Greece-Egypt electrical interconnection: The project starts in less than a year

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IPTO and the Administrator of Egypt have agreed to start cost-benefit studies.

The financing of the initial cost-benefit studies for new Greece-Egypt electrical interconnection from the newly established REPowerEU financial mechanism of the European Union, agreed yesterday working meeting in CairoThe Chairman and CEO of the Independent Electricity Transmission Operator (IPTO) Mr. Manos Manousakis and the Chairman and CEO of Egypt Electricity Transmission Company (EETC) Egypt Sabah Mohamed Mashaly.

Following the progress made in the financial part of the new international interconnection, the Administrations of the two Managers, who met in an excellent atmosphere for the second time in two months, jointly assessed that it is realistic to plan to start the project in less than a year. The fact that the European Union provides direct access to REPowerEU fundswhich aims to support financial projects that help reduce energy dependence on Russian fossil fuels and actually promote the green transition.

During yesterday’s meeting, Mr. Manousakis and Mrs. Mashaly:

  • They discussed at length the plans and timing for the development of Renewable Energy Sources in Egypt and jointly stated that it is necessary to have green energy production that will be channeled 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 highlighted the need to create “green corridors” both in Egypt and in various parts of Europe in order to make full use of Egypt’s renewable potential and make the country a reliable, alternative energy source for the European continent.

The President and CEO of IPTO, Mr. Manos Manousakis, stated:

“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 “.

It is recalled that the day before yesterday IPTO and the Group’s subsidiary, Grid Telecom, signed in the Egyptian capital a new agreement with Telecom Egypt, regarding the telecommunication interconnection of the two countries, through Crete.

Source: skai.gr

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