Now that the ambitious EuroAsia Interconnector project will be completed following EU approval of €657 million the energy isolation of Cyprus – the last non-interconnected member state – will end.
This is what Philenews reported on Thursday, hours only after the announcement in Brussels.
The project comprises a cross-border interconnector with a total length of 1,208 km between Cyprus, Greece (Crete) and Israel.
It will ensure security of supply, more competitive wholesale electricity prices and enable the increased use of electricity from cleaner sources, in particular renewables, by connecting the electricity network of Cyprus to the Union continental system.
The European Commission had adopted a positive assessment of Cyprus’s recovery and resilience plan (RRP) as part of the ‘NextGenerationEU’ initiative and this project was part of it.
In a landmark decision last July, the EU Council had approved the allocation of the first grant of €100 million to the EuroAsia Interconnector electricity interconnection as part of the Recovery and Resilience Plan for Cyprus.
The total cost of the project is estimated at €1,037 billion.
Energy Minister Natasa Pilides who has welcomed the news saying on Twitter that it was “excellent news for Cyprus” will elaborate on this during a press conference later on Thursday.