The strategic importance of the GREGY electricity interconnection project between Egypt and Greece for both Greece and Europe, as well as its potential to establish Greece as a major energy hub in the Southeastern Mediterranean and the wider region, was highlighted by Mr. Ioannis Karydas, CEO of the Renewable Energy Sources and Energy Storage Division of the Copelouzos Group and CEO of the company responsible for the development and implementation of GREGY, at the International Symposium organised by Circular Gaia in collaboration with the Institute for Circular Economy, Environment, Energy and Climate of the European Public Law Organization (EPLO). The event took place on Friday, 9 October 2026.
Mr. Karydas participated in a panel discussion entitled “Circular Economy, Renewable Energy Sources, Energy Transition and Carbon Neutrality”, alongside Greece’s Minister of Environment and Energy, Stavros Papastavrou; Bulgaria’s Minister of Energy, Iva Petrova; and Nikolaos Rigas, CEO of EnEarth.
At the conclusion of the first day of the International Symposium, Mr. Karydas received the Excellence Award on behalf of the GREGY project. The award was presented by Stelina Siarapi, Secretary General for Private Investments at the Greek Ministry of Development.
Mr. Karydas emphasized GREGY’s strategic importance in strengthening the resilience of the Greek economy, particularly amid ongoing geopolitical instability in the wider region. The project is expected to enhance Greece’s energy security, diversify its energy supply and strengthen the resilience of its energy market, a cornerstone of the national economy. By facilitating access to competitively priced clean electricity, GREGY will help reduce the market’s exposure to fluctuations in international natural gas and CO₂ emissions prices, changes in global natural gas demand and geopolitical disruptions.
As the first electricity interconnection between Africa and Europe, GREGY will transmit 3,000 MW of clean electricity from Egypt to Greece and the wider European market. The project is fully aligned with the European Union’s strategy to develop North–South energy corridors and is set to become a cornerstone of Greece’s international electricity interconnections, reinforcing the country’s position as a major energy hub in the region.
GREGY will establish a North–South Energy Corridor, connecting North Africa, via Egypt, with Europe, via Greece. In doing so, Greece will serve as a southern gateway for green electricity flowing from the Mediterranean towards Northern Europe.
As Mr. Karydas stressed, GREGY is not merely a national project, but a project of European significance, with benefits extending well beyond Greece’s borders. By delivering a continuous supply of clean electricity at competitive prices, it will contribute to strengthening Europe’s energy security and supporting its energy transition.
According to a study conducted by a leading international consultancy, GREGY is expected to generate a net socio-economic benefit of more than €30 billion for the Greek energy market over a 25-year period, on a cumulative basis. This estimate does not include the wider multiplier effects anticipated for Greek industry, including increased exports and the creation of new jobs.
The project is also expected to enhance Greece’s attractiveness as an investment destination, creating favorable conditions for large-scale, energy-intensive investments, including AI-powered data centres.
At the European level, GREGY is expected to contribute to higher productivity and greater integration of energy markets. By increasing market liquidity and facilitating access to clean electricity, the project will help create a more competitive and efficient energy market, to the benefit of consumers.
Developed by ELICA INTERCONNECTOR S.M. S.A., a company of the Copelouzos Group, GREGY will transmit exclusively clean electricity generated by 8.5 GW of renewable energy projects being developed by the Group in Egypt. The country offers extensive areas of available, flat land with abundant wind and solar energy potential, providing favorable conditions for large-scale renewable energy development.
GREGY is a landmark project for Greece, offering far-reaching energy, environmental, economic and geopolitical benefits for both Greece and Europe. By connecting Egypt’s renewable energy potential with European electricity markets, it is poised to make a significant contribution to regional energy cooperation, security of supply and the transition to a cleaner, more sustainable energy future.
