The importance of the GREGY electrical interconnection project for Greece and Europe, as well as the prospect of Greece becoming an important energy hub in the SE Mediterranean and the wider region, as well as its positive impact on the Greek Economy, was presented at the Energy Transition Summit: “East Med & South East Europe” organized by Financial Times and KATHIMERINI by Mr. John Karydas, CEO of the Renewable Energy Sources & Energy Storage Unit of the Copelouzos Group and CEO of the GREGY project. The Greek Prime Minister Kyriakos Mitsotakis honored the Summit with his presence, participating in the opening discussion as a keynote speaker.

Mr. Karydas participated in discussion of the Summit with topic ” Interconnectivity – Building the East Med’s integrated power network “.

Mr. Karydas underlined the importance of GREGY for shielding the Greek economy, especially in light of the continuous geopolitical turmoil in the wider region, and by strengthening the security of the country’s energy supply and energy diversification. In this way, the energy market will not be affected by international natural gas and CO2 prices , neither by global natural gas demand, nor by international geopolitical instability.

Protecting a country’s energy market constitutes strength for the country and, as Mr. Karydas mentioned, energy security essentially means National Security.

The GREGY project, which will be the first Africa-Europe interconnection project, will transfer 3,000 MW of clean energy from Egypt to Greece and Europe and is fully aligned with the European Union’s policy for the creation of vertical South-North energy corridors, constituting the cornerstone of the most important international interconnection for the country, transforming Greece to an important energy hub in the region.

In this way, GREGY creates the South-North Vertical Corridor , connecting North Africa, through Egypt, with Europe, through Greece, constituting the southern gateway for green energy from the Mediterranean to Northern Europe.

GREGY, as Mr. Karydas mentioned, by transmitting clean energy at competitive prices and with a baseload profile, will contribute decisively to strengthening the Greek Economy and will contribute, according to a study conducted by a large international firm, to the creation of a net socio-economic benefit to the Greek energy market of over 30 billion euros cumulatively over 25 years of operation, without taking into account the multiplier benefits that will arise for the Greek industry, such as increased exports and the creation of new jobs.

The GREGY electricity interconnection will lead to the integration of energy markets, creating greater liquidity in the market, for the benefit of all Greek consumers.

According to the McKinsey study, the most important problem Europe faces in achieving its energy transition goals, as Mr. Karydas mentioned, is the lack of the necessary land for the implementation of the required RES. GREGY solves this problem by utilizing the flat land areas of Egypt, with excellent wind and solar potential, for the production of clean energy and its transfer to Greece and Europe.

The importance and necessity of electrical interconnections with third countries, such as Egypt, has been recognized by the European Union, which has included GREGY in the list of PCI/PMI projects of the Union, in the Global Gateway framework, which includes critical infrastructure projects for Europe, as well as in the PACT for the Mediterranean Action Plan, recently announced by Mediterranean Commissioner Dubravka Suica.

The maturation of the GREGY project, which is being developed by the company ELICA INTERCONNECTOR SMSA of Copelouzos Group, is progressing at a rapid pace, as explained by Mr. Karydas, with the completion of the studies of the optimal routing and the Technical Analysis/ CBA and with the launching in the immediate future of the international tenders for the Marine Survey, the Environmental Study and the Geotechnical study for the onshore sections of the project.

The GREGY project is a groundbreaking project for the country, with multilateral energy-related, environmental, economic and geo-strategic benefits for Greece and Europe.