The cable’s first phase is expected to be completed by 2025. The agreement aimed to expedite permits and approvals for feasibility studies and to help the three countries’ national electricity coordinators cooperate on how best to move forward. Six weeks ago, the Aphrodite partners, Chevron (35), Shell (35), and NewMed (30), announced the start of drilling of the A3 appraisal well in Cypriot waters. From time to time the Cypriots have taken measured unilateral steps to try to move an agreement forward. Pilides and her Greek and Israeli counterparts signed an agreement last October to speed up technical work on the cable dubbed the “Eurasia Interconnector.” The status of the reservoir has been a cloud over Israel-Cyprus relations. Pilides said a study shows that the cable in combination with power storage facilities could push Cyprus’ use of renewable energy sources above 50% by 2030. With the cable’s completion, it’s expected that more investment will flow into renewable sources enhancing the energy mix of Greece, Cyprus and Israel. ![]() “This is a significant landmark regarding the three countries’ strategic choices which upgrades the region’s energy goals,” the statement said. ![]() The so-called EuroAsia interconnector is planned to gave a capacity of up to 2 GW once commissioned in 2025.Ĭhoose your newsletter by Renewables Now.The minister said beyond the project’s geopolitical weight, it will ensure Cyprus’ energy security, boost competitiveness in the power supply sector and help the island nation more easily transition to a green economy.Ĭypriot President Nicos Anastasiades said in a statement that the cable “tangibly underscores the significance of the three-way cooperation between Cyprus, Greece and Israel.” "For Cyprus, the electricity connection with Egypt has the potential to be a cornerstone of our efforts to transition to a green economy," said Cyprus’ energy minister Natasa Pileidou.Įarlier this year, Israel, Cyprus and Greece agreed to develop a subsea cable project to connect their power grids. The project aims to connect the electricity grids of Israel, Cyprus, and Crete in Greece through a 2,000-megawatt undersea cable. The first phase is expected to be operational by 2025. The agreement aims to speed up the approval procedures and feasibility studies. Cyprus, Greece and Israel on 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. The project aims to connect the electricity grids of Israel, Cyprus, and Crete in Greece through a 2,000-megawatt undersea cable. Calling it a “bold strategic initiative”, Skrekas pointed out that the project will enhance his country's geopolitical role and strengthen its position as a hub for green energy transmission in Southeast Europe.Īs part of the project, Cyprus on Saturday sealed a MoU to connect its power grid with the one of Egypt, thus creating a framework of cooperation that facilitates the scheme's design, licensing, development and implementation. ![]() The country’s minister of environment and energy Kostas Skrekas said in a Twitter post that the power line is seen to contribute significantly to the region’s energy security and secure the flow of green energy between Greece and Egypt. ![]() Greece announced its pact with Egypt on Thursday. The involved countries are due to sign a tripartite MoU this week. Cyprus hopes to develop plans for a pipeline linking it to Israels east Mediterranean gas fields during talks which start next month, the islands top energy official told Reuters. The interconnector is planned to transmit power produced by renewables in North Africa to Europe. JERUSALEM (Reuters) - Cyprus, Greece and Israel on 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. Follow Israel Hayom on Facebook and Twitter. The governments of Greece and Cyprus have signed separate Memoranda of Understanding (MoU) with Egyptian authorities to link their power systems to Egypt’s via a subsea link. Israel will sign an agreement with Greece and Cyprus by the end of the year to lay a submarine cable that would connect it to the European power grid, Israel Hayom has learned.
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