Copelouzos Group took an important step towards the maturity of the project of the Electrical Interconnection between Greece and Egypt (GREGY – Green Energy Interconnector) by submitting a full application for its inclusion in the ten-year Development Plan of the European Energy Networks (TYNDP 2022). Its inclusion in TYNDP 2022 will be the first necessary step that will launch the process of inclusion of this ambitious project in the 6th list of Projects of Common Interest (PCI) of the European Union in the context of the interconnection of the European Energy Networks.
The projects included in the European PCI list are important cross-border projects that connect the energy systems of EU countries and third countries and help the European Union achieve its climate targets and implement its energy policy by providing safe, affordable and sustainable energy for all European citizens.
The Electrical Interconnection project of Copelouzos Group will transfer 100% clean, green energy produced by renewable energy sources that will be implemented in Egypt and will offer significant benefits not only to Greece but to the whole of Europe as well, contributing to its energy security and helping it to achieve faster decarbonization and its zero carbon targets.
Copelouzos Group, in the context of the documentation of the significant cross-border value that this project will have, carried out an extensive study which proved that with the implementation of this Greece-Egypt electrical interconnection, a capacity of around 700MW will be released in the existing Greece-Italy and Greece – Bulgaria electricity transmission networks.
The expected inclusion of this project in the PCI list will facilitate both its licensing and financing, accelerating in this way the implementation of the electrical interconnection, bringing closer the significant energy and geopolitical benefits for the wider region and making Greece a main energy hub in the Eastern Mediterranean.
A project envisioned in 2009 by Copelouzos Group and which, with the recent signing of a Memorandum of Cooperation between the Ministry of Energy and Environment of Greece and the Ministry of Energy of Egypt that sealed its strategic importance for the two governments, becomes part of the ten-year network development plan of EU (TYNDP) and is in the process of being included in the European PCI list, formally highlighting the European dimension of its strategic importance.