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Great Sea Interconnector Project: A Leap Towards Cleaner Energy in the Eastern Mediterranean

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María Alejandra Trujillo
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Great Sea Interconnector Project: A Leap Towards Cleaner Energy in the Eastern Mediterranean

The Great Sea Interconnector, formerly known as the EuroAsia Interconnector, has taken significant strides towards realization. This ambitious project aims to establish an electric connection between Israel, Cyprus, and Crete. Following a meeting with Nikos Christodoulides, the President of the Republic, and a delegation from Greece's Independent Power Transmission Operator (ADMIE), the Cypriot Minister of Energy, Commerce, and Industry, Giorgos Papanastasiou, announced these developments. ADMIE, under the leadership of President and CEO Manousos Manousakis, is spearheading the implementation of this project.

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A New Era of Energy for Cyprus

The decision of the Cypriot Republic to participate will be finalized by the end of January, following the positive outcomes of a study on the project. The involvement of Cyprus in the project signifies the dawn of a new energy era. Cheaper, cleaner energy, sufficiency, and energy security will be within reach for the nation. The construction work for the Cyprus-Crete interconnection is slated to commence in 2024 and is projected to be completed within 4-5 years.

Financial Considerations and Challenges

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The project's cost has escalated from 1.5 billion to 1.9 billion euros due to a surge in material prices. Out of the total cost, the European Commission is expected to provide a subsidy of approximately 800 million euros, and the Cypriot Republic has pledged 100 million euros. The remaining 1.2 billion euros will be sought from other funds. A contract with German company Siemens for connecting the transformers in Cyprus and Crete is expected to be inked by the end of 2024.

Israel's Involvement and the Broader Implications

Due to the ongoing conflict with Hamas, talks with Israel have been suspended, waiting for hostilities to cease before resuming negotiations. The project carries strategic importance for Greece, Cyprus, and the Eastern Mediterranean. It also symbolizes the fraternal relationship between Greece and Cyprus. The interconnector project is a testament to the ambition of these nations to contribute to a cleaner and more sustainable future, despite the challenges they face.

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