Cyprus, Israel, Greece sign trilateral deal on 2,000-megawatt undersea electricity cable

Israel, Cyprus and Greece on March 8 signed an agreement to speed up the technical work of the 2,000-megawatt undersea electricity cable. According to the Associated Press, Cypriot Energy Minister Natasa Pilides hosted the ceremony in the capital Nicosia and her Israeli counterpart Yuval Steinitz and Greek Minister Kostas Krekas participated via an online link. During the event, Pilides said that with the signing of the Memorandum of Understanding, the three counties have agreed on the need to expedite permits and approvals to conduct feasibility studies and to coordinate with their respective national electricity regulators on how best to proceed. 

Pilides said, “The deal boosts cooperation in supporting the planning, potential development and implementation of the EuroAsia Interconnector, as an additional element of the emerging Eastern Mediterranean Energy Corridor”. 

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EU calls electric cable 'key project' 

Further, she called the project a “cornerstone” of the countries’ efforts to transition to a green economy that will protect the environment while promoting economic growth. Pilides said that the cable will help the three nations meet their commitments under the Paris Agreement on Climate Change, while also helping to diversify the energy supply of fossil fuel-dependent Cyprus. She also informed that the project’s first phase is expected to be operational by 2025. 

Moreover, the Cypriot minister said that some of the project’s additional benefits include enhancing energy supply security and allowing the three countries to be potential energy exporters. The European Union’s executive Commission, on the other hand, has called the cable a “key project of common interest” and added that the project is eligible for EU financing. 

It is worth noting that Israel, Cyprus and Greece have also planned a $6 billion undersea pipeline to carry gas from new offshore deposits in the southeastern Mediterranean to continental Europe. Cyprus is additionally also working on a separate deal with Greece and Egypt on a similar cable connecting the three countries.

(With inputs from AP) 

(Image: @Atlantide4world/Twitter)

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