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.
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.
