The GREGY project for interconnecting the energy systems of Greece and Egypt presented at the Delphi Economic Forum XI

Mr. Karydas participated in the Conference panel with the topic: “Scaling the Energy Transition: Driving Innovation for the New Renewable Strategy”, which was also attended by the Secretary General of Energy and Mineral Resources of the Ministry of Environment and Energy Ms. Despina Paliarouta, the CEO of DAPEEP Pan. Voivodas, the CEO of the Energy Exchange Alex. Papageorgiou, and the General Manager of Structured Finance, CIB, of Eurobank Sp. Venetsianos, with the moderator being K. Mitropoulos, Chairman of Intergalactic Services S.A., UK.

Mr. Karydas underlined the importance of GREGY for shielding the Greek economy, especially in light of the war in Iran and the continuous geopolitical turmoil in the wider region, by strengthening the security of Greece’s energy supply and energy diversification. In this way, the energy market will not be affected by international natural gas and CO2 prices, neither by global natural gas demand, nor by international geopolitical instability.

Protecting a country's energy market constitutes a strength for the country and, as Mr. Karydas mentioned, energy security means National Security.

The GREGY project, which will be the first Africa-Europe interconnection project, will transfer 3,000 MW of clean energy from Egypt to Greece and Europe and is fully aligned with the European Union's policy for the creation of vertical South-North energy corridors, constituting the cornerstone of the most important international interconnection for Greece, highlighting the country as an important energy hub in the region.

GREGY, as Mr. Karydas mentioned, by transporting clean energy at competitive prices and with a baseload profile, will transform the country into an attractive investment destination for the implementation of significant energy-intensive investments, such as energy Data Centers with artificial intelligence.

With the implementation of GREGY, which is being developed by ELICA INTERCONNECTOR S.M. S.A. of the Copelouzos Group, Greek Industries will reduce their energy costs, which today constitute the most important survival parameter, especially for energy-intensive industries, and will acquire a competitive export orientation. 

At the same time, thousands of new direct and indirect jobs will be created and the Greek economy will be significantly strengthened. The GREGY electricity interconnection will lead to the unification of energy markets, creating greater liquidity in the market, to the benefit of Greek consumers. 

The project will contribute, according to a study by a large international firm, to the creation of a net socio-economic benefit to the Greek energy market of over 30 billion euros over 25 years cumulatively, without taking into account the multiplier benefits that will arise for Greek industries.

The GREGY project, which has been included in the list of PCI/PMI projects of the European Union, in the Global Gateway framework, which includes critical infrastructure projects for Europe, as well as in the Action Plan of the PACT for the Mediterranean, recently announced by the Commissioner for the Mediterranean Ms Dubravka Suica, is a groundbreaking project for Greece, with multifaceted energy, environmental, economic and geo-strategic benefits for Greece and Europe.