GREGY Interconnector

GREGY Interconnector plans split route to also serve Italy

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Elica, a subsidiary formed by the Copelouzos group to promote the Greek-Egyptian GREGY Interconnector, promising transportation of Egyptian renewable energy production to Europe, plans to add Italy as a direct recipient in addition to Greece.

The idea behind this revision, or addition, is to ensure even more promising commercial prospects for the project by making available renewable energy from northeast Africa to a wider part of Europe.

The revised route being considered by Elica would split into two in the sea area southwest of Crete. From there, two subsea lines, each offering a capacity of 750 MW, would carry on for the wider Athens area and a further two subsea lines, also 750 MW each, would reach the sea area off Greece’s northwest and connect with an existing grid interconnection linking Greece and Italy.

This revised route would enable direct export of Egyptian renewable energy to Italy, as an additional recipient, via the GREGY Interconnector. Greece and Italy would each be able to receive capacities of 1,500 MW through the two lines.

Under the original plan for the GREGY Interconnector, four cables beginning from Egypt and possessing a total capacity of 3,000 MW would have all ended up in the wider Athens area.

Elica, the Copelouzos group subsidiary promoting the project, appears to have informed the Greek and Italian governments, as well as Greek power grid operator IPTO and Italy’s power grid operator TERNA of its planned route revision.

RES projects with a total capacity of 9.5 GW are planned for development in Egypt to feed renewable energy into the GREGY Interconnector.

Greek industrial consumers, seeking low-cost energy, are among the main potential recipients of the 1,500 MW to end up in the wider Athens area. A share of the renewable energy brought in from Egypt may also be exported to other Balkan countries through electrical grid links with Greece.

Italy, whose electricity import needs are among the highest in southern Europe, would cover a considerable proportion of these needs through the GREGY Interconnector, at a low cost.

 

 

Copelouzos holds Balkan, Italy talks for GREGY Interconnector

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Copelouzos group president Dimitris Copelouzos has been involved in a series of meetings with leading energy-sector officials in the Balkans and Italy to explore the level of interest by energy groups and funds for investments concerning the Greek-Egyptian GREGY Interconnector and development of 9.5 GW in RES projects in Egypt, sources have informed.

Meetings held by the Greek entrepreneur with the energy ministers of Bulgaria, Romania and Serbia in their respective capitals, as well as in Italy with Italian Deputy Prime Minister Matteo Salvini and top-ranked officials of Italian energy company Enel, have indicated a strong interest by all for renewable energy production from Africa’s north, as well as the establishment of PPAs.

The Copelouzos group recently founded a subsidiary named Elica to  promote the Greek-Egyptian GREGY Interconnector, a link that would facilitate transportation of Egyptian RES production to Europe.

The next few months will be crucial for GREGY Interconnector’s progress on a technical level as documents for related tenders are currently being prepared. Tenders will be staged to select consultants and designers who will undertake four main studies estimated to cost between 35 and 40 million euros, of which 50 percent will be sought through EU funds.

The series of tenders, expected to begin in April and May, will include a technical study, a geophysical and geotechnical study, as well as a seabed mapping study, the most challenging of all, covering a 954-km route in the eastern Mediterranean.

Highlighting the significance of the GREGY Interconnector and RES projects to be facilitated by this link, the EU and Egypt have issued a joint statement.

“Given the new energy and geopolitical reality, the EU and Egypt recognize the need to strengthen energy security, and, therefore, have agreed to intensify their cooperation with a focus on renewable energy, energy efficiency, as well as other low-carbon technologies, building on Egypt’s significant potential for more efficient expansion of renewable electricity generation through projects such as the GREGY Interconnector,” the joint statement noted.

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.

 

IPTO’s role in accelerating green transition, transforming Greece into green energy exporter

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By Manos Manousakis*

2023, which is drawing to a close, has affirmed a familiar truth: the impact of climate change requires the formulation, adoption, and implementation of policies addressing recurrent extreme phenomena, including temperature rise, desertification, water scarcity, and environmental pollution. We owe it to the future generations το slow down and ultimately reverse climate deregulation, making the green energy transition, contingent on the strengthening and expansion of electricity grids, an absolute priority.

