The important benefits of the Greece-Egypt interconnection (GREGY), that will transfer competitively priced green energy, enhancing the role of Greece role as an energy hub for Southeast Europe and strengthening the competitiveness of Greek and European industry, was highlighted by Copelouzos Group at an event organized by the Greek Ministry of Environment and Energy in collaboration with the European Commission. The event took place at the UN Climate Change Conference, COP 29, in Baku, Azerbaijan.
Specifically, at the event titled “Harnessing the Renewable Energy Potential of the Mediterranean”, Mr. John Karydas, CEO of the Renewable Energy and Storage Division of Copelouzos Group, presented thoroughly to the international audience the significant opportunities arising for Greece through the iconic GREGY project interconnection Greece with Egypt. As it was emphasized, the project will contribute to fighting climate crisis, reducing dependence on fossil fuels and natural gas, diversifying energy sources, and enhancing the security of energy supply in Greece.
The opening remarks of the event were delivered by the Greek Minister of Environment and Energy, Mr. Theodoros Skylakakis. In the first panel Mrs. Ditte Juul Jørgensen, Director-General for Energy at the European Commission, Mrs. Alexandra Sdoukou, Deputy Minister of Environment and Energy of Greece, and Dr. Ahmed Mohina, Deputy Minister of Electricity and Renewable Energy of Egypt participated The second panel featured Mr. Karydas, Mrs. Walburga Hemetsberger, CEO of SolarPower Europe, Mrs. Aida Sitdikova, Director of Energy for Europe, Asia, the Middle East, and Africa at the European Bank for Reconstruction and Development (EBRD), and Mr. Andrew McDowell, Director General at the European Investment Bank (EIB).
Green Energy, Reduction of Energy Costs, and New Industrial Investments
GREGY will provide 3,000 MW of green energy produced from 9.5 GW of renewable energy sources powering the interconnection with competitive green energy. The mixture will consist of 75% wind and 25% solar power, offering clean energy solutions to address energy sufficiency. Additionally, the project will stimulate new industrial and investment activities in Greece, such as large-scale energy-intensive data centers, reduce wholesale energy prices to the benefit of all consumers, and create numerous direct and indirect job opportunities.
The project, included in the first list of Projects of Common and Mutual Interest (PCI/PMI) and the European Union’s “Global Gateway” strategic infrastructure projects, will deliver continuous and competitively priced green energy. Part of this energy will be consumed by Greek industries, while another part will be used for the production of green hydrogen and green methanol. In the country The remainder will be exported to neighboring EU countries. The green energy from GREGY is expected to reduce natural gas usage by 4.5 billion cubic meters annually, achieving a reduction of CO2 emissions by 10 million tons per year.
