Cost-benefit studies to get underway for Greek-Egyptian interconnector

4C Offshore | Tom Russell
By: 23/06/2022 IPTO
The financing of initial cost-benefit studies for the a new electricity interconnection between Greece-Egypt through the European Union's newly established REPowerEU financing mechanism was agreed at a working meeting in Cairo. It was given the nod by the President and CEO of the Independent Transmission Operator (IPTO) Manos Manousakis and the President and CEO of the Egyptian Electricity Transmission Company (EETC) Mr. Sabah Mohamed Mashaly.

Following the progress made in the financial part of the new international interconnection, the Administrations of the two Managers, jointly assessed that it is realistic to plan for the start of the project in less than one year.

During the meeting, Mr. Manousakis and Mrs. Mashaly discussed at length the plans and timing for the development of Renewable Energy Sources in Egypt and jointly decided that it is necessary to have green energy production that will be channelled exclusively to Europe, through the new interconnection.

They agreed that the accompanying projects for the development of Electricity Transmission Systems in Greece and Egypt should be part of the project of the new electricity interconnection.

They claim that the need to create "green corridors" both in Egypt and in various parts of Europe is necessary to make full use of Egypt's renewable potential.

The President and CEO of IPTO, Mr. Manos Manousakis, said: "The Greece-Egypt electricity interconnection is part of the overall design of our international interconnections through which Greece is being transformed into a critical energy hub in the Southeastern Mediterranean. Our goal is to start the project in a short period of time and we are working intensively in this direction, in excellent cooperation with the Administrator of Egypt."

The European Commission developed the REPowerEU Plan in response to the hardships and global energy market disruption caused by Russia's invasion of Ukraine. The Recovery and Resilience Facility (RRF) is at the heart of the REPowerEU Plan, supporting coordinated planning and financing of cross-border and national infrastructure as well as energy projects and reforms.  

According to TYNDP projects list, three interconnector projects are under consideration between Greece & Egypt; including, GAP, LEG1 and Gregy interconnector. The TSOs have not clarified that which project will first go ahead.