![]() ![]() The European Union has recognized the cable as a “Project of Common Interest”, categorizing it as a project it is willing to partly finance. Newsroom 13:28 The European Union has earmarked 657 million euros (736 million) for the construction of a 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. The Greek operator and Eurasia have been working closely to make sure the two cables link to each other efficiently, an IPTO official said. On Thursday, El-Markabi signed a bilateral MoU with his Greek counterpart in Athens. Greek power grid operator IPTO has started construction of the Crete-mainland part, seen concluding by 2023. It will cover three sections of the Mediterranean: some 310 kilometres between Israel and Cyprus, about 900 kilometres between Cyprus and Crete, and about 310 additional kilometres between Crete and mainland Greece. With a length of about 1,500 km and a maximum depth of 2,700 metres, it will be the longest and deepest subsea electricity cable to have ever been constructed, it said.Ĭalling the project a ‘2,000 mega-watt highway’, Pilides said the first stage is expected to be operational within 2025. Wednesday, 10 March 2021 Israel, Cyprus and Greece signed a Memorandum of Understanding (MoU) on Monday regarding a project to link their power grids via the construction of the world’s longest and deepest undersea power cable. The cable will have a capacity of 1,000-2,000 megawatts (MW) and is expected to be completed by 2024, according to Israel’s energy ministry. The project, called the Euro-Asia interconnector, will provide a back-up power source in times of emergency, said Israeli Energy Minister Yuval Steinitz, who was in Nicosia to sign a memorandum of understanding with his counterparts.Ĭypriot Energy Minister Natasa Pilides said it marked “a decisive step towards ending the island’s energy isolation, and consequently, our dependence on heavy fuels.” OCCUPIED JERUSALEM: Cyprus, Greece and Israel Monday signed an initial agreement to build the world’s longest and deepest underwater power cable that will traverse the Mediterranean seabed at a cost of about $900 million and link their electricity grids. ![]()
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