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Cyprus Economy

ENERGY: Sisi, Tsipras endorse EuroAfrica electricity cable

24 November, 2017
 * Egypt aims to produce and transmit 50GW in RES by 2030 *
 
Egyptian President Abdel Fattah El-Sisi and Greek Prime Minister Alexis Tsipras declared their full support for the EuroAfrica Interconnector, the Egypt-Cyprus-Greece electricity cable, during the trilateral summit hosted by Cyprus, a project that should be ready in 36 months’ time and will enhance Egypt’s aim to produce and transmit 50GW in renewable power by 2030.

 
Speaking after their fifth joint meeting in three years, President Nicos Anastasiades said in Nicosia that “on energy matters, which is one of the fundamental pillars of the trilateral cooperation, we agreed that the discovery of hydrocarbons in our area could provide and should act as a catalyst for wider cooperation on a regional level, thus contributing to the welfare and stability in the Eastern Mediterranean.
Referring to the EuroAfrica Interconnector, the 1619km bi-directional subsea cable with a capacity of 2,000MW, Anastasiades said that “it is important that beyond the cooperation of the three countries in the natural gas sector, the private sector has undertaken significant initiatives that will further enhance the energy plans of Greece, Egypt and Cyprus.”
El-Sisi added that the trilateral cooperation is aimed at developing the economic cooperation and is an important factor contributing to safety and stability in the region.
Prime Minister Tsipras said that the cooperation in the hydrocarbons and the electricity interconnections between the three countries is of “strategic importance”, adding that this creates a bridge between Europe and Africa.
“The strategically important EuroAfrica Interconnector is the project that can link the north African market with Europe, through Crete and Cyprus.”
The official joint declaration by the three leaders identified “the common challenges faced in the energy field, the need for diversification of energy resources and routes, the security of energy supply and the need to modernise and develop new energy infrastructures, enrich the prospects for further promoting trilateral energy cooperation.
“In this context, aspects of cooperation especially in the areas of hydrocarbons, electricity and renewable energy sources were discussed. To this end, they also encouraged and welcomed initiatives from the private sector of mutually beneficial energy infrastructure projects, which contribute to the energy security of all three countries, such as the EuroAfrica Interconnector.”
Earlier, President El-Sisi gave his full support and commitment to the 1619 km sub-sea EuroAfrica Interconnector cable that will connect the electricity grids of Egypt, Cyprus and Greece with Europe.
He made his declaration during a meeting with the Chairman and CEO of the EuroAfrica Interconnector, Nasos Ktorides in Nicosia.
“President El-Sisi gave his full support to the EuroAfrica Interconnector, a bi-directional 2,000 MW electricity link that will make Egypt part of the European electricity network,” said the CEO of EuroAfrica Interconnector after a meeting with the Egyptian leader and government officials from Cairo.
“President El-Sisi gave his full endorsement for the necessary and timely approval of the project by the government of Egypt so that it can be completed within 36 months,” Ktorides said after presenting the President of Egypt with a route map of the EuroAfrica Interconnector and a sample of the heavy-duty electricity cable.
The 2,000MW cable will be connected from Egypt to continental Europe via Cyprus, Crete and Attica in Greece and will transform Egypt and Cyprus into an electricity hub between Africa and Europe.
The meeting between El-Sisi and Ktorides follows the memorandum of understanding that was signed in Cairo on February 6 where the Minister of Electricity and Renewable Energy, Dr. Mohamed Shaker, highlighted the importance of the submarine electric cable as part of Egypt’s strategic plan for economic development and energy security. 
President Sisi also expressed his government’s commitment to the EuroAfrica Interconnector requesting that he be regularly informed on the progress of the project and to ensure that the whole project is successfully completed within the desired timeframes.
The President and CEO of EuroAfrica Interconnector said that this inspired partnership can only bring benefits to the three participating nations.
“Cyprus will be an electricity and telecom hub in the Mediterranean and Egypt will become an energy hub for Africa and electricity transmission hub for the European continent,” he said.
Egypt’s plan to boost national power output to 50,000 MW (50GW) in renewable power by 2030 includes the Burban Aswan solar energy park, the first phase of which to be built by France’s EDF by May 2018 with a total optimum capacity of 1.8GW
Germany’s Siemens is delivering three gas power plants, also by May 2018 – Beni Suef at 4800MW, New Capital Cairo 4800MW and Burulus 4800MW for a total 14.4GW.
Meanwhile, Russia’s Rosatom is building a nuclear power plant in Dabaa which will be ready by 2022 at a cost of $25 bln. It wil have four units and will be built in as many stages each with a capacity of 1200MW for a total of 4800MW or 4.8GW.