EU adds Greece-Egypt power interconnection project to PCI/PMI list proposal
The EU has added the GREGY interconnector to its draft list of projects of mutual interest or PMIs.
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Greece: The EU has added the GREGY interconnector to its draft list of projects of mutual interest or PMIs.
Copelouzos Group’s plan to install GREGY, a subsea electric cable connecting Greece and Egypt, was included on the European Union’s draft list of projects of mutual interest (PMIs). The electrical interconnection is proposed to be included in the European Union’s list of projects of mutual interest, said Copelouzos Group. It is developing the GREGY endeavor through its subsidiaries ELICA and Damco Energy. The European Commission’s Directorate-General for Energy (DG Energy) sends PMIs, projects with third countries, and PCIs to the European Parliament and the European Council.
The ratification process is expected to take two to three months. Such projects are considered strategic and are eligible for substantial grants and subsidies. The list is renewed every two years. GREGY is envisaged as a 3 GW, 954 km long power interconnection. Copelouzos added that its plan is to install renewable electricity plants of 9.5 GW in Egypt and that the cable would substitute 4.5 billion cubic meters of gas per year. GREGY will make an important contribution towards the achievement of energy diversification and strongly supports the EU’s policy of creating green energy corridors from south to north.
The power link project is already part of the EU’s Global Gateway infrastructure development initiative, Copelouzos added. It is valued at over €3.5 billion. An alternative project is being developed by the Eunice Group, the Greece-Africa Power Interconnector (GAP).
Source: Balkan Green Energy News
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