Opinion
By Yiannos Stavrinides
The Partnership for Transatlantic Energy Cooperation (P-TEC) is a U.S. initiative coordinated by the Department of Energy. Its goal is to foster collaboration between Eastern European countries and the United States, focusing on energy security and the sustainability of infrastructure.
Launched in 2022 in response to Russia’s invasion of Ukraine, P-TEC has become a platform where energy ministers, U.S. officials, private sector leaders, and European Commission members exchange ideas. Its main areas of focus are LNG imports, pipeline construction, alternatives to nuclear energy, and cybersecurity.
Participating countries hold annual ministerial meetings to strengthen transatlantic cooperation and build resilient energy systems. The sixth summit was recently held in Athens, attended by 300 officials, including the U.S. Energy and Interior Secretaries, the Israeli Energy Minister, and executives from global companies such as ExxonMobil.
A key issue was reducing Eastern Europe’s reliance on Russian energy, with the “vertical corridor” connecting LNG terminals in Alexandroupolis (Greece) and Klaipėda (Lithuania) as a central alternative. Another focus was the emerging East-West corridor (IMEC), which aims to deliver natural gas to Europe via Israel, Greece, and Cyprus from Qatar and India.
What was achieved? For us, the most important result was the momentum around the Israel-Cyprus axis. Israeli company Energean’s efforts to secure private financing for gas supply breathe new life into the project. This development may also influence the Cyprus-Crete electricity interconnection, which could now initially be routed toward Israel rather than Crete.
The summit also tackled U.S. LNG as an interim fuel until infrastructure is complete. New supply agreements were signed, strengthening Greece’s role in regional energy. This was made possible by Greece’s significant investments in its networks and the integration of renewables into the energy mix at over 50%, positioning the country as a net electricity exporter.
The Athens summit turned P-TEC from a discussion forum into a forum for strategic decisions, critical for Europe’s competitiveness. It allows Eastern countries to break free from Russian energy dependency, which has become a direct threat. As the Greek Prime Minister noted, the summit went beyond commercial deals, shaping strategies that ensure security and resilience in the region.
As always, celebrations in Greece and Cyprus are exuberant. Political circles imagine deals that were never made and prospects never discussed. The geopolitical opportunities are enormous, but they carry risks tied to Turkish ambitions. The U.S., as the dominant actor, will push to protect profitable agreements. Still, Greek and Cypriot leaders must recognize that Turkish demands could place them in a very difficult position.
