Thomas Acheimastos, vice-president of the Copelouzos Group, outlined GREGY’s role in Europe’s emerging energy architecture in a speech at Enlit Europe in Vienna.
GREGY, he explained, is a 3 GW subsea interconnector stretching about 950 km, which will carry 100% renewable electricity from Egypt to Greece and from there to the European grid. The Group is also developing 8.5 GW of solar and wind capacity in Egypt, so that generation and transmission can be planned together.
The project’s strongest proposition, Mr Acheimastos said, is green energy with a stable supply profile at a competitive price. Backed by long-term PPAs, the cable will supply clean electricity around the clock to energy-intensive industries and data centres in Greece and across Europe. 47 memorandums of understanding have already been signed with major industrial consumers.
Energy security
He noted that energy security, industrial competitiveness and decarbonisation are increasingly aligned, with the focus shifting from generation to availability and grids.
“Greece is no longer on the margins of the system; it is becoming a gateway into it,” he said.