InsiderEconomyEuroAsia Interconnector to connect Cyprus with EU grid

EuroAsia Interconnector to connect Cyprus with EU grid

The EU’s member states agreed to invest 1.037 billion euro in five cross-border infrastructure projects under the Connecting Europe Facility (CEF) for trans-European energy networks, adopting a proposal by the Commission.

The largest amount of funding will go to the EuroAsia interconnector project (657 million euros) to support the first electricity interconnection between Cyprus and the European grid.

In a statement, Energy Commissioner Kadri Simson highlighted the importance of the EuroAsia Interconnector, pointing out that it will bring “an end to the energy isolation of Cyprus and link it to the rest of Europe”.

“Recent months have reminded us again how crucial a well-integrated EU energy market is for ensuring affordable energy and security of supply, as well as the clean energy transition” the Commissioner recalled.

“While we have made remarkable progress in the last decade with making our market better connected, more can and should be done” she added.

The EuroAsia Interconnector is described in the Commission’s press release as a project which “interconnects the transmission networks of Cyprus and Greece, allowing the transmission of electricity in both directions and ending the energy isolation of Cyprus”.

“The 898km of undersea cables and maximum sea depth of 3000 meters will set new world records for a project of this kind” the Commission adds in its statement. This investment is a continuation of the financial and political support of the EuroAsia project and is also being funded with a 100 million euro grant awarded in the Recovery and Resilience Facility instrument.

According to the Commission’s announcement, well-integrated energy infrastructure networks are necessary for the energy transition, as they facilitate the integration of renewable energy, enhance security of supply and help keep energy prices in check. The allocation of CEF funds is therefore seen as supporting the implementation of the European Green Deal.

The agreement also grants financial aid for the construction of another two projects for electricity transmission and one for gas storage, as well as supporting a study on CO2 transport.

The other projects are the Baltic Synchronisation Project Phase II which includes funding for grid reinforcement in Poland and upgrading the transmission infrastructure in Lithuania, Latvia and Estonia (170 million euro), the development of a third electricity transmission line between Sweden and Finland (known as the Aurora line – 127 million euro), the capacity increase of the Chiren gas storage facility in Bulgaria (78 million euro) and the support of a study on the second phase of the Northern Lights project, which looks into the expansion of the CO2 transport and temporary storage capacity in Norway (4 million euro).

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