![Greece-Egypt “GREGY” Interconnector Moving Ahead as Planned](https://www.ot.gr/wp-content/uploads/2024/05/sea-cables.jpg)
The project to bring an underwater cable to carry electricity from Egypt to Greece, called the “GREGY – Elica Interconnector” is moving ahead as planned, according to reports at OT.gr.
The design, technical and investment studies of the GREGY cable project is run by a subsidiary of the Greek Copelouzos group, called ELICA SA.
GREGY has a budget of 4.2 billion euros, according to Copelouzos’ website, and aims to order transport electricity generated from wind and photovoltaic parks in Egypt to Europe.
The interconnector has been designed to link Egypt to Greece, but reports last month at energypress.eu note that Copelouzos group is considering splitting the route in two, just southwest of Crete, to bring Egypt’s green energy to Italy as well.
Reports at OT.gr note that Greece’s Independent Power Transmission Operator (IPTO), owner and operator of the Hellenic Electricity Transmission System (HETS), wants to participate in the project through a 33.3% stake in Copelouzos’ ELICA.
In addition to the cable, OT.gr notes that the Copelouzos group signed a Memorandum of Understanding with Masdar’s subsidiary, called Infinity Power, to explore the possibility of jointly developing renewable energy projects, with a capacity of 9.5GW, to supply green energy to the GREGY interconnector.
Masdar is a subsidiary of Mubadala Investment Company, the strategic investment company of the Government of Abu Dhabi that manages over 240 billion dollars in renewable energy project and clean technologies in many countries of the world.
The GREGY connector is considered to be of high importance to the EU and Egypt, which have previously made the following joint statement, “Given the new energy and geopolitical reality, the EU and Egypt recognize the need to strengthen energy security, and, therefore, have agreed to intensify their cooperation with a focus on renewable energy, energy efficiency, as well as other low-carbon technologies, building on Egypt’s significant potential for more efficient expansion of renewable electricity generation through projects such as the GREGY Interconnector.”
Greece also considers Egypt a key regional partner to address a wide range of issues and opportunities, and in connection to this, created a Supreme Cooperation Council between the two countries to support their collaboration.
Source: tovima.com
![ot.gr](/wp-content/themes/whsk_otgr/common/imgs/fav.ico/favicon-32x32.png)
![ot.gr](/wp-content/themes/whsk_otgr/common/imgs/fav.ico/favicon-32x32.png)
Latest News
![Massive Wildfire Front North of Athens; Evacuations Continue](https://www.ot.gr/wp-content/uploads/2024/08/DSC_0559-600x399.jpg)
Massive Wildfire Front North of Athens; Evacuations Continue
Τhe conflagration in northeast Attica prefecture (greater Athens area) erupted instantaneously amid gusty winds near the township of Varnavas, before spreading south towards Mt. Penteli
![Greek Industrial Production Up by 9.5% in June 2024](https://www.ot.gr/wp-content/uploads/2024/08/industry.jpg)
Greek Industrial Production Up by 9.5% in June 2024
The Overall IPI in June 2023 decreased by 3.0% compared with the corresponding index in June 2022.
![Social Security Fund Employee Arrested for Demanding Bribe](https://www.ot.gr/wp-content/uploads/2024/08/cash-600x338.jpg)
Social Security Fund Employee Arrested for Demanding Bribe
Police said woman, 49, was nabbed 'red-handed' after receiving a folder filled with 4,000€, ostensibly to 'facilitate' the issuance of a disability pension
![Greek Road Tourism Booms, Eyeing Record 2024](https://www.ot.gr/wp-content/uploads/2024/08/gps-navigator-in-the-car-P3ACQVK-1-600x364.jpg)
Greek Road Tourism Booms, Eyeing Record 2024
The Kipoi (Kipi) border station recorded the highest absolute increase, with 457,000 arrivals, an increase of 115,000 or 33.5%.
![Greek Doctors Issue Safety Advice for Vacationers](https://www.ot.gr/wp-content/uploads/2024/08/shutterstock_1061985551-2048x1365-1-600x400.jpg)
Greek Doctors Issue Safety Advice for Vacationers
The Athens Medical Association offers tips to prevent accidents and health problems during the summer holidays.
![Deadline for Self-Employed Professionals to Register for Inter-Bank Payment System Pushed Back a Few Days](https://www.ot.gr/wp-content/uploads/2024/08/vat-2048x1536-1-600x450.jpg)
Deadline for Self-Employed Professionals to Register for Inter-Bank Payment System Pushed Back a Few Days
Greece’s independent tax bureau, AADE, announced the two-day deadline extension this week, given that the previous deadline of Aug. 31 fell on a Saturday
![Capital Economics: Greek GDP Boosted by Tourism](https://www.ot.gr/wp-content/uploads/2024/07/02tourismos10-600x375.jpg)
Capital Economics: Greek GDP Boosted by Tourism
The independent economic research business based in London appears reassuring regarding the effects of climate change on tourist activity.
![Int’l Students Will Soon Need ETIAS for Stays in Europe](https://www.ot.gr/wp-content/uploads/2024/08/shutterstock_620538449-2048x1365-1-600x400.jpg)
Int’l Students Will Soon Need ETIAS for Stays in Europe
Starting next year, foreign nationals planning to study in Europe will be required to present ETIAS approval for entry and short-term stays.
![Ice Cream in Greece Among Europe’s Costliest](https://www.ot.gr/wp-content/uploads/2024/08/ice-cream-@OT-600x400.jpg)
Ice Cream in Greece Among Europe’s Costliest
Ice cream in Greece is becoming a costly pleasure with a liter selling for at least 3.7 euros in 2023, among Europe's most expensive.
![Eurobank Completes Public Offer for Full Acquisition of Hellenic Bank](https://www.ot.gr/wp-content/uploads/2024/08/eurobank-1-600x373.jpg)
Eurobank Completes Public Offer for Full Acquisition of Hellenic Bank
Looking ahead, Eurobank aims to fully integrate Hellenic Bank’s accounting operations, with this process slated to begin in the third quarter of 2024.