To grasp the enormity of the challenges posed by the climate crisis and its ensuing phenomena, consider that in the summer of 2023, the Electricity Transmission System grappled with successive or simultaneous fires in Attica (Kouvaras, Dervenochoria), Corinthia (Loutraki), and Thrace.

During these natural disasters, a total of 1,400 switch operations were documented, with flames literally reaching beneath the Transmission Lines. Despite this, the system remained resilient, and the supply of electricity to the distribution network was uninterrupted.

Due to the climate crisis, we also faced unprecedented floods in Thessaly triggered by storms Daniel and Elias. These events led to the collapse of two pylons (400 and 150 kV). Again, the system demonstrated resilience and IPTO promptly restored the damages. However, we recognize that sustaining the reliable operation of the networks necessitates more investments and actions. This commitment is reflected not only in the EUR 200 million Asset Modernisation Programme which we are currently implementing and is due to be completed by 2026, but also in the flood protection measures for our substations and the integration of innovative technologies for the monitoring and maintenance of critical equipment.

However, the energy transition demands not only bolstering the resilience of networks but also expanding them. This reality has been acknowledged by the incoming Belgian EU Presidency, which has listed the increase of investments in the grids among its main priorities. This follows the Action Plan recently unveiled by the European Commission, which recognizes that grids are the “missing link” of the transition. The Plan delineates specific actions and incentives to secure the estimated €600 billion investment required by the end of the decade to achieve the EU’s climate targets.

To meet the ambitious European and international targets, it is imperative to invest in both national networks and cross-border and trans-continental electricity interconnections. These investments will facilitate the optimal utilization of green energy across diverse geographical areas and climate zones.

The role of IPTO

In this regard, IPTO has a pivotal role to play, as it spearheads projects contributing not only to the increased integration of Renewable Energy Sources (RES) in the country’s energy mix, now nearing 50%, but also advancing a key objective of the national energy strategy: transforming Greece into a green energy exporter to Central Europe. This will be achieved through the implementation of cross -border interconnections designed to export surplus electricity generated within the country. Notably, this initiative aligns with the plan to develop 2 GW of Offshore Wind Farms by the end of the decade, capitalizing on the substantial and continuous interest in renewable energy investment that surpasses domestic demand.

At the heart of this plan is the Greece-Cyprus-Israel interconnection, with IPTO having recently assumed the role of the project promoter through its special purpose vehicle, the Great Sea Interconnector.

Notably, during COP28, IPTO signed a Memorandum of Understanding (MoU) with the Ministry of Energy, Trade, and Industry of Cyprus and the Abu Dhabi -based fund TAQA for their potential participation in the project. We have also signed a preliminary agreement with Israeli fund Aluma. Furthermore, funds from the USA and other countries have expressed interest in the project.

These developments are tangible proof for the investor interest after IPTO assumed the role of project promoter of the Great Sea Interconnector. Given its proven expertise and robust financial profile, IPTO is well positioned to execute this highly demanding project efficiently. Construction is slated to commence in 2024.

Given our emphasis on export interconnections, we are maturing a second High Voltage Direct Current (HVDC) interconnection with Italy with a capacity of 1000 MW, which triple the electricity transmission capacity between the two countries. Additionally, the recently completed second interconnection with Bulgaria and the planned second interconnection with Albania align with this overarching strategy.

Simultaneously, we are exploring the feasibility of establishing a direct electricity corridor with Central Europe. South Germany stands out as the ideal endpoint for this corridor, due to its robust electricity system and significant demand for green energy.

The Green Aegean Interconnector, as the Greece-South Germany corridor is called, has significant synergies with the Greece-Egypt interconnection (project GREGY, implemented by Elica of the Copelouzos Group), in which we are actively engaged. Furthermore, it aligns with a visionary project, whose planning we have recently initiated: the electrical interconnection with Saudi Arabia, referred to as the Saudi Greek Interconnection. To facilitate this endeavor, we are in the process of establishing a special purpose company jointly with the Saudi Transmission System Operator, National Grid, who expressed its keen interest in the project during the recent Arab-Hellenic Chamber’s Economic Forum held in Athens.

