Egypt and Greece have signed an agreement to carry out technical and economic studies for an electricity interconnection that will export up to 3,000 megawatts of clean energy from Egypt to Europe through the Greek grid. The accord — signed via video conference between both countries’ electricity ministers — involves Egypt’s EETC, Greece’s IPTO, and Elika, a subsidiary of the Kopelouzos Group, which will oversee implementation.
Egyptian Electricity Minister Mahmoud Esmat hailed the deal as a “bridge for transferring clean energy from Egypt to the European Union,” emphasizing Cairo’s ambition to become a regional hub for energy exchange linking Africa, Europe, and Asia. The initiative, known as GREGY, was first conceived in 2009, revived in 2021, and has gained urgency since Europe’s post-Ukraine-war drive to diversify away from Russian gas.
The project aims to transmit electricity generated from Egypt’s solar and wind farms via a submarine cable to Greece, replacing around 4.5 billion cubic meters of gas annually and cutting CO₂ emissions by roughly 10 million tons per year. It is listed among the EU’s priority energy interconnection projects and is expected to unlock up to €1 billion in grants and concessional funding, according to Enterprise Greece CEO Marinos Giannopoulos.
Greece will use part of the imported power for industrial consumption and re-export the rest to European markets. The plan complements another Egypt-Greece-Cyprus link, the EuroAfrica Interconnector, and fits within the EastMed Gas Forum’s wider strategy to turn the Eastern Mediterranean into an integrated energy corridor.
Analysts say GREGY could be operational before the end of the decade if feasibility studies confirm its technical and commercial viability. “This is one of the most advanced cross-continental energy corridors on the table,” said a European Commission energy official. “It has the potential to transform Egypt from a gas supplier into a renewable-power exporter to Europe.”
