The financing of initial cost-benefit studies for the new Greece-Egypt electricity interconnection through the newly established EU financial mechanism REPowerEU, was agreed at a working meeting yesterday in Cairo, by the President and CEO of the Independent Power Transmission Operator (IPTO) Manos Manousakis and the President and CEO of the Egyptian Electricity Transmission Company (EETC) Mr. Sabah Mohamed Mashaly.

Prospects

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 for the start of the project in less than one year.

Contributing to this optimistic forecast is the fact that the European Union provides direct access to REPowerEU funds, funding projects that help reduce energy dependence on Russian fossil fuels and promoting a green transition.

The meeting

During yesterday’s meeting, Mr. Manousakis and Mrs. Mashaly discussed the plans and timing for the development of Renewable Energy Sources in Egypt and jointly realized that it is necessary to have green energy production that will be channeled through the new interconnection exclusively to Europe. They also 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.

The two CEOs also highlighted the need to create “green corridors” in Egypt and in various parts of Europe in order to make full use of Egypt’s renewable energy potential making the country a reliable, alternative energy source for the European continent.

Also, the day before yesterday, IPTO through 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.

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