Greece and Egypt Take a Step Closer to a New Green Energy Corridor

The task is viewed by Athens and the European Union arsenic a substance of strategical geopolitical importance. Credit: AMNA

A large measurement toward establishing a captious caller vigor corridor betwixt Greece and Egypt was completed connected Monday with the signing of a cardinal trilateral Memorandum of Understanding (MoU) for the GREGY-ELICA Interconnector project.

The MoU was formally signed by the energy transmission operators of Greece and Egypt—IPTO and EETC—along with the task promoter, ELICA Mediterranean Electrical Interconnection S.M. S.A., a subordinate of the Copelouzos Group. This statement greenlights the adjacent signifier of studies for the monolithic submarine linkage, underscoring the committedness of each parties.

Strategic value of the Greece-Egypt vigor deal

The way of the vigor corridor. Credit: Elica SA

The GREGY task is not conscionable a determination undertaking; it is viewed by Athens and the European Union arsenic a substance of strategical geopolitical importance. It is already included successful the EU’s prestigious Projects of Common Interest/Projects of Mutual Interest (PCI/PMI) database and the Global Gateway programme for captious infrastructure.

Commenting connected the event, Environment & Energy Minister Stavros Papastavrou emphasized the project’s wide impact:

GREGY “is of strategical value for some countries and the entirety of the EU. This interconnection comes nether Greece’s wider strategy connected caller vigor corridors to the North and South, successful afloat alignment with the absorption presented precocious by European Commission President Ursula von der Leyen.”

The Minister further underlined that the task will:

“Upgrade Greece’s geopolitical relation arsenic an vigor hub successful Southeast Europe, boost vigor information successful the greater region, and item the large opportunities our bilateral relations spend us.”

A 100% greenish vigor corridor

The GREGY-ELICA Interconnector is being developed arsenic the lone nonstop nexus connecting Egypt with mainland Greece, without intermediate landing points. With an expected fund of €4.2 billion, the task centers connected a submarine energy cablegram with bi-directional powerfulness transmission capacity.

Crucially, the 3,000 megawatts (MW) of energy transferred by GREGY volition beryllium 100% green energy, produced exclusively from immense renewable vigor plants successful Egypt.

This cleanable vigor illustration offers transformative biology and economical benefits:

• Environmental Impact: The task is expected to regenerate 4.5 cardinal cubic meters (bcm) of natural gas per twelvemonth and trim CO2 emissions by 10 cardinal tons annually.
• Economic Impact: The transferred greenish vigor is expected to beryllium highly competitory successful narration to existent vigor prices, providing a stable, affordable, and cleanable supply.

Greece arsenic a greenish vigor hub

The imaginativeness for GREGY, archetypal conceived by Dimitris Copelouzos successful 2008, straight addresses the dual situation of the 21st century: the request for inexpensive vigor and greenish energy. By transporting cleanable electricity, GREGY is acceptable to accelerate Greece’s modulation to a greener system and importantly heighten its geopolitical standing.

Approximately one-third volition beryllium consumed successful Greece, portion different 1 3rd volition beryllium exported to neighboring EU countries.

The last one-third volition beryllium utilized successful Greece for the accumulation of greenish hydrogen, the bulk of which volition besides beryllium exported to different EU nations.