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12° Nicosia,
18 July, 2024
 
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Electricity link connects Israel, Cyprus, Crete, and Greece

Budget for energy link hits 1.9 billion euros

Newsroom

In a significant development for the energy sector, George Papanastasiou, the Minister of Energy, Trade, and Industry, expressed his warm welcome for the forthcoming implementation of the electricity interconnection project connecting Israel, Cyprus, Crete, and mainland Greece. The project, spearheaded by the Independent Energy Transmission Operator of Greece (ADMIE), has garnered attention for its potential to transform regional energy landscapes.

In an exclusive statement provided to the DIASPORA NEWS program, Minister Papanastasiou underlined the pivotal role played by ADMIE in making this project a reality. He highlighted the organization's extensive experience and expertise in successfully executing projects of this scale. Additionally, he emphasized ADMIE's robust financial standing, which is expected to facilitate the project's financing, garnering interest from various stakeholders.

The electricity interconnection project boasts an estimated cost of 1.9 billion euros. Minister Papanastasiou acknowledged that an increase of 400 million euros had been incorporated into the budget due to rising material costs, primarily for the construction of the vital undersea cable. This adjustment reflects the project's commitment to maintaining high-quality standards while adapting to market dynamics.

Looking ahead, Minister Papanastasiou disclosed that the Republic of Cyprus is poised to make a significant decision regarding its investment participation in the project by November 15th. This decision will follow a thorough evaluation process, including ongoing investigations into the project's potential benefits and risks.

The electricity interconnection project represents a pivotal step toward enhancing regional energy security and sustainability. As stakeholders assess the economic and environmental implications, it remains a focal point for the energy sector and regional cooperation. Stay tuned for further developments as this transformative project continues to progress.

TAGS
Cyprus  |  EAC  |  electricity  |  Israel  |  Greece  |  energy  |  economy

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