These projects play a crucial role in promoting not only Europe’s energy transition but also its energy independence from Russia and the exploration of new energy suppliers—a key objective of REPower EU.

As we enter 2024, it becomes imperative to expedite the transition to the clean energy era. It is essential to underscore that the journey of the green transition may pose challenges, yet it is a one-way street, a path that cannot and should not be reversed.

*Mr. Manos Manousakis is the Chairman and CEO of Independent Power Transmission Operator (IPTO).

 

IPTO seeks Green Aegean grid link’s entry into ENTSO-E plan

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Greek power grid operator IPTO intends, within the next few days, to submit a Green Aegean grid interconnection plan, envisaged to run from Greece to Germany’s south, to the ten-year development plan of ENTSO-E, promoting closer cooperation across Europe’s TSOs to support the implementation of EU energy policy and achieve Europe’s energy and climate policy objectives.

The project’s inclusion in the development plan of ENTSO-E, representing operators from all of the EU’s 27 member states, would represent a significant first step towards PCI/PMI status for the project, securing EU funding, as planned by IPTO.

The Green Aegean grid interconnection project is seen as vital for channeling, further north in Europe, huge quantities of green energy that are expected to enter Greece in the coming years from the Middle East and Asia through projects such as the Saudi Greek Interconnection. The project would also allow Greece to export some of its excess domestically-produced energy.

Greek and Saudi delegations met yesterday to establish a 50-50 joint venture for the Saudi-Greek Interconnection, with IPTO and Saudi Arabia’s National Grid as shareholders.

The Greek-German Green Aegean grid interconnection; the Saudi-Greek interconnection; along with Euroasia Interconnector, planned to connect the Greek, Cypriot and Israeli grids; as well as the Greek-Egyptian GREGY grid link, all represent parts of a green-energy intercontinental axis running several thousands of kilometers and involving many individual interconnections and special purpose companies. All these initiatives share one common goal, to transport, via Greece, renewable energy from Asia and the Middle East to green energy-hungry markets of Europe’s north.

 

Crucial studies for Greek-Egyptian GREGY link in autumn

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Extensive attention paid to the prospective grid interconnection that would link Greece and Egypt through the 3.5 billion-euro GREGY Interconnector project at a meeting yesterday between Greek Prime Minister Kyriakos Mitsotakis and Egyptian President Abdel Fattah Al Sisi in El Alamein reaffirms the strategic importance of this project.

So, too, does the involvement of Nikos Tsafos, the Greek PM’s special adviser on energy matters, and two Egyptian ministers, Tarek El-Molla, minister of petroleum and mineral resources, and Mohamed Shaker, minister of renewable energy, in working groups staged during the visit.

The GREGY Interconnector was recently favorably assessed by the European Commission for inclusion on its PCI/PMI list, but a series of challenging steps lie ahead.

Three crucial studies considered pivotal for the project’s prospects are planned to be staged in autumn – an environmental study, a final engineering study, and a seabed mapping survey, the trickiest and costliest of the three that will involve imaging of the seabed with a special vessel along the project’s 954-kilometer subsea route.

This latter survey is expected to require at least six months to complete. A vessel to take on the seabed mapping is expected to be commissioned in autumn through a tender.

Great water depths, such as those to be encountered in this East Mediterranean region, require expertise and experience possessed by few companies in the world.

Elica, a subsidiary of the Copelouzos group established to promote the Greek-Egyptian GREGY Interconnector, has come up with a budget estimate of 15 million euros for the seabed scan.

However, given the survey’s deep-sea nature and the fact that the proposed route’s seabed remains largely unknown as the area it covers has never before been scanned in detail, survey costs could escalate beyond initial estimates. Bad weather could also delay the effort. At best, a Final Investment Decision should not be expected before mid-2024.

