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Greece and Cyprus make strides on world’s longest submarine energy cable project
Greece and Cyprus have signed a Memorandum of Understanding (MoU) for the construction of a submarine power cable that will connect Europe to the Middle East via the Mediterranean Sea, as announced by the energy ministers of both countries.
The project, named the Great Sea Interconnector (GSI), aims to link the electricity transmission networks of Greece—via Crete—with those of Cyprus and potentially Israel. The estimated cost for the project is €2.4 billion, with the underwater cable to Cyprus alone costing around €1.9 billion. Once completed, the cable will be the longest high-voltage direct current (HVDC) submarine cable in the world, stretching 1,240 kilometers and reaching depths of 3,000 meters. The European Union has expressed its willingness to fund part of the project, which is expected to be finalized around 2030.
Following the MoU, work on the submarine cable project is set to resume in the coming days. While Cyprus has proven natural gas reserves, these have yet to be developed, leaving the island reliant on expensive fuel oil for electricity generation, leading to significantly higher consumer costs compared to other European nations.
“This is a strategically important project for Cyprus, Greece, and the EU, as it will connect Cyprus to the European electricity grid, facilitating its energy transition and supporting Greece’s clean energy leadership,” the ministers stated.
However, the ambitious project faces challenges due to its route passing through disputed waters in the Mediterranean, an issue that may resurface in the future. Cyprus is seeking clarifications on its costs within the project and how potential “geopolitical risks”—particularly opposition from Turkey—could affect timelines and incur additional costs.
Photo source: Forbes Romania
23.09.2024 / Editor, Andreea Dragan
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