The Egypt-Greece “GREGY” electrical interconnection is proposed to be included in the European Union’s list of Projects of Mutual Interest.

As announced by the Directorate-General for Energy (DG Energy) of the European Commission today, GREGY electrical interconnection is included in the list of Projects of Mutual Interest (PMI). Such list will be sent to the European Parliament and to the European Council for official ratification in order to conclude the typical process.

This flagship project will connect Egypt to Europe via Greece with a 3,000 MW submarine cable with a length of about 950 km. The green and competitively priced energy that the cable will transfer from Egypt to Greece will be produced by 9.5 GW of renewable energy sources that will be constructed and operated by Copelouzos Group in Egypt. These 3,000 MW of green energy that the GREGY project will transfer will substitute 4.5 bcm of natural gas per year and reduce CO2 emissions by about 10 million tonnes per year.

This is a project of strategic importance for Europe, fully in line with the European Union’s strategy for the transition to green energy and the achievement of zero CO2 emissions by 2050. It is fully in line with Europe’s energy strategy towards the electrification of energy systems and their supply with clean green energy, with a view to the rapid penetration of renewable energy sources and the decarbonization of the Union. At the same time, GREGY will make a decisive contribution towards the achievement of energy diversification and strongly supports EU’s policy of creating green energy corridors from South to North, interconnecting Egypt’s electricity system with Europe.

It is also noted that GREGY – Green Energy Interconnector has already been included in the European Union’s development initiative “Global Gateway”, which aims to bring together the priorities of the EU’s external policy and leverage investments for the period 2021-2027 to develop global infrastructure.