IPTO calls for speed up implementation of electricity interconnection Greece – Cyprus – Israel

Communication with the governments of Cyprus and Israel to move faster the implementation procedures of the Great Sea Connector, had the . The project will connect Greece, Cyprus and Israel. As underlined by IPTO, at a meeting with the Minister of Finance of Cyprus, he informed about the construction of the project of the electrical interconnection. The timetable for the participation of the Cypriot government in the project was also discussed. The administrator’s executives asked to speed up the implementation procedures of the Cabinet decision of February last, where the participation of the Republic of Cyprus in the project was decided with up to 100m euros. IPTO has already spent more than 150m euros on the project and explained to the Minister of Finance that he expects the participation of the Republic of Cyprus to continue. The IPTO informed Cyprus of the next financial milestones and the joint actions were agreed to speed up the conclusion of the loan agreement with the European Investment Bank. The meeting explained in detail the benefits of the project for Cypriot consumers and how the electricity interconnection will further promote the development of RES in Cyprus. Support for the Israeli Government in the project The Israeli Government’s undivided support for the project of the electricity interconnection between Greece and Cyprus and Israel, Great Sea Interconnectedor, was confirmed in a teleconference with the Ministry of Energy and Infrastructure and the Energy Regulatory Authority of Israel. The management of IPTO raised the issue of preparing the cost-benefit study (CBA) for the section of the Cyprus-Israel electric interconnection, on which the regulators of the two countries will rely to share the costs to be recovered from regulated revenues (CBCA – Cross Border Cost Alliance). The Director General of the Ministry of Energy and the President of the Regulatory Energy of Israel stressed the country’s total support for the project and agreed to take place the next period – probably within April – by living meeting. The cost-benefit study will follow. The two sides agreed to set up technical groups to prepare the study with a view to being ready for the next period. The project of the electricity interconnection between Greece and Cyprus and Israel, highlighted, will mark the electricity interconnection of Cyprus – the last unconnected EU Member State – with the European transport system, ensuring the strong energy shielding of the island. Israel, which also has no electricity connection with its neighbours, will strengthen its security of supply by gaining the opportunity to increase, further and faster, the participation of Renewable Energy (RES) in its energy balance. Source: RES – ICM