Its supply Greece with Russian natural gas continues without disruption, but even if problems arise, there are alternative solutions to meet the country's needs, the founder of the Copelouzos Group pointed out yesterday., Dimitris Kopelouzos in statements made on the occasion of the presentation of the Greece-Egypt electricity interconnection project.
The group owns 50% of the joint Greek-Russian company. Prometheus Gas (the remaining 50 % belongs to Gazprom) which imports and sells Russian natural gas on the Greek market. Mr. Kopelouzos stated that even in the event of a power outage, gas from the TAP pipeline and liquefied gas imported by ship to Revythousa can support market demand. However, he estimated that the consequences of the Ukrainian crisis will be painful, more adverse, as he said, than the economic crisis and the pandemic.
Referring to the interconnection between Greece and Egypt, he stressed that the project proposed by the group and the EU for inclusion in the Projects of Common Interest (PCI) will make Greece a hub for «green» energy produced in Egypt at a significantly lower cost compared to Greek standards. The investment is in the order of €3.5 billion for a 3 gigawatt power cable and is planned to be financed with own funds and bank financing. According to the latest design, which takes into account developments with the EEZ in the region, the cable will be over 900 kilometers long and will connect the El Sallum area with Attica.
The goal is to channel one-third of the energy to the Greek market, one-third to exports, and one-third to the production of green hydrogen, also with an export orientation. Construction time is estimated at 2.5 years, while the final investment decision is expected to be made in one year.
The benefits of interconnection include reducing Greece and Europe's dependence on fossil fuels, promoting Greece as a hub for green energy, and increasing security of supply.
The electrical interconnection between the two countries was discussed during yesterday's teleconference between the Prime Minister, Kyriakos Mitsotakis, with President of Egypt, Abdel Fattah El-Sisi.
