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Advancing Energy Security: Cyprus-Crete Interconnector Moves Forward

by THEFUTURE.TEAM

July 8, 2024

In a significant step towards energy security and regional cooperation, Cyprus and Greece have advanced plans for the Cyprus-Crete interconnector, a key segment of the broader EuroAsia Interconnector project. This development follows positive study results and recent regulatory decisions that paved the way for this critical infrastructure project.

The Cyprus-Crete interconnector, now known as the Great Sea Interconnector, aims to establish a high-voltage direct current (HVDC) link between Cyprus and Crete. The project’s approval comes after thorough evaluations by the Independent Power Transmission Operator (ADMIE) of Greece and the Cyprus Energy Regulatory Authority (CERA). This collaboration underscores the project’s importance in enhancing energy connectivity and security in the Eastern Mediterranean.

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According to ADMIE President and CEO Manousos Manousakis, construction is set to begin in 2024, with an expected completion timeline of four to five years. This ambitious project is supported by substantial funding, including a significant €800 million grant from the European Commission and a €100 million contribution from Cyprus, part of a total projected cost of €1.9 billion. The remaining funds will be sourced from ADMIE, investment funds, and other resources.

The interconnector is poised to transform the energy landscape by enabling the exchange of electricity between Cyprus and Greece, thereby reducing energy costs, enhancing supply reliability, and facilitating the integration of renewable energy sources. This strategic infrastructure will not only benefit the involved nations but also contribute to the broader European energy network.

The project has faced delays, particularly due to the complex regulatory environment and the need for comprehensive studies. However, the recent positive study outcomes have accelerated decision-making processes. Cyprus is expected to finalise its participation by the end of January 2024, reflecting its commitment to the project despite earlier setbacks.

Minister of Energy George Papanastasiou highlighted the project’s potential to usher in a new era of energy efficiency and security for Cyprus. He emphasised that the interconnector would reduce the island’s energy isolation and dependency on fossil fuels, aligning with broader EU energy policy goals.

Additionally, the involvement of the German company Siemens in connecting the converters between Cyprus and Crete marks a critical milestone. The contract with Siemens is anticipated to be signed by the end of 2024, further solidifying the project’s implementation timeline.

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Bitcoin Surges 23% In A Week As Investor Optimism Returns

by News Editor

August 21, 2026

Bitcoin was on track for a weekly gain of around 23% on Friday as a series of positive macroeconomic and policy developments boosted investor sentiment.

The cryptocurrency was trading about 6% higher at roughly $77,000, up from around $62,800 at the start of the week. Crypto-related stocks also rallied, with Coinbase and Circle gaining more than 9%, while Strategy rose 7%.

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Macro Factors Fuel Rally

Bitcoin’s latest surge began Wednesday after Treasury yields fell sharply following a major intervention by the U.S. Treasury in the bond market. Lower yields eased pressure on risk assets and helped trigger a broader move into cryptocurrencies.

The rally was further amplified by a major short squeeze. Around $2.7 billion in crypto short positions were liquidated, according to CoinGlass.

Max Stuedlein, head of Partnerships at Sygnum APAC, said the move reflected an alignment of macroeconomic and policy catalysts, including the Treasury’s decision to increase buybacks of longer-dated government debt.

Clarity Act Boosts Sentiment

Investor confidence improved further on Thursday as the White House and crypto industry leaders made a final push to advance the Clarity Act in the coming weeks.

The legislation is widely viewed as a potential catalyst for the crypto market, although its chances of passing remain relatively limited.

Despite the rally, bitcoin remains well below its 2026 high of $94,820 reached in January and its all-time high of $126,198, set last October.

Analysts See More Volatility Ahead

Lucy Gazmararian, founder and managing partner at Token Bay Capital, said the crypto market may be approaching the end of its bear cycle.

She expects bitcoin could experience one more decline of around 20% before the market turns, pointing to historical cycles and the recent liquidation of heavily leveraged short positions.

Gazmararian also described bitcoin as a long-term hedge against monetary debasement, while warning that its short-term price remains highly volatile and driven by market cycles.