PCI/PMI list preliminary ratings out, GREGY a borderline case

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The European Commission’s Directorate-General for Energy, preparing a shortlist of electricity projects for a sixth PMI/PCI list, including Projects of Mutual Interest and Projects of Common Interest, has just staged a teleconference with representatives of projects vying for a place on the list.

As for the PMI list, the Brussels officials, in addition to preliminary ratings for candidate projects, also presented their criteria and formula applied for appraisals.

The presentation of these details was necessary as, under the revised TEN-E Regulation, new PMI selection criteria are being used for the first time for projects also involving non-EU members.

According to energypress sources, the GAP Interconnector, an Egyptian-Cretan power grid interconnection project plan been promoted by the Eunice group, was not appraised, as had been expected, because it has not secured Letters of Support from the Greek state.

GREGY, another Greek-Egyptian grid interconnection plan, which is being promoted by the Copelouzos group, was given a preliminary rating of 9.3, just below the 10-level score required for inclusion on the PMI list.

GREGY project officials have until June 30, when the PMI shortlist will be announced, to enhance their project’s dossier with additional details that could boost its rating and secure a place on the PMI shortlist. Copelouzos group officials are confident this can be achieved.

The Euroasia Interconnector, planned to link the Israeli, Cypriot and Greek power grids, has amassed the points needed to secure its inclusion on the PMI shortlist.

A total of five European projects, two of these with Greek interests, have achieved preliminary scores offering places on the PCI shortlist.

One of the two Greek projects, Terna Energy’s pumped-storage station project plan for Amfilohia, northwestern Greece, was included on the EU’s PCI list in 2013, while all indications suggest it will retain its place on the list’s sixth edition.

The Eunice group’s Ptolemaida BESS, a 250-MW energy storage facility planned for Ptolemaida, northern Greece, has scored highly for a place on the revised PCI shortlist.

Brussels wants Egyptian RES progress to fund Greek link

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The European Commission wants to see clear progress in Egypt’s RES development plan before committing to any financial support for the Greek-Egyptian GREGY Interconnector, a 3.5 billion-euro project being promoted by Elica, a subsidiary of the Copelouzos group, reliable sources have informed energypress.

Brussels has informed all parties involved in the GREGY Interconnector of its prerequisite for funding support, the sources noted.

Europe needs green energy, which is why the European Commission is backing Egypt’s electricity interconnection with Greece, but investment plans for the development of RES projects in Egypt need to proceed and this progress should be reflected and confirmed by concrete data, the sources informed.

European officials consider the GREGY Interconnector to be feasible as the cost of green energy in Egypt is much lower and EU demand for low-priced electricity is high.

However, the European Commission is also taking into account Egypt’s slow development of electrified RES projects, totaling just 6 GW, a modest figure given the country’s size and rich solar and wind energy potential. Greece, a far smaller country, has so far amassed almost double the capacity of operating RES facilities, currently offering 10 GW.

Egypt, according to the country’s official energy strategy, plans to develop RES projects with a total capacity of 61 GW by 2035. Brussels will be waiting to see clear signs of this plan’s implementation.

 

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.

Full support for GREGY Interconnector’s PCI/PMI bid

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The GREGY Interconnector, a 3.5 billion-euro project being promoted by Elica, a subsidiary of the Copelouzos group, to link the Greek and Egyptian grids, is fully backed by the Greek energy ministry, RAE, the Regulatory Authority for Energy, Egypt and Bulgaria, a presentation in Brussels last Friday of European projects seeking PCI/PMI list inclusion has shown.

This Greek-Egyptian grid interconnection, whose cable is planned to cover a 950-km distance, promises to transmit green energy to Europe.

Greece, it has become apparent, favors the development of the GREGY Interconnector over the Eunice Group’s alternate GAP Interconnector for a Greek-Egyptian grid link.

Hundreds of European projects seeking PCI/PMI list inclusion, which will secure EU support funds, were presented at last Friday’s Brussels event, staged by the European Commission’s Directorate-General for Energy.

Support for PCI/PMI list candidate projects by relevant ministries, respective national regulatory authorities, as well as states involved will weigh heavily in the European Commission’s overall assessment.

