![]() EuroAsia Interconnector creates an electricity highway from Israel-Cyprus, Greece (Europe) through which the European Union can securely be supplied with electricity produced by the gas reserves of Cyprus and Israel, as well as from the available Renewable Energy Sources (RES), contributing at the same time to the completion of the European Internal Market.Ending the energy isolation is an important EU objective. Cyprus is the last member of the European Union which remains fully isolated without any electricity or gas interconnections. Ends the Energy Isolation of Cyprus as an EU member state.The EuroAsia Interconnector enjoys a high rating by the European Union, falls within the EU energy policy and contributes to the following energy targets: It creates a reliable alternative route for the transfer of electric energy to and from Europe. The project is an energy highway bridging Asia and Europe, with a total length of 1,208 km. The EuroAsia Interconnector comprises the electricity interconnection between the grids of Israel, Cyprus, Greece through a subsea DC cable and with HVDC onshore converter stations at each connection point, with a total capacity of 2000MW. The European Commission, with the support of the Cyprus Government and in agreement with the Greek Government, has appointed EuroAsia Interconnector Limited as the owner Project Promoter of EuroAsia Interconnector. The EuroAsia Interconnector is a leading European Project of Common Interest (PCI) labelled as an EU “electricity highway” connecting the national electricity grids of Israel, Cyprus and Greece through a 1,208 km subsea HVDC cable. Agency for the Cooperation of Energy RegulatorsĮuroAsia Interconnector Limited is the official EU project developer of the 2,000MW electricity interconnector between Israel, Cyprus, Greece and Europe.EuroAsia Interconnector Double Labelling – Electricity Highways 2050.Inclusion of the EuroAsia Interconnector in the TYNDP.Pilides and her Greek and Israeli counterparts signed an agreement last October to speed up technical work on the cable dubbed the “Eurasia Interconnector. 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 energy sources enhancing the energy mix of Greece, Cyprus and Israel. ![]() Pilides 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. Negotiations to transfer the funds are expected to wrap up this summer. Pilides said the money enables crews to start constructing the segment of the cable that will connect Cyprus with Crete whose total cost is estimated at roughly 1.6 billion euros ($1.8 billion). Pilides told reporters the funding is Cyprus’ largest-ever investment as well as the lion’s share of the total sum that the EU’s Connecting Europe Facility, which bankrolls infrastructure projects, has allocated to a single project this year. NICOSIA, Cyprus (AP) - The European Union has earmarked 657 million euros ($736 million) for the construction of a 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. Please look at the time stamp on the story to see when it was last updated. ![]() This is an archived article and the information in the article may be outdated. ![]()
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