Mitsotakis – Greece-Egypt electricity interconnection strengthens Europe’s energy security – The benefits

Kyriakos Mitsotakis spoke about ensuring the flow of green energy and strengthening Europe’s energy security in a statement on the signing of a memorandum of understanding between Greece and Egypt for the interconnection of the transmission networks between Greece and Egypt.

“The Memorandum of Understanding signed today by Greece and Egypt ensures the flow of green energy and strengthens Europe’s energy security. “The interconnection of transmission networks between our two countries represents a bold strategic initiative,” said the Prime Minister.

The Memorandum of Understanding signed today by Greece and Egypt secures the flow of green energy and enhances Europe’s energy security. The interconnection of transmission networks between our two countries represents a bold strategic initiative.

— Prime Minister GR (@PrimeministerGR) October 14, 2021

An agreement of great energy and geopolitical importance not only for Greece, but also for the whole of Europe, was characterized earlier by Giannis Oikonomou, with the government spokesman pointing out that it concerns the first interconnection of Europe with Africa in the Southeastern Mediterranean region.

“Our Agreement follows in the footsteps of the demarcation of maritime zones between Greece and Egypt, which was signed on August 6, 2020. The basis for today’s signing of the Memorandum of Cooperation between the Minister of Energy Mr. Costas Skrekas and the Minister Mohamed Shaker “Egypt’s Electricity and Renewable Energy Sources came in during Kyriakos Mitsotakis’ visit to Cairo last June,” said Mr. Economou.

The benefits

The electrical interconnection of the two countries, which will be the first in the region of the Southeastern Mediterranean, will be done by laying a submarine cable that will carry green energy. This is a project with multiple benefits:

Through the electrical interconnection, the strategic relationship between Greece and Egypt is further upgraded, with the creation of a common, vital field of economic cooperation.
The energy security of the country is strengthened, contributing to the stabilization of the national electricity system through the expansion of our international connections.
The project will contribute substantially to reducing greenhouse gas emissions and increasing the use of Renewable Energy Sources.
The quantities of energy imported from the electricity interconnection will lead to a reduction in electricity prices, the strengthening of competition and the saving of resources, as energy from RES is significantly cheaper compared to that produced from fossil fuels.

The geopolitical and energy significance for Europe

The need for the MoU to be signed between the two countries was agreed on last June, during the official visit of the Prime Minister, Kyriakos Mitsotakis, to Cairo and his meeting with the President of Egypt, Abdel Fattah el-Sisi. In this meeting were laid the foundations that seal the strategic cooperation Athens-Cairo. The Prime Minister was accompanied in the Egyptian capital by Mr. Skrekas, who in addition to the Minister of Electricity and RES, Mohamed Shaker, also met with the Minister of Environment, Yasmine Fouad and the Minister of Oil and Mineral Resources, Tarek El Molla.

“The Memorandum of Understanding on electricity interconnection includes provisions of this Agreement which is the laying of a submarine cable which will improve the security of supply of the region, will increase cross-border energy exchanges, will allow the further development of renewable energy sources. In this way, Greece aspires to become a hub of electricity and green energy, while at the same time contributing dynamically to the debate on Europe’s energy security “, concluded Mr. Economou.