The GREGY Interconnector should score highly in this department, given the comprehensive support of the project by all parties involved.

Besides official Greek and Egyptian support, the GREGY Interconnector has also received Bulgaria’s backing as it promises to export Egyptian-generated green energy to the country.

Brussels’ shortlist of PCI/PMI projects is expected to be announced in June, while a finalized list should be announced late in the year.

 

DG Energy initial assessment of PCI/PMI list projects April 21

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At least seven prospective interconnections concerning Greece and other major domestic projects for which PCI/PMI list inclusion is being sought by local officials are expected to be assessed by European Commission authorities following this weekend’s Greek Easter break.

These projects are among hundreds of energy infrastructure projects around Europe which related officials hope will be given the green light by Brussels’ Directorate-General for Energy for inclusion onto the PCI/PMI list, promising EU support funds. The list’s coverage was expanded this year to include projects also concerning non-EU countries.

Brussels officials are expected to make an initial assessment of PCI/PMI list candidate projects on April 21 before announcing a short list of candidates in June. A finalized list is scheduled to be announced in November.

As part of the initial assessment procedure, DG Energy officials will hold talks with contractors behind projects as well as government and regulatory officials for related information.

The Greek-Egyptian GREGY Interconnector, a project being promoted by Elica, a subsidiary of the Copelouzos group; an update of the Greek-Italian power grid interconnection, a project involving Greek power grid operator IPTO and Italy’s Terna; the EuroAsia Interconnector, planned to link the Cretan, Cypriot and Israeli electricity grids; an Egyptian-Cretan grid interconnection planned by the Eunice group; development of a crucial power transmission line from Filippoi to Nea Sanda in northern Greece; a pumped-storage station in Amfilohia, northwestern Greece, planned by TERNA Energy; as well as a power grid interconnection upgrade by IPTO between Meliti in northern Greece to Bitola in North Macedonia, are the seven Greek and Greek-related projects for which PCI/PMI list inclusion is being sought.

 

GAP Interconnector promising additional Greek-Egyptian grid link

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The GAP Interconnector project, planned to link Egypt with Greece, via Crete, promises to serve as a further step towards transforming Greece into an exporter of green energy to the rest of Europe, officials of the Eunice Group, heading the project, budgeted at 1.3 billion euros, have highlighted at a news conference.

It represents an additional Greek-Egyptian grid interconnection project, following the GREGY Interconnector, a 3.5 billion-euro project being promoted by Elica, a subsidiary of the Copelouzos group.

The GAP Interconnector project promises to reinforce Greece’s geostrategic role, making it a transmission hub to the rest of Europe for RES-generated electricity from Egypt, Andreas Borgeas, the project’s chief executive and a former California Senator, told journalists.

A feasibility study has already been conducted for the GAP Interconnector, as have oceanographic studies to map the areas concerning the project’s route, the Borgeas informed.

Two cables to offer a 2,000-MW capacity and run from coastal Matruh in Egypt to Crete’s Atherinolakko, a distance of approximately 450 kilometers, will serve as the project’s backbone. Converter stations will be installed at both these locations.

The project, whose subsea cable installations will reach as deep as 4,445 meters off Crete and 3,500 meters off Egypt, was described as “challenging” by Borgeas, the project chief, who added advanced deep-sea cable installation technology is now available.

The aim is to establish a multinational consortium for the GAP Interconnector project and induct, as a first step, the US company McDermott, one of the world’s biggest developers of subsea projects, Borgeas informed. French, Greek and Italian companies are also expected to soon join this consortium, the official added.

The GAP Interconnector project and the GREGY Interconnector are not rival projects but they will compete for points concerning PCI-PMI lists, Borgeas pointed out.

A direct, straight-line connection from Egypt to Crete planned for the GAP Interconnector offers it a comparative advantage as it is shorter and subsequently lower in cost, Borgeas noted, adding the project lies entirely within the boundaries of the Greek-Egyptian exclusive economic zone (EEZ).

It is planned to be complemented by the Southern Aegean Interconnector (SAI), a 1.5 billion-euro project to connect Athens, the Dodecanese islands, and Crete.