Greece and Cyprus signed a Memorandum of Understanding (MoU) to continue the building of a subsea electric cable to connect continental Europe with the Eastern Mediterranean.
On Saturday, the energy ministries of the two countries announced the progress of the construction of the subsea electric cable. Therefore, based on the MoU signed on Friday evening, work on the project will resume in a few days.
“This is a project of strategic importance for Cyprus, Greece and the EU since it will link Cyprus to the electricity network of Europe, facilitating its energy transition and the aim of Greece to be a conduit of clean energy,” the ministries said.
The Great Sea Interconnector (GSI) cable would connect Europe’s electricity grids to Cyprus in a €1.9 billion project, then extend to Israel. The cable will become the “world’s longest” high-voltage cable at 1,240 kilometres long and the deepest at 3,000 metres.
Cyprus has gas reserves but they have not been utilised, mainly because the island relies on heavy fuel to generate electricity, with consumer costs significantly higher than in mainland Europe. The need for alternative energy sources or the GSI project itself remains undisputed. But Nicosia has faced delays because of a demand for clarification on the total cost of the project, its viability and any liabilities for unforeseen delays.
