ADMIE’s interest in investment participation in the electrical interconnections of the SE Mediterranean was underlined by the President and CEO of ADMIE, Mr. Manos Manousakis, during his presentation today at the 26th Economist conference.
At the same time, he highlighted the importance of strengthening international interconnections and the historic opportunity for the country to become a strategic energy hub. Mr. Manousakis pointed out that we need denser networks in order to achieve the energy transition and security of supply in the critical juncture we are going through. and emphasized that the Administrator is also interested in participating with investments in the new international interconnection projects that are being launched in the wider region of Southeast Europe and the Mediterranean.
Green transition
Mr. Manousakis noted that we are undoubtedly in a critical period. Nevertheless, he added, we cannot lose sight of the central goal, as dictated by the worsening of the climate crisis we have been experiencing in recent years, which is none other than the green transition. The role of ADMIE in promoting this goal is critical as the networks are the ones that will be able to transfer energy from scattered sources to the System and therefore it is clear that these infrastructures should be multiplied.
ADMIE’s contribution to domestic interconnections has been known in recent years. On this front, the most basic developments of this year are the construction progress of the “big” interconnection of Crete-Attica and the completion of the tenders for the interconnection of the Southern Cyclades in the immediate future, stressed Mr. Manousakis.
Mediterranean connections
The natural gas price crisis tends to turn into a fuel supply crisis and this makes it imperative for Europe to look for alternative energy sources. This is an opportunity for Greece, which, due to its geographical position, has the potential to become an energy hub of the wider Balkans and the Eastern Mediterranean in the near future. ADMIE is actively helping in this direction, said Mr. Manousakis.
More specifically, ADMIE in October 2021 ADMIE signed a contract to provide expertise in the project of the Greece-Cyprus-Israel interconnection with the implementing body Euroasia Interconnector, which was crucial for this project to receive the funding approval in the amount of EUR 657 million from the Connecting Europe Facility. In the next period we will complete the due diligence and we will submit a proposal for our participation as an investor in this project, said Mr. Manousakis.
Regarding the interconnection between Greece and Egypt, he emphasized that during the last year there is a very strong political will, as expressed by the signing of the MoU last October between Greece and Egypt, for the electrical interconnection of the two countries.
We are in very close cooperation with the Egyptian Bond Manager for the technical and financial maturation of the project, which as it has been decided, will be based on the existing GREGY project proposal of the Kopelouzo Group. In the last visit we had in Cairo, we agreed with the Administrator of Egypt that the best solution for financing the project studies is to join them in REPowerEU so that they can start as soon as possible, stressed the head of ADMIE.
Mr. Manousakis underlined that ADMIE is also interested in investing in this project and is already in the initial stages of the due diligence process, in consultation with the Kopelouzou Group and the corresponding Egyptian Administrator, who has also expressed interest in investment his participation.
Development of international connections in the Balkans as well
Finally, regarding international connections in the Balkans, Mr. Manousakis emphasized that it is very important to create even denser and stronger networks in the region. For this reason, ADMIE is strongly interested in investing in the region, he said.
In this context, the Operator has already started the construction of the second interconnection with Bulgaria, is jointly studying with the Italian Operator the doubling of the interconnection between the two countries, is also considering doubling the capacity of the existing Greece-Albania interconnection, while expressing the his interest to invest in North Macedonia as well, concluded Mr. Manousakis.
Source: Capital
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