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NICOSIA — Cyprus will support and participate in the Great Sea Interconnector, a multi-billion euro electric transmission project connecting Europe, the Middle East and Asia.
This announcement was made by Energy, Commerce and Industry Minister George Papanastasiou following a Council of Ministers meeting that approved the regulatory framework for the interconnection between Cyprus and Greece's Crete Island, aimed at ending Cyprus's energy isolation, an energy official said on Tuesday.
The decision follows weeks of extensive consultations involving the governments of Cyprus and Greece, the European Commission, Greece's Independent Power Transmission Operator, the operator of the project, and the manufacturers of the special deep-sea cable, Xinhua news agency reported.
The interconnector, with an estimated cost of 2.4 billion euros ($2.7 billion), is slated for completion by 2030. It will connect the transmission grids of Greece via Crete, Cyprus, and eventually Israel.
Under the agreed terms, Cyprus will contribute 125 million euros (about $139 million) in five instalments of 25 million euros (about $28) each over the next five years, Papanastasiou said.
The European Commission has termed the project as one of common interest and has earmarked 657 million euros ($731 million) to subsidise it.
Upon completion, the project will be the world's longest undersea electrical conductor stretching 1,240 km and reaching depths of up to 3,000 metres.
According to French cabling specialist Nexans, which has won a 1.43 billion euros ($1.6 billion) contract for a section of the project, the interconnector will exchange up to 1,000 MW of electricity between Greece, Cyprus and Israel, with the capability to expand to 2,000 MW, equivalent to the average electricity consumption of 3 million households.