Greece-Egypt interconnector: The battle of the Greek groups for the electrical interconnection reaches Brussels

The first crash test will take place, in Brussels on April 21, between the two Greek groups that are claiming the huge project of the electrical interconnection between Greece and Egypt.

According to information available to OT, on that date the  Energy DG of the European Commission is organizing the Regional Group Meeting for the electrical interconnection projects that claim inclusion in the list of European projects of common and mutual interest (PCI/PMI).

This is one of the evaluation procedures followed by the General Directorate of Energy of the EU so that the list of final candidate investment projects for which the European Commission will include in the 6th list of projects is finalized in June providing the motivation for funding the studies.

The Greek Battle of the Titans

In Brussels, a Greek battle of the titans is about to take place… between the Kopelouzos and Eunice groups. Each group from its side will try to convince in favor of its investment plan, to argue for the necessity of its implementation but in terms of serving the purpose of the E.U. which is its energy self-sufficiency and independence.

In addition to executives of the two groups, representatives of the Ministry of Environment and Energy and the Regulatory Authority for Energy will also attend this process. The two Greek institutions will also be asked to position themselves in favor of one or the other investment project.

It is worth emphasizing that the Independent Power Transmission Operator has informed the two business groups that the technically feasible solution for the electrical interconnection of Greece with Egypt is the one that will include a cable that will reach directly to the continental system and not to Crete., as the island is characterized by the Administrator as energy saturated.

The Kopelouzos meeting

According to information, yesterday entrepreneur Dimitris Kopelouzos, head of the homonymous group that runs the GREGY (Greece Egypt Interconnector) investment project, met in Athens with the Egyptian Foreign Minister Sameh Soukry. The minister of the North African country, as part of his diplomatic visit and discussions he had with Greek Prime Minister Kyriakos Mitsotakis and Foreign Minister Nikos Dendias, discussed with the businessman the progress of the electrical interconnection project.

The cable contenders…

The Kopelouzou group is said to have priority in this particular project.

He has conceived the idea since 2008 and since then he has been pursuing its implementation through the GREGY investment project. It is also said to have the support of the Greek government, ADMIE and the Energy Regulatory Authority.

In the last few months, however, the also Greek group Eunice has entered the battle of claiming the implementation of the project. The Greece Africa Power (GAP) project is supported by American interests and headed by the Greek-American former California US Senator Andreas Borgeas.

GREGY

The 3 GW GREGY will transport electricity from 9.5 GW wind and solar farms being developed by the Kopelouzou Group in Egypt. The investment exceeds 4.2 billion euros. The following route is 954 km and starts from El Sallum and reaches Nea Makri Attica. This route bypasses geopolitically sensitive maritime areas.

On December 15, the Kopelouzos group filed a request to include the project in the 6th list of PCI projects, accompanied by letters of support from the Ministries of Energy of Greece and Bulgaria and the ADMIE.

The GAP

The GAP project is divided into two parts: The first foresees an underwater double interconnection with a total power of 2 GW that will start in Egypt and end through the EEZ of the two countries in Atherinolakkos, Crete. The distance is only 450 km, the depths are up to 4,500 km. The second section provides for the interconnection of Crete with Attica through an 800 MW submarine cable that will cross the Cyclades and end up in Lavrio.

The entire project amounts to 2.8 billion dollars.

Former California Senator Andreas Borgeas, who heads GAP, recently announced that there is a letter of support for the project from the Greek government. It is signed by the former Deputy Minister of Energy Gerasimos Thomas (2020) and has legal force until the end of 2023. In this way, the GAP keeps the door of Brussels open for its inclusion in the PCI projects.

The pie

The two business groups, it is worth noting, claim the electrical interconnection will not only cover the energy needs of the Greek market.

The project will carry much-desired for the E.U. green electricity through interconnections between Greece with neighboring states.

Multi-million euro transactions are being developed through the electricity interconnections with the owners of the cables profiting both from the transit fees and from their own electricity trade.

Europe’s energy needs are great and securing yet another alternative source of energy supply will provide countries with security and sufficiency of supply