Day: October 14, 2022

The Ministry of Transport, Communications and Works and the government in general are drawing up a plan to promote the Postal services, said Transport Minister Yiannis Karousos, adding that by 2025 the postal services will be equipped with 210 electric motorcycles.

 

Speaking at a gathering in Limassol on Thursday on the occasion of World Postal Day, Karousos said that in the recent years, the Post Office in Cyprus has changed and continues to evolve on a daily basis.

 

He said that we are “in the midst of a creative process as regards the postal network, daily contact with citizens and changes that require the Postal Services to adapt to the needs of users and technology.”

 

In addition, Karousos said the Postal Services cannot ignore the fact that they have to contribute in their own way to stop the worsening of climate change and cultivate a culture of sustainable development.

 

He said the budget for the Cyprus Postal Services includes one million euro for the purchase of 210 electric motorcycles for postmen to use. The budget was made available through the Resilience and Recovery Fund.

 

Source: Cyprus News Agency

Non-performing loans (NPLs) in the Cypriot banking system amounted to €2.85 billion in July 2022 marking a slight decrease in comparison to the previous month.

 

According to the data released by the Central Bank of Cyprus (CBC), NPLs amounted to €2,850 million or 11% of total loans in the banking system. In comparison, total NPLs in June amounted to €2,919 or 11.2%.

 

Total loans with amounts past due over 90 days amounted to €2,014 million in July, compared to €2,052 in June. This stands at 7.7% of the total loans.

 

Furthermore, total restructured facilities amounted to €3,260 million in April from €3,268 million in the month before, the CBC said, of which, €1,405 million continue to be classified as NPLs.

 

Accumulated provisions amounted to €1,458 million or 46.5% of total non-performing loans, the CBC added.

 

According to the CBC, of the