Greece’s geopolitical position makes it a bridge between the rich in energy resources Eastern Mediterranean and the high energy demanding Europe, bringing to the fore its high profile as a regional energy hub. Aiming to increase its energy security but also cover European demand, Greece is currently booming with investments in new projects and the upgrade of existing ones.
Alexandroupolis FSRU, a €364 million project, operational by the end of 2023, will become a new natural gas gateway for Greece and Southeastern Europe. The proposed FSU in Revithousa of a total budget of €150 million will not only improve the terminal’s storage capacity by at least 150,000 m3, but it will also increase the flexibility of the LNG supply chain. The IGB Interconnector which amounts to €240 million, will start its commercial operation after 1 July 2022 and will have a 3 bcm transmission capacity, supplying non-Russian gas throughout the Balkans.
Planned Projects such as Dioriga FSRU, a second FSRU in Alexandroupolis and Thessaloniki FSRU will enhance the energy security of the region and upgrade the key role of Greece in the EU’s diversification sources strategy. East Med project (€6 billion) has been revived recently, planning to transport additional gas from offshore Israel and Cyprus, throughout Greece, to Europe.
In the electricity sector, GREGY Interconnector, budgeted at €3.7 billion, will interconnect the Electric Power Systems of Egypt and Europe through Greece for the transfer of 100% clean energy comprising an HVDC Link, with a capacity of 3,000 MW, between Egypt and Greece (Attica) with the capability of bidirectional power transmission. The Project will contribute to the green transition while reducing the dependency of Europe on energy produced from fossil fuels and on Russian gas.
Are you interested to learn more about energy investments? Come and join us for fruitful discussions at the 17th IAEE European Energy Conference “The Future of Global Energy Systems” on September 21-24, 2022 in Athens, Greece.
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