Energy regulators in Cyprus and Greece, have issued a joint decision for the cross-border cost allocation of the electricity interconnection EuroAsia Interconnector between Cyprus and Greece it was announced on Monday.
“This is a historic moment for Cyprus as it ends the electricity isolation of the last European Union member state that remains energy isolated,” an announcement from EuroAsia Interconnector said.
The project is designed to connect the electricity grids of Israel, Cyprus and Greece via Crete through a subsea DC cable and with HVDC onshore converter stations at each connection point, with a total capacity of 2000MW.
“The project is an energy highway and bridge between the two continents with a total length of 1520kms and creates a reliable alternative route for the transfer of electric energy to and from Europe,” the venture said in its announcement.
Benefits are said to include not only ending the energy isolation of Cyprus but also provides an ‘energy highway’ through which the European Union can securely be supplied with electricity produced by the gas reserves in Cyprus and Israel as well as from the available renewable energy sources, contributing at the same time to the completion of the European internal market.
EuroAsia said it also offers significant economic and geopolitical benefits to the involved countries, contributes to the target of the EU for 10 per cent of electricity interconnection between member states, and provides significant socio-economic benefits at the range of €10 billion.
Earlier this year, the EU agreed to finance the final detailed studies ahead of the implementation of the project with €14.5m.
The funding is part of the European Commission’s initiative to invest €444m in 18 priority European energy infrastructure projects. The EuroAsia Interconnector is one of the seven selected electricity projects that have received funding and the only North-South electricity interconnection in the Central Eastern and South Eastern Europe Priority Corridor.
The project, announced five years ago, provides linking Kofinou (Cyprus) with Hadera (Israel) and Korakia on Crete. Another undersea cable will link Korakia with Attica.
The completion of the first 1,000MW interconnection is slated for 2022