The importance of the Egypt – Greece (GREGY) for Greece and Europe, as well as the prospect of establishing our country as a major energy hub in the southeastern Mediterranean and the wider region, was highlighted at the workshop on “Energy Challenges for Greece and the EU” by Mr. Yannis Karidas, CEO of the Renewable Energy & Energy Storage Unit of the Copelouzos Group and CEO of the entity responsible for the development and implementation of the GREGY project.
Mr. Karidas participated in the workshop discussion on the topic “Grids, Alternative Sources, and the Path to More Affordable Energy.” The conference was organized by MEP Dimitris Tsiodras in collaboration with the European People’s Party (EPP) and New Democracy.
Mr. Karidas emphasized the importance of GREGY in shielding the Greek economy, particularly in light of the ongoing geopolitical turmoil in the wider region, by strengthening the security of our country’s energy supply, energy diversification, and protecting the energy market—which is the cornerstone of the economy—ensuring it remains unaffected by international natural gas and CO2 prices, global natural gas demand, or geopolitical turmoil.
Protecting a country’s energy market is essentially a source of strength for that country, and, as Mr. Karidas noted, energy security means national security.
The GREGY project, which will be the first Africa-Europe interconnector – Europe, will transmit 3,000 MW of clean energy from Egypt to Greece and Europe and is fully aligned with the European Union’s policy on the creation of South – North, serving as the cornerstone of the most significant international interconnection for our country and establishing Greece as a major energy hub in the region.
In this way, GREGY is creating the South-North Vertical Corridor – North, connecting North Africa, via Egypt, with Europe, via Greece, serving as the southern gateway for green energy from the Mediterranean to Northern Europe.
GREGY, as Mr. Karydas noted, is not merely a national project but essentially a European one, with its positive impact extending beyond Greece’s borders, contributing to Europe’s independence from fossil fuels, strengthening its energy security and delivering clean, continuous-flow energy at competitive prices.
According to a study by a major international firm, GREGY generates a net socio-economic benefit for Greece’s energy market of over 30 billion euros cumulatively over 25 years, without taking into account the multiplier benefits that will accrue to Greek industry, such as increased exports and the creation of new jobs. GREGY will enhance Greece’s attractiveness and establish it as a major investment destination for large-scale energy-intensive investments such as AI-powered data centers.
The GREGY power interconnection will lead to the integration of energy markets, creating greater market liquidity for the benefit of all consumers.
The European Union has also recognized the importance and necessity of electricity interconnections with third countries, such as Egypt, and has included GREGY in the European Union’s PCI/PMI project list, as part of the Global Gateway initiative, which includes critical infrastructure projects for Europe, as well as in the PACT for the Mediterranean Action Plan, recently announced by Mediterranean Commissioner Dubravka Suica.
The development of the GREGY project, which is being carried out by ELICA INTERCONNECTOR S.M. S.A., a company of the Copelouzos Group, is progressing at a rapid pace, as explained by Mr. Karidas, with the completion of the optimal route study and the Technical Analysis/CBA, and with the imminent announcement of international tenders for the Seabed Survey, the Environmental Study, and the Geotechnical Study for the land sections of the project, co-financed by the EU’s Connecting Europe Facility (CEF).