How can Europe manage to secure abundant and cheaper electricity?
One of the most ambitious projects in the planning is the interconnection of Europe with Egypt via Greece.
An undersea cable that will carry 3,000 MW RES electricity and connect northern Egypt directly to Attica in Greece.
The project has been undertaken by the Copelouzos Group, whose management met last week with the Egyptian leadership to speed up the procedures
"By bringing 3,000 MW of clean energy to Europe, via Greece, we are helping Europe wean itself off Russia's fossil fuels and natural gas. Also, the green energy we will transport will be much cheaper than today's energy prices. You understand that this will help both Greek and European consumers", said Ioannis Karydas, CEO of Renewables, Copelouzos Group.
The so-called "GREGY interconnection” is a 3.5 billion euro project that has been categorized as a Project of Common Interest (PCI) by the European Union.
It will carry clean electricity produced in Egypt (or other African countries) through solar or wind parks.
"Approximately one third (of the electricity that will come from Egypt) will be consumed in Greece, and mainly in Greek industries, another third will be exported to neighboring European countries and one third will be used in Greece, for the production of green hydrogen. The majority of this hydrogen will also be exported to neighboring European countries", added Ioannis Karydas.
Egypt has completed interconnections with Libya, Sudan and Saudi Arabia and aspires to become a major energy hub for SE Europe too.
The "GREGY interconnection” is expected to be operational in 7 to 8 years.