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Egypt's Minister of Foreign Affairs, Emigration and Egyptian Expatriates Badr Abdelatty has reaffirmed the country's commitment to the Greece-Egypt (Gregy) electricity interconnection project.

The initiative aims to enhance Europe's energy security and strengthen the strategic partnership between Egypt and Greece, according to a statement from Egypt’s official State Information Service (SIS).

In April, a grant agreement was signed by the European Bank for Reconstruction and Development (EBRD) and Elica Interconnector, which is part of Greece’s Copelouzos Group.

The grant agreement will fund the initial studies necessary for the project, including a study to determine the optimal routing of the submarine cable and a comprehensive cost-benefit and technical analysis.

The Gregy project is part of Egypt's broader strategy to position itself as a regional and international energy hub, capitalising on its existing and potential renewable energy resources.

The interconnection is expected to channel Egypt's surplus energy to European markets.

In November 2023, a preliminary agreement was signed by Egyptian Electricity Transmission Company (EETC) and Belgium-based Jan De Nul Group to conduct a feasibility study for a 2GW subsea interconnection project.

Greece is planning connections with other countries in the region. In February 2024, it formalised an agreement with Saudi Arabia for the establishment of a special-purpose vehicle to undertake the feasibility and commercial viability study of a project that will link the countries' electricity grids. A special purpose vehicle was formed between Greece's independent power transmission operator (IPTO) and Saudi Arabia's National Grid to explore the project.

READ MORE: Region plans vital big grid connections