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Politics

Egypt-Greece Electricity Interconnection Presented at COP27 Climate Summit in Egypt

November 8, 2022

ATHENS – The Greece-Egypt electrical interconnection project (GREGY) developed by the company ELICA SA of the Kopelouzos Group, was presented in the framework of the United Nations World Conference on Climate Change COP 27, in an event at the European Commission’s stand, and with the participation of Environment and Energy Minister Kostas Skrekas, Bulgarian Minister of Energy Rossen Hristov and Harry-Boyd Carpenter, Managing Director for Climate Strategy of the European Bank for Reconstruction and Development (EBRD).

According to an announcement issued by the Managing Director of the Renewable Sources and Energy Storage Business Unit of the Kopelouzos Group, Yannis Karydas, the company is preparing a huge investment in the sector of green energy, with fast but also careful planning that takes into account all the parameters of such a geopolitically complex project, which will essentially transform the status quo as regards the energy map in South-Eastern Europe.

As emphasised in the thematic presentation, the “GREGY-Elica Interconnector”, with a budget of 3.5 billion euros, will contribute decisively to the transition from fossil fuels and natural gas, as the submarine cable connecting the two countries will carry 100% green, clean and cheap electricity. The 3,000 megawatts of green electricity it will transfer from Egypt to Greece will be generated by 9.5 GW of Renewable Energy Sources (RES) that the Kopelouzos Group will build and operate in Egypt and will be able to replace 4.5 bcm of natural gas per year and reduce CO2 emissions by 10 million tons per year.

“This is a project that is fully consistent with the European Union’s strategy for the transition to green energy and the achievement of zero CO2 emissions by 2050, while at the same time it contributes to the emergence of Greece as a nerve centre for “green” energy in the wider Eastern region Mediterranean. The GREGY project is a flagship project for SE Europe and fully supports EU policy for the creation of energy corridors, and even green ones, North-South connecting the electric systems of Europe with North Africa”, the company stated.

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