![]() It’s also a push for Greece, Cyprus and the EU to wean off reliance on Russian supplies that were nonetheless exempted from the bloc’s sanctions over the invasion of Ukraine that spiked energy prices. “Our objective is not just to interconnect Cyprus with the EU market, but is one of geo-political importance connecting the Eastern Mediterranean to the electricity market in Europe,” she said. “This is a tangible result of the strength of our trilateral relations and opens up opportunities for the entire region,” Cypriot Minister of Energy, Commerce and Industry Natasa Pilides told JNS. The 1280 kilometer (751 mile) 2,000-megawatt undersea cable will have the capacity to power three million households. The cable will reach depths of up to 3,000 meters (more than 9,800 feet), equal to eight times the height of the Empire State Building and nine times the Eiffel Tower. The project is slated to be completed within five years and would end Cyprus’ status as the only non-connected EU state. The second stage will be 310 kilometers (190 miles) long and connect Kofinou in Cyprus and Hadera in Israel. The first stage, which got a 657 million euro ($694.29 billion) European Union grant, will run 898 kilometers (558 miles) to tie the three countries grids together via Crete, the report said. The EuroAsia Interconnector has been more than 10 years in the planning and will cost 2.5 billion euros ($2.64 billion), with half of the funding secured so far, reported the Jewish News Syndicate (JNS.) Coming up with the remainder should not be difficult because several investment funds have expressed interest in contributing financing, Papanastasiou said.ATHENS – Greece’s push to diversify sources will include a so-called Energy Highway, the world’s longest and deepest power cable, under the Mediterranean, to connect with the electricity grids of Israel and Cyprus. The European Union has earmarked around 800 million euros ($863 million) for the project. The government says the connected power grids would mean cheaper and cleaner energy for Cyprus and help to ensure the island nation’s energy security. Papanastasiou said the Cyprus government is expected to make a decision by the end of January on funding the project with a 100 million-euro capital investment ($108 million). Greece’s Independent Power Transmission Operator recently took over management of the project, which Manousakis called “of strategic significance.” The overall length of the 2000MW cable from Greece to Israel would be 1,208 kilometers (750 miles). “We hope that hostilities end so we can pick up consultations where we left them off,” he said. Technical talks on moving ahead with the Cyprus-Israel section are on hiatus because of the ongoing Israel-Hamas war, according to Papanastasiou. The Crete-Cyprus section of the Mediterranean Sea cable should be ready by 2029 at the latest, Cyprus Energy Minister George Papanastasiou said. ![]() ![]() Manousos Manousakis, president and chief executive officer of Greece’s Independent Power Transmission Operator, told reporters that contracts also are expected to be signed with technology company Siemens next year for the construction of converter stations on the Greek island of Crete and in Cyprus that are key to the flow of electricity through the cable. NICOSIA - Construction of a 1.9 billion-euro ($2.05 billion) section of an electricity cable that will connect the power grids of Greece and Cyprus is slated to begin in the new year, officials said Thursday.Īn eventual extension of the renamed Great Sea Interconnector is planned to connect Israel’s power grid as well.
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