The meeting of Kyriakos Mitsotakis with the President of Egypt, Abdel Fattah al-Sisi, and the Cypriot President, Nicos Christodoulides, will focus on energy developments in the Mediterranean and particularly on the Greece-Egypt electricity interconnection project, known as GREGY. The Prime Minister has been in Cairo since today, following meetings with Mr. Gerapetritis and Mr. Skylakakis.
INVESTMENT INTEREST AND TECHNICAL STUDIES
With over 20 international companies expressing interest, the Greece-Egypt electrical interconnection, thirsty for green energy, is entering its most critical phase: the technical studies. These studies will determine the final route and the final costs.
THE SHORTLIST
The project has now matured and acquired a new status, and the extended discussions demonstrate the willingness of both sides to move quickly. The formal announcement of financial offers by the shortlisted bidders, expected shortly, will mark the finalisation of the best possible route of the submarine cable and the landing points in the two countries, as well as the entire technical aspect.
THE INTERCONNECTION AND THE PROJECT
This interconnection is considered a project of vital geostrategic importance for Europe and the United States, particularly in the context of diversifying energy suppliers and becoming independent of Russian energy by 2027. According to the design, the GREGY project, with a budget of €4.2 billion, will transfer 3,000 MW of green energy from Egypt to Greece, generated from 9.5 GW of Renewable Energy Sources (RES), mainly wind farms to be built in Egypt.
HYDROGEN
Of the 3,000 MW, 1/3 will be consumed in Greece, 1/3 will be exported to EU countries, while the remaining 1/3 will be used for the production of green hydrogen. In other words, these are characteristics that make it stand out in the informal race that has been opened in the Mediterranean to see which country will be ahead of Egypt's green energy, while at the same time turning its country into the key to this intercontinental cooperation.
