NEWS

Greece-Egypt electricity interconnection will upgrade Greece’s geostrategic role in energy security

Greece-Egypt electricity interconnection will upgrade Greece’s geostrategic role in energy security

The Greece-Egypt electricity interconnection has gained even greater importance following the Russian invasion of Ukraine, which is stoking the international energy crisis, Environment and Energy Minister Kostas Skrekas said after his meeting on Thursday with the President and CEO of the Egyptian Electricity Transmission Company Sabah Mohamed Mashaly and the representative of the Electricity and Renewable Energy Sources Minister of Egypt Dr. Amgad Ahmed Saeed on the electricity interconnection of the two countries.

Skrekas noted that the power interconnection will reinforce national energy security by shielding Greece from imported crises, such as the one raging in the last few months, and help reduce the country’s dependence on fossil fuel imports. The project will also enhance Greece’s geopolitical role in the Eastern Mediterranean and Southeastern Europe, with Greece transformed into a hub for the transfer of green energy, he added. 

According to Skrekas, the clean energy that is transferred to Greece via the underwater cable will lead to an increase in competitiveness and a reduction of the energy costs for households and businesses. The electricity interconnection of the two countries will also deepen Greece’s strategic cooperation with Egypt and promote the prosperity and stability in the wider region, he added.

The two sides discussed the importance of the underwater cable that will connect the electricity grids of Greece and Egypt with the establishment of a common, vital area for economic and energy collaboration. 

Skrekas noted that the project, which will further upgrade strategic relations between the two countries, is among the government’s top priorities and conveyed that the Greek side wants the necessary studies for the project to proceed rapidly. He also referred to the benefits it will have for the energy transition and for addressing the climate crisis, given that it will transfer green energy produced by renewable energy sources from Egypt to Greece.

The two sides also agreed to examine the possibility of adding the power interconnection to the list of EU Projects of Common Interest, as it will contribute to Europe’s energy autonomy. [AMNA]