12/27/2023 0 Comments Israel agree link power grids viaComing up with the remainder should not be difficult because several investment funds have expressed interest in contributing financing, Papanastasiou said. The European Union has earmarked around 800 million euros ($863 million) for the project. The project, called the EuroAsia Interconnector, will help Israel build on more options for renewable energy, contribute to energy. The government says the connected power grids would mean cheaper and cleaner energy for Cyprus and help to ensure the island nation’s energy security. Israel, Cyprus and Greece signed a Memorandum of Understanding (MoU) on Monday regarding a project to link their power grids via the construction of the world’s longest and deepest undersea power cable. Papanastasiou said the Cyprus government is expected to make a decision by the end of January on funding the project with a 100 million-euro capital investment ($108 million). Cypriot Energy Minister Natasa Pilides said it marked 'a decisive step towards ending the islands energy isolation, and consequently, our dependence on heavy fuels.' The cable will have a capacity of 1,000-2,000 megawatts (MW) and is expected to be completed by 2024, according to Israels energy ministry. Greece’s Independent Power Transmission Operator recently took over management of the project, which Manousakis called “of strategic significance”. Cyprus, Greece, and Israel today signed an initial agreement to build the worlds longest and deepest underwater power cable that will traverse the Mediterranean seabed at a cost of about. The overall length of the 2000MW cable from Greece to Israel would be 1,208 kilometres (750 miles). ![]() “We hope that hostilities end so we can pick up consultations where we left them off,” he said. Israel, Cyprus and Greece Agree to Link Power Grids via Subsea Cable by 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. The European Union has earmarked 657 million euros (736 million) for the construction of a 2,000-megawatt undersea electricity cable that will link the power grids of Israel, Cyprus and Greece, Cypriot Energy Minister Natasa Pilides said Thursday. ![]() Technical talks on moving ahead with the Cyprus-Israel section are on hiatus because of the ongoing Israel-Hamas war, according to Papanastasiou. Sign up for The Gleaner’s morning and evening newsletters.
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