The supply of Greece with Russian natural gas continues without disturbances, however, even in case of problems, there are alternative solutions to meet the needs of the country, the founder of the Kopelouzos group, Dimitris Kopelouzos, pointed out yesterday in his statements on the occasion of his presentation of the Greece-Egypt electricity interconnection.
The group owns 50% of the joint Greek-Russian company Promitheas Gas (the remaining 50% belongs to Gazprom) which is active in the import and sale of Russian natural gas in the Greek market. Mr. Kopelouzos stated that even in case of power outage, the gas from the TAP pipeline and the liquefied gas imported by ships to Revythousa can support the needs of the market. However, he estimated that the effects of the Ukrainian crisis will be painful, worse, as he said, than the economic crisis and the pandemic.
Referring to the Greece-Egypt interconnection, he stressed that the project proposed by the group and the EU for integration into projects of common interest (PCI) will make Greece a hub of “green” energy to be produced in Egypt at a significantly lower cost than Greek data. The investment is in the order of 3.5 billion euros for a 3 gigawatt power cable and is planned to be financed with own funds and bank financing. According to the latest design that takes into account the developments with the EEZs in the region, the cable will be over 900 km long and will connect the El Sallum region with Attica.
The goal is for the energy to be channeled by one third in the Greek market, one third in exports and one third for the production of green hydrogen also with export orientation. The construction time is estimated at 2.5 years while in one year the final investment decision is expected to be made.
The benefits of the interconnection include reducing Greece and Europe’s dependence on fossil fuels, making Greece a “green” energy hub and increasing security of supply.
The electrical interconnection of the two countries was discussed in the teleconference that the Prime Minister, Kyriakos Mitsotakis, had yesterday with the President of Egypt, Abdel Fattah El-Sisi.
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