Greece is in embarking on one of Europe's most ambitious energy projects by linking up its electricity grid with Egypt's. An underwater cable will carry 3,000 MW of electricity - enough to power up to 450,000 households - and will run from northern Egypt directly to Attica in Greece. The project is being undertaken by the Copelouzos Group, whose management met last week with the Egyptian leaders to speed up the process.
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The 'GREGY interconnection' is set to cost €3.5 billion - it has been deemed a Project of Common Interest (PCI) by the European Union. This means it is identified as a key priority for interconnecting the European Union's energy system infrastructure.
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"Approximately one third will be consumed in Greece, and mainly in Greek industries, another third will be exported to neighbouring European countries and the remaining will be used for the production of green hydrogen," says [CEO Ioannis] Karydas.

"The majority of this hydrogen will also be exported to neighbouring European countries."

Egypt has already completed interconnection projects with Libya, Sudan[,] and Saudi Arabia and aspires to become a major energy hub for South Eastern Europe. The project is expected to be completed in 7 to 8 years.