EETC

GREGY gaining momentum, investment decision early ’25

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Elica, a subsidiary of Greece’s Copelouzos group established to promote the Greek-Egyptian GREGY Interconnector, is preparing to push ahead with studies that will determine the project’s cost and also establish sites and partners for the development of 9.5 GW in RES projects.

All these aspects are crucial factors ahead of a final investment decision, expected to take a year. GREGY Interconnector, initially budgeted at 4.2 billion euros, promises to facilitate renewable energy exports from Egypt to Europe via Greece.

Greek Prime Minister Kyriakos Mitsotakis and Egyptian President Abdel Fattah Al Sisi in El Alamein focused on the GREGY Interconnector at a recent meeting that was also attended by Dimitris Copelouzos, chairman and managing director of the Copelouzos group, which has encouraged all parties involved to move faster.

At the meeting, the Egyptian President stressed that cooperation should be accelerated and procedures streamlined, while noting any obstacles that may arise must be cleared.

The Egyptian leader’s words essentially encourage closer ties between Egypt’s electricity and renewables ministry, the Egyptian power grid operator EETC, and the Copelouzos group for swift progress on the project’s studies, expected to be awarded in February and completed, barring unexpected developments, towards the end of the year.

A total of four studies – a technical study; environmental impact study; geophysical-geotechnical study; and seabed mapping, the most challenging of the four, to be conducted at a depth 954 km in the East Mediterranean – are needed. Their total cost is estimated at between 35 and 40 million euros. Investors will seek to cover half this cost through EU funding support.

The Copelouzos group should be ready to announce a final investment decision on the GREGY Interconnector in early 2025.

Italy has corresponding plans with the Italian-German Green Vein project for a line facilitating renewable energy transmission from Egypt to Italy.

This project’s planned capacity matches that of the GREGY Interconnector, at 3 GW, but Green Vein’s subsea cable would be three times longer than that of the GREGY Interconnector’s 954 km. This will definitely weigh heavy on the Green Vein’s cost, still not announced.

Plans for a detailed feasibility study concerning Green Vein were announced by UAE’s K&K Group, Italy’s CESI and the Prysmian group, and Germany’s Siemens Energy at the recent COP28 in Dubai.

 

Greek-Egyptian GREGY grid link prospects face crucial period

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A Memorandum of Understanding for the entry of Greek power grid operator IPTO into the equity make-up of Elica, a subsidiary of the Copelouzos group established to promote the 3.5 billion-euro Greek-Egyptian GREGY Interconnector, along with a corresponding move expected from the Egyptian operator EETC, undoubtedly represent votes of confidence for the project.

The interest shown by the two operators to become stakeholders in the GREGY Interconnector project boosts its development prospects ahead of an EU announcement, in June, of a shortlist of projects seeking PCI/PMI list inclusion for the next two years.

Three studies crucial to the development of the GREGY Interconnector, promising to transmit green energy to Europe, are planned to be commissioned over the next couple of months.

One of the three studies will focus on technical details, a second will examine the project’s financial aspects, while a third study, a challenging seabed mapping procedure to scan the project’s underwater setting over a distance of 954 kilometers, will take no less than six months to complete. Weather conditions will play a big role in this third study’s duration.

If all goes according to plan, a final investment decision sanctioning the project’s development is expected within 2024.

Israeli power grid operator officials in Athens for grid link

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The energy ministry and power grid operator IPTO seem determined to press ahead with two major grid interconnection projects, one to link Greece with Cyprus and Israel, the other Greece and Egypt, REPowerEU, Europe’s strategic plan aiming to end the continent’s reliance on Russian fossil fuels through energy-source diversification, being the driving force behind this action.

IPTO, according to sources, is just about ready to forward a proposal for participation in EuroAsia Interconnector, a consortium established for the development of the Israel-Cyprus-Greece grid interconnection.

Highlighting the activity concerning the project, officials of Israel’s power grid operator are in Athens for talks today with IPTO’s chief executive Manos Manousakis and other company officials.

The Israeli officials will also take part in an ensuing meeting with Greek energy minister Kostas Skrekas.

Israeli interest in the grid interconnection has grown following the European Commission’s decision to make available 657 million euros for the project’s Cyprus-Greece section.

The Israel-Cyprus-Greece grid interconnection will facilitate RES development in Israel, promising to contribute to the EU-27 aim for an end of Europe’s reliance on Russian fossil fuels.

The grid link, to measure 1,208 kilometers and offer a 1-GW capacity, will also end Cyprus’ energy isolation and offer energy security to Israel.

It is budgeted at 2.5 billion euros with completion slated for the end of 2025, if procedures go according to plan.

Manousakis, the IPTO chief executive, plans to visit Cairo during June for talks with officials at Egypt’s power grid operator, EETC. Progress on the prospective Greek-Egyptian grid link has been smooth. The two sides are now preparing for a feasibility study.

Skrekas, the energy minister, is expected to be in Egypt sooner, to take part in the East Med Gas Forum, scheduled for June 14 and 15. He is expected to meet with Egyptian energy ministry officials on the sidelines of this event, for talks on the Greek-Egyptian grid link.

This project, based on a proposal from the Copelouzos group, entails a subsea cable from Egypt to the Greek capital.

It is budgeted at 3.5 billion euros and will offer a 3-GW capacity for renewable energy, which will also be exported to other EU member states through grid interconnections linking Greece with neighboring countries.

Egyptian grid operator team in Athens for Greek grid link talks

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A team of highly ranked officials from the Egyptian Electricity Transmission Company (EETC), headed by president and CEO Sabah Mashali, is in Athens for two days of talks, beginning today, on the development of the Greek-Egyptian grid interconnection.

The EETC officials are scheduled to meet today with a team of Greek power grid operator IPTO officials, headed by president and CEO Manos Manousakis, for a discussion on technical details concerning the grid interconnection.

Tomorrow, the EETC team is scheduled to meet with Greece’s energy minister Kostas Skrekas as well as development and investment minister Adonis Georgiadis.

A first step for the project was taken last October when the Greek and Egyptian energy ministers signed a related Memorandum of Understanding. As part of the agreement, the power grid operators of both countries have assembled a working group to conduct necessary preliminary work.

The group’s responsibilities, according to the MoU, include technical coordination to ensure the grid interconnection’s compatibility; facilitating the project’s licensing matters; as well as providing support for the project’s classification as an EU Project of Common Interest, which would ensure EU funding support.

The Greek-Egyptian grid interconnection is planned to exclusively transmit green energy from Egypt to Greece as a means of increasing the energy-mix share of renewables in Greece and the wider region and also bolstering energy security in Europe, prioritized following Russia’s invasion of Ukraine.

Prime Minister Kyriakos Mitsotakis, during a recent meeting with European Commissioner for Energy Kadri Simson, stressed the importance of the Greek-Egyptian grid link, noting it should receive European backing.

 

Egypt appears keen to accelerate plan for natural gas pipeline to Greece

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Egypt’s minister of petroleum and mineral sources Tarek El-Molla (photo, right) has underlined the potential of energy-sector collaboration between Cairo and Athens and the significance of an MoU signed by Egypt and Greece for joint development of energy infrastructure.

The Egyptian minister was speaking at the annual Egypt Petroleum Show, Egypts, before 2,000 attendants from 65 countries, among them top-ranked officials from multinational energy giants.

Agreements already signed between Egypt and Greece pave the way for the development of a subsea natural gas pipeline linking the two countries, El-Molla noted.

According to diplomatic sources, this special mention by the Egyptian minister highlights his country’s interest to push ahead with the natural gas pipeline project, which, on the one hand, would facilitate Egyptian natural gas exports to the EU and, on the other, help the continent further diversify its energy sources.

A further increase in activity between Athens and Cairo for an acceleration of procedures leading to the gas pipeline project’s development has not been ruled out by the diplomatic sources.

In addition, the potential of a subsea electricity grid interconnection between the two countries also seems to be gaining momentum, the diplomatic sources noted. Greek power grid operator IPTO and Egyptian counterpart EETC are collaborating on this latter project.

The current Russia-Ukraine problem once again highlights Europe’s need for further energy source diversification. Russia, through gas giant Gazprom, covers approximately one third of European natural gas consumption in the household and business sectors.