The next steps in the Cyprus-Crete electricity interconnection project
The company discussed the cooperation of IPTO in the implementation of the Cyprus-Crete electricity interconnection, as well as the further participation of the Administrator in the project, with the Minister of Energy, Trade and Industry of Cyprus Natasa Pileidou and representatives of the project implementing body, Euroasia Interconne.
All parties have agreed that the Cooperation of the Administrator with the Euroasia Interconnector for the signing of contracts with the contractors of the project, is crucial for ensuring the interoperability of the project as well as for its faster development.
Finally, the need for further coordination of all involved authorities and bodies of Greece and Cyprus was highlighted in order to ensure the smooth development and the fastest possible completion of a project of strategic importance that will connect Cyprus, through Greece, with the European electricity system.
It is been reminded that RAE and the respective Cypriot regulatory authority have signed an updated cross-border cost allocation agreement (CBCA - Cross Border Cost Allocation), which unblocked the project. Based on this agreement, the Republic of Cyprus will bear 63% of the costs and Greece 37%, removing the part of the Crete-Attica interconnection that has been included in the Ariadne project (IPTO).
The interconnection project envisages the connection via cable of Hadera in Israel and Crete (Euroasia Interconnector) and envisages the connection between Hadera and Kofinos (Cyprus) as well as the connection between Kofinos and Korakia of Crete, which is included in the PCIs projects of Greek interest.
The project of the Greek-Cyprus-Israel electricity interconnection, with a total length of 1,208 km and a capacity of 1,000 MW, is expected to be completed in 2025.