France, Spain creating joint cross-Pyrenees electricity grid company

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

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.

No financial details were divulged. Both companies have set a target to submit a first route proposal by June 30.

The plan aims "to increase electricity interconnection capacity between France and Spain," according to a statement by RTE.

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.

Zapatero said he hoped the project would be finalized "as soon as possible." Sarkozy insisted on France's commitment to the plan. "It must come to fruition," he said.

The European coordinator of the project, Mario Monti, was to present French and Spanish authorities with an outline for the venture Thursday afternoon and was to travel to the Pyrenees later this month to discuss the plan with local leaders and residents.