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France, Spain to set up joint electricity grid

Jan 11, 2008 - MENAFN

France and Spain agreed to set up a joint electricity grid company to share high-speed voltage across the Pyrenees, AP reported.

French power-grid operator RTE, a unit of Electricite de France, and Spain's Red Electrica de Espana SA will each hold 50 percent of the venture, French President Nicolas Sarkozy and Spanish Prime Minister Jose Luis Zapatero announced after a summit in Paris.

Spain has sought better access to France's electricity grid for years. France enjoys a steadier supply of electricity thanks to its extensive nuclear plant network.