The strategic importance of the GREGY Egypt–Greece electricity interconnection project for Greece and Europe, as well as its importance in establishing Greece as a major energy hub in the Southeastern Mediterranean and the wider region, was highlighted at the conference on Energy Challenges for Greece and the European Union by Mr. John Karydas, CEO of the Renewable Energy and Energy Storage Business Unit of Copelouzos Group and CEO of the project’s development and implementation company.
Mr. Karydas participated in the panel discussion entitled “Networks, Alternative Energy Sources and the Road to More Affordable Energy.” The conference was organized by the Member of the European Parliament Dimitris Tsiodras in cooperation with the European People’s Party (EPP) and New Democracy.
Mr. Karydas emphasized the importance of the GREGY project in strengthening the resilience of the Greek economy, particularly in light of the ongoing geopolitical instability in the broader region. The project will enhance Greece’s energy security and diversification while protecting the energy market, a key pillar of the economy, from fluctuations in international natural gas and CO₂ prices, global gas demand, and geopolitical disruptions.
As Mr. Karydas noted, safeguarding a country’s energy market is a source of national strength, stressing that energy security is national security.
The GREGY project, which will be the first electricity interconnection between Africa and Europe, will transmit 3,000 MW of clean energy from Egypt to Greece and Europe. Fully aligned with the European Union’s strategy for developing North–South energy corridors, it represents a cornerstone infrastructure project that will strengthen Greece’s position as a key regional energy hub.
By creating a South–North energy Corridor, GREGY will connect North Africa, through Egypt, with Europe through Greece, serving as the southern gateway for the transmission of green energy from the Mediterranean to Northern Europe.
According to Mr. Karydas, GREGY is not merely a national project but a genuinely European one, with benefits extending well beyond Greece’s borders. It will contribute to Europe’s transition away from fossil fuels, strengthen energy security, and provide a stable supply of clean energy at competitive prices. According to a study by a leading international consultancy, GREGY is expected to generate cumulative net socio-economic benefits exceeding €30 billion for the Greek energy market over a 25-year period, without taking into consideration additional multiplier effects such as increased exports and job creation in Greek industry. The project is also expected to enhance Greece’s attractiveness as an investment destination for large-scale energy-intensive industries, including artificial intelligence data centers.
The GREGY electricity interconnection will promote the integration of energy markets, increasing market liquidity to the benefit of consumers across the region.
The European Union has recognized the importance and necessity of electricity interconnections with third countries such as Egypt by including GREGY in its PCI/PMI list of Projects of Common Interest and Mutual Interest, under the Global Gateway initiative, which supports critical infrastructure projects for Europe. The project is also included in the PACT for the Mediterranean Action Plan, recently announced by the European Commissioner for the Mediterranean, Dubravka Šuica.
As Mr. Karydas explained, the GREGY project, developed by ELICA INTERCONNECTOR S.M. S.A., a subsidiary of Copelouzos Group, is progressing rapidly. Key milestones include the completion of the optimal route study and the Technical Analysis/Cost-Benefit Analysis (CBA), while international tenders for the seabed survey, environmental impact assessment, and geotechnical studies for the onshore sections of the project are expected to be launched shortly, with co-financing from the European Union’s Connecting Europe Facility (CEF).
GREGY is a transformative infrastructure project for Greece, providing significant energy, environmental, economic, and geopolitical benefits for both Greece and Europe.