MoU is a part of an agreement to establish a common energy market of Albania and Kosovo launched in March 2014.
The energy exchange aims to facilitate sales and purchases of energy at prices that reflect the real market value and eliminate the need of public tenders, Albania's energy minister Damian Gjiknuri said during a presentation of the project earlier this year.
The governments of Albania and Kosovo see the common energy market as a very important step towards increasing electricity transmission between the two countries. They also expect the common market to improve power supplies to consumers in Albania and Kosovo and add value to the energy infrastructure in the region of Southeast Europe.
The first step toward establishing a common market was finalized in June 2016 with the inauguration of 400 kV interconnection power line worth 75.5 million euro ($87.9 million) between Albania and Kosovo financed by the German government through the KfW development bank.
Almost all of Albania’s electricity is produced by hydro power plants, while over 98% of Kosovo's electricity output is generated by coal-fired power stations. Despite progress, both countries suffer power shortages due to insufficient output, the age of their grids and theft.
($ = 0.84151)
You have run out of free articles this month.
Sign up in for
and get ten (10) free articles per month or sign up for
and get unlimited access.
Browse our free newsletter options