According to the Greek Ministry of Environment and Energy, Minister Kostas Skrekas signed with the Minister of Electricity and Renewable Energy of Egypt, Mohamed Shaker, a Memorandum of Understanding (MoU) for the electricity interconnection of Egypt with Greece.
The electricity connection 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 significantly contribute 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.
Following the signing of the Memorandum of Understanding between the Greek Ministry of Environment and Energy and the Egyptian Ministry of Electricity and RES, which could develop into an Intergovernmental Agreement, joint working groups will be set up with officials from both countries to discuss the project details.
Among other things, the possibility of including the electrical interconnection of the two countries in the Projects of Common / Mutual Interest (PCI / PMI), in the context of the interconnection of the Trans-European Energy Networks, will be considered.
The Greek Minister of Environment and Energy stated: “The agreement on the electricity interconnection Greece – Egypt significantly enhances the geopolitical role of our country in the region of the Eastern Mediterranean and Southeastern Europe.
Greece is becoming a hub for green energy transport, contributing to Europe’s adequate supply, diversification of sources and routes and tackling the effects of the climate crisis.
“Today’s agreement is also a crucial step in enhancing energy security and prosperity in the wider region while demonstrating that strategic cooperation between the two countries is being implemented at all levels.” Greek minister stated