“This is a significant landmark regarding the three countries’ strategic choices which upgrades the region’s energy goals,” the statement said. i24 News - Israel, Cyprus, and Greece on Monday signed an initial agreement on laying the world's longest undersea power cable linking their electricity grids. 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. 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. 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. Please look at the time stamp on the story to see when it was last updated. In a speech at the project launch ceremony, European Commissioner for Energy Kadri Simson said that the rise in energy prices due to the Russian attack on Ukraine in February confirms the importance of this project, which allows Europe to diversify its sources and enhance its energy security.įor his part, Cypriot President Nicos Anastasiades spoke of a "historic" day because the island is "in a good position to start building" the cable.Ĭonstruction of the Eurasian interconnector is scheduled to begin later this year and be completed in 2027.Īnastasiades said that Cyprus could become an energy exporter with capacities starting from 120 GWh in 2027 to 1,000 in 2030 and exceeding 1,800 in 2033.This is an archived article and the information in the article may be outdated. The total cost of the project, which will have a capacity of between one and two thousand megawatts, is 1.57 billion euros, according to the Cypriot authorities. NICOSIA 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. The European Commission said that the cable, which will be 1,208 km long at a depth of more than 3,000 meters, "will set a new world record." The very expensive Eurasian interconnector will connect the power grids of Cyprus to those of Israel and Greece via a high-voltage direct current undersea transmission system. The Cypriot government exercises authority over the southern part of the island only. ![]() The island has been divided since the Turkish army invaded in 1974 in response to a coup staged by nationalist Greek Cypriots. It has been a member of the European Union since 2004. The European Union agreed to provide financial support of 757 million euros to finance the construction of the cable in order to end the "isolation" of Cyprus in the field of energy.Ĭyprus is the only European country that is not connected to the European continent in the gas or electricity sectors. JERUSALEM (Reuters) - Cyprus, Greece and Israel on Monday signed an initial agreement to build the world’s longest and deepest underwater power cable that will traverse the Mediterranean. Nicosia - (AFP) - Cyprus on Friday inaugurated a project funded by the European Union to build an undersea electric cable linking the island in the eastern Mediterranean with Greece.
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