Electricity

EU adds Greece-Egypt power interconnection project to PCI/PMI list proposal

EU-Greece-Egypt-power-interconnection-project-GREGY-PCI-PMI-list

Photo: Copelouzos Group

Published

October 26, 2023

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Published:

October 26, 2023

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Copelouzos Group’s plan to install GREGY, a subsea electric cable connecting Greece and Egypt, made it to the European Union’s draft list of projects of mutual interest or PMIs. Three other Greek projects – for hydrogen, battery storage and CO2 storage – are reportedly set to be declared projects of common interest (PCIs).

The Egypt-Greece 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 company added that 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 with 3 GW in capacity

GREGY is envisaged as a 3 GW power interconnection of 954 kilometers. Copelouzos said it intends 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 a decisive contribution towards the achievement of energy diversification and strongly supports the EU’s policy of creating green energy corridors from south to north, the company pointed out.

The power link project is already part of the EU’s Global Gateway infrastructure development initiative, Copelouzos added. The project is valued at over EUR 3.5 billion.

Of note, the Eunice Group is developing an alternative project, the Greece-Africa Power Interconnector or GAP.

Greece adds three projects to PCI draft list

As for the sixth PCI list proposal, Greece is represented with three new items, domestic media outlets learned. One is a 250 MW battery energy storage system in Ptolemaida, under development by Eunice. The system would have 1 GWh in capacity, which means it would be able to work at full power for four hours.

The National Natural Gas System Operator – DESFA (also known as Hellenic Gas Transmission System Operator) is said to have succeeded in promoting the hydrogen interconnection with Bulgaria. It is working on the project with its counterpart Bulgartransgaz.

Third new Greek PCI is allegedly Energean’s Prinos carbon storage reservoir offshore Kavala. The EUR 1 billion project is already a beneficiary of the EU’s Recovery and Resilience Facility (RRF).

Among the existing PCIs is the EuroAsia Interconnector, together with Terna Energy’s pumped storage hydropower plant Amfilochia and the Eastern Mediterranean (EastMed) gas pipeline.

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