At the 8th Renewable & Storage Forum, Giannis Karydas, CEO of the Renewable Energy Sources and Energy Storage Unit of Copelouzos Group and CEO of GREGY’s project developer, outlined the rapid progress being made on the Greece–Egypt electricity interconnector, the project’s next milestones and the significant benefits it will bring to Greek consumers.
The aim is to complete the studies in the first quarter of 2028, after which procurement of the equipment and services needed to deliver the project can begin.
Mr Karydas said that calls for tenders for three contracts were published in July, covering environmental permitting, seabed surveys and onshore technical studies.
A Grant Agreement has been signed with the European Union to cover part of the cost of these studies with funding from the Connecting Europe Facility.
The optimal route study has been completed, while the cost-benefit study and technical analysis are expected to be completed by the end of November. Work on the final technical specifications is due to begin in early 2027.
The group is also working with IPTO and Egypt’s relevant system operator to determine the connection points linking the project’s two bipoles to the two electricity systems.
On energy production in Egypt, Mr Karydas said a presidential decree had granted the Egyptian Ministry of Electricity and Renewable Energy the selected site, covering about 3,200 square kilometres, for GREGY to develop renewable energy projects with a total capacity of 8.5 GW.
The benefits that GREGY’s operation will bring to Greek industry and consumers are particularly significant.
According to a study by an international consultancy, GREGY’s operation is expected to lead to a 25% reduction in wholesale energy prices compared with the levels that would otherwise prevail when the interconnector enters service. The net socioeconomic benefit to the Greek electricity market is estimated to approach €30 billion over 25 years.
This figure does not include the multiplier benefits to Greek industry from cheaper PPAs, which will give it a significant export advantage, boost exports and create new jobs.
The availability of cheap green energy that GREGY will bring to Greece and Europe will also attract new energy-intensive investment, such as data centres for artificial intelligence, significantly strengthening the Greek economy and boosting employment.
The GREGY project has been included on the European Union’s list of PCI/PMI projects under Global Gateway, which covers critical infrastructure projects for Europe, and in the 1st Action Plan for the Mediterranean (PACT), which includes selected initiatives and projects to promote cooperation and development across the Mediterranean.
The Greece-Egypt GREGY electricity interconnector is a landmark project for the country, with wide-ranging energy, environmental, economic and geostrategic benefits for Greece and Europe.
It is fully aligned with European Union policy to create north–south vertical energy corridors, and is the cornerstone of the most important international interconnection for Greece, positioning the country as a significant energy hub in the region, according to the statement.