The agreement aimed to expedite permits and approvals for feasibility studies and to help the three countries’ national electricity coordinators cooperate on how best to move forward. Pilides and her Greek and Israeli counterparts signed an agreement last October to speed up technical work on the cable dubbed the “Eurasia Interconnector.” Pilides said a study shows that the cable in combination with power storage facilities could push Cyprus’ use of renewable energy sources above 50% by 2030.
With the cable’s completion, it’s expected that more investment will flow into renewable sources enhancing the energy mix of Greece, Cyprus and Israel. Cyprus, Israel and Greece on Monday signed a memorandum of understanding (MoU) on cooperation in relation to the EuroAsia Interconnector, taking another step towards the implementation of an ambitious project to link the electricity grids of the three countries. “This is a significant landmark regarding the three countries’ strategic choices which upgrades the region’s energy goals,” the statement said.
The minister said beyond the project’s geopolitical weight, it will ensure Cyprus’ energy security, boost competitiveness in the power supply sector and help the island nation more easily transition to a green economy.Ĭypriot President Nicos Anastasiades said in a statement that the cable “tangibly underscores the significance of the three-way cooperation between Cyprus, Greece and Israel.” Negotiations to transfer the funds are expected to wrap up this summer. Pilides said the money enables crews to start constructing the segment of the cable that will connect Cyprus with the Greek island of Crete whose total cost is estimated at roughly 1.6 billion euros ($1.8 billion). Pilides told reporters the funding is Cyprus’ largest-ever investment as well as the lion’s share of the total sum that the EU’s Connecting Europe Facility, which bankrolls infrastructure projects, has allocated to a single project this year. On the Greek side, also attending were Secretary General of Energy & Mineral Raw Materials Alexandra Sdoukou and Independent Power Transmission Operator (IPTO) President and CEO Manos Manoussakis, along with the EuroAsia Interconnector’s trilateral project team head Theodoros Tsakiris.NICOSIA, Cyprus (AP) - The European Union has earmarked 657 million euros ($736 million) for the construction of a 2,000-megawatt undersea electricity cable that will link the power grids of Israel, Cyprus and Greece, Cypriot Energy Minister Natasa Pilides said Thursday.
ISRAEL CYPRUS GREECE LINK POWER GRIDS UPGRADE
The EuroAsia Interconnector “is a strategically important project that will upgrade the energy security and supply adequacy of all three countries,” noted Skrekas, “helping to reduce dependency on fossil fuel imports and promote the development of renewable energy sources.” Greece, he added, is “emerging as an energy hub for the eastern Mediterranean region and southeastern Europe, while Cyprus is emerging from its energy isolation,” he added. The project will integrate the three countries’ systems with European networks, contributing to the EU’s target of approximately 10% electricity interconnection between member states, the project’s site explained.
The connection will use a submarine power cable of 1,214 km in total length to provide an output of 1 GW to the three countries during its initial implementation, and funding of 657 million euros was approved for the project in January 2022 by the European Commission. The 9 billion Euro-Asia Interconnector will be the world’s longest and deepest underwater power cable, according to Israel’s Energy Ministry.The post Israel, Cyprus, Greece to link power. ATHENS – Greek and Israeli delegations met in Athens on Monday to discuss speeding up the construction of the EuroAsia Interconnector, a submarine cable connecting the power grids of Greece, Cyprus, and Israel.Įnergy & Environment Minister Kostas Skrekas met with Israel Electricity Authority Acting Chairman Yoav Katsavoy, Israel Independent System Operator Ltd CEO & Chief Operations Officer Shiki Fisher, and Director of Natural Gas International Trade at Israel’s Ministry of Energy Orit Ganor.
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