Greece and Egypt signed an agreement today, Thursday, to pave the way for an underwater cable to transmit electricity generated from renewable energy in North Africa to Europe, marking the first of its kind in the Mediterranean. Greek Energy Minister Kostas Skrekas and his Egyptian counterpart Mohamed Shaker signed a memorandum of understanding regarding the project in a ceremony in Athens. Skrekas stated, "This connection is beneficial for Greece, Egypt, and the European Union." He added that the project will contribute to building an energy corridor in the Eastern Mediterranean and enhance energy security in the region.
The agreement comes at a time when Greece, Cyprus, and Israel intend to construct a link between Europe and Asia, featuring the longest and deepest underwater power cable in the Mediterranean, with an estimated cost of around $900 million. Under the memorandum of understanding between Greece and Egypt, a high-level working group will be formed, including senior officials and representatives from electricity network management companies and regulatory bodies. Skrekas noted that the working group will explore funding options for the project's implementation and facilitate the necessary licensing and approvals.
He added, "We are at the beginning of an important project, and I am confident that we will all do our utmost to ensure its success as soon as possible." Shaker mentioned that the electricity link between Egypt and Greece will create a well-connected network across the Eastern Mediterranean, adding that it will enhance the penetration of clean energy into the European Union's energy mix. The agreement further strengthens the relationship between Greece and Egypt, which signed an agreement last year regarding maritime borders, granting them rights over natural resources.
