Alina Oprea • 15 May, 2023 at 10:10 AM
The Copelouzos Group participated in the "Interconnection between Europe and Egypt" event, organized by the Permanent Representation of the European Union in Cairo and the Swedish Embassy, given that Sweden currently holds the presidency of the Council of the European Union. John Karydas, CEO of the renewables division of the Copelouzos Group, presented the key benefits of the implementation of the GREGY project and the interconnection of the electricity grids of Egypt and Greece, the role of the project for Egypt, Greece, and the entire European continent. GREGY will enable the supply of 3,000 MW of green energy from Egypt to Greece, thus supporting the EU in achieving its renewable energy and decarbonization goals and reducing dependence on electricity produced from natural gas.
The GREGY project is developed through the ELICA company, a subsidiary of the Copelouzos Group.
In the presence of the ambassador of the EU Delegation in Egypt, Christian Berger, the ambassador of Sweden in Egypt, Hakan Emsgard, the ambassador of Greece in Egypt, Nikos Papageorgiou, the Egyptian minister of oil and mineral resources, Tarek El Molla, representatives of the main international financial institutions and many other high-level guests, John Karydas presented the multilateral benefits that GREGY will bring to Egypt and Europe, by strengthening market integration, increasing the security of supply and increasing social and economic well-being for Greece, EU member states and Egypt.
John Karydas emphasized the multiple benefits deriving from the implementation of GREGY, not only for South-Eastern Europe and the Eastern Mediterranean area but for the entire continent. The project allows the transport to Greece of 3,000 MW of green energy produced in Egypt, and from Greece to Europe, thus supporting the Fit-for-55 and RepowerEU objectives, but also Egypt's objectives to reach a neutral energy system climatic.
The project received a "firm and positive" vote of confidence from the governments of the countries involved, and is now in the development acceleration phase, with the execution of the final technical studies to begin in the next period. The benefits of the project go beyond, as Karydas pointed out, the framework of the borders of the two interconnected countries, having an important positive impact on the entire continent.