A project that is about to change the energy landscape in Greece and in Europe is the one that is being developed very methodically by Elica S.A, a member of the Copelouzos Group, concerning the electrical interconnection between Egypt and Attica. It is the project known as “GREGY- Elica Interconnector” and it has already won the support of both countries, Greece and Egypt, but also of the European Commission, as the project is a candidate for inclusion in the 6th PCI/PMI project list. This project is the only realistic solution for the electrical interconnection of the two countries, directly connecting Egypt with mainland Greece without intermediate supply points.
The submarine electricity cable with bi-directional power transmission capacity and a total budget of 4.2 billion euros will be built between Greece and Greece. It will carry electricity from Egypt’s renewable energy sources and will benefit both residential consumers and businesses in Greece and neighbouring European countries. In this way, our country will become an important energy hub for “green” energy in the Southeastern Mediterranean and Europe at large.
The numbers are indicative of the positive energy footprint of the project. These 3,000 megawatts of electricity that the GREGY project will carry will replace 4.5 bcm of natural gas per year and reduce CO2 emissions by 10 million tons per year.
Equally important is GREGY’s contribution to tackling the climate crisis and accelerating the transition to a green economy. In fact, the electricity interconnection between Greece and Egypt, envisioned by Dimitris Copelouzos in 2008 and now proceeding at a very fast pace, is the only energy project that answers the dual problem of our time: cheap energy and green energy, while at the same time significantly strengthening Greece’s geopolitical position.
It is characteristic that the green energy that GREGY will transport will be highly competitive in relation to the energy prices of today. And, at the same time, this energy will come from Renewable Sources and not from fossil fuels, such as natural gas.
The project is fully in line with Europe’s energy strategy towards the electrification of energy systems and the supply of clean green energy, with a view to the rapid penetration of renewable energy and its decoupling from fossil fuels.
This positive dimension of GREGY is further enhanced if one takes into account the use of the energy transferred: about one third will be consumed in Greece by Greek families and Greek industries, one third will be exported to neighbouring countries of the European Union and one third will be used in Greece for the production of green hydrogen, with the largest amount of this hydrogen also being exported to neighbouring European countries. Factors that together make the electrical interconnection between Greece and Egypt a strategically important energy project, whose positive impact goes beyond the borders of our country, indicating the strategic direction that Europe must take in its effort to ensure faster energy security and green transition.