Greece, Israel, Cyprus sign deal to link electricity in world’s longest undersea power cable

·

Plans to connect Israel, Cyprus and Greece with a 2,000 megawatt undersea electricity cable took a key step forward on Monday, when the three countries signed an agreement to speed up technical work on the project.

Cypriot Energy Minister, Natasa Pilides, hosted a ceremony in the capital Nicosia on Monday with her Israeli counterpart, Yuval Steinitz, and Greek Minister, Kostas Krekas, participating via online link.

Pilides said that with the signing of the Memorandum of Understanding, the three ministers 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.

READ MORE: Greece, Israel and Cyprus to sign EastMed agreement.

Cypriot President Nicos Anastasiades, Greek Prime Minister Kyriakos Mitsotakis and Israeli Prime Minister Benjamin Netanyahu attend the signing of a deal by their respective Energy Ministers to build the EastMed subsea pipeline. January 2, 2020. Photo: Reuters / Alkis Konstantinidis.

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.”

Pilides called the project a “cornerstone” of the countries’ efforts to transition to a green economy that will protect the environment while promoting economic growth.

She said the cable will help the three countries meet their commitments under the Paris Agreement on Climate Change, which aims to limit carbon emissions, while helping to diversify the energy supply of fossil fuel-dependent Cyprus.

READ MORE: Greece and Israel Foreign Minister’s “eye to eye” on military cooperations.

The project’s first phase is expected to be operational by 2025.

The European Union’s executive Commission has said the cable is a “key project of common interest” that makes it eligible for EU financing.

Pilides said some of the project’s additional benefits include enhancing energy supply security and allowing the three countries to be potential energy exporters.

READ MORE: Greece and Israel complete historic $1.68 billion defence agreement.

Cyprus is working on a separate deal with Greece and Egypt on a similar cable connecting the three countries.

Israel, Cyprus and Greece have also teamed up for a planned $6 billion undersea pipeline to carry gas from new offshore deposits in the southeastern Mediterranean to continental Europe.

Source: AP News.

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

How Maih Porfyri’s career pivot took her from fashion to the Paralympics

Maih Porfyri had only been in her job for a few months before she was whisked away on a trip to Paris to cover the Paralympic Games.

My partner doesn’t speak Greek – Can we still raise bilingual kids?

You can absolutely raise bilingual children, even if only one parent speaks Greek. Across the world, countless families do so successfully.

Joint bank accounts: Who gets the money?

All people named in a joint account are privy to the money by Law. Most of us have opened accounts at various bank branches.

Vergina considered among the world’s most mysterious destinations

Featured alongside global wonders, Vergina earns its place through a mystery that has eluded scholars for centuries.

Gender in Modern Greek: Dr Angeliki Alvanoudi to give online seminar

The aim of the seminar is to examine the role of Greek gendered terms in sustaining social gender ideologies that reinforce sexism.

You May Also Like

There’s no time like Pascha: Celebrating Orthodox Easter in an Australian society

Growing up in my Greek community, it takes seeing through the eyes of outsiders to realise how much the world around us changes come Pascha.

Basil Zempilas’ election campaign manager resigns over secret polling controversy

Basil Zempilas’ election campaign manager, Cameron Sinclair, has resigned after commissioning secret polling on the WA Liberal's leadership.

Maria Sakkari hires new coach to return to the top

Maria Sakkari added former coach of legend Venus Williams, David Witt, to her team, after Witt’s coaching came to an end with Jessica Pegula.