Greece, Egypt to sign deal on subsea power link plan, official says

Holding Admie Ipto SA

13/10/2021 10:10

ATHENS, Oct 13 (Reuters) - Greece and Egypt are set to sign
an agreement on Thursday on a plan to build an undersea cable
linking their electricity grids, a Greek energy ministry
official said.
    Greece is keen to connect its power grid to Egypt, where the
cost of energy from solar parks is low. A memorandum of
understanding between the two countries will be signed in
Athens, the official told Reuters on condition of anonymity.
    The deal comes as Greece, Cyprus and Israel plan to build
the Euro-Asia Interconnector, the world's longest and deepest
underwater power cable crossing the Mediterranean at a cost of
about $900 million.  urn:newsml:reuters.com:*:nL1N2L60SY
    This summer, Greece linked the island of Crete to the power
grid of the Peloponnese peninsula via an undersea cable, a major
step in the country's drive to cut its reliance on imported
fossil fuel and boost its use of renewable energy.
    Power grid operator IPTO will build a bigger 1 billion euro
underwater power link that will connect Crete to the mainland
grid by 2023. That project will be then linked to the planned
Euro-Asia Interconnector.  urn:newsml:reuters.com:*:nL5N2OF06V

 (Reporting by Angeliki Koutantou; editing by Jason Neely)
 ((angeliki.koutantou@thomsonreuters.com; +30 2102214608;
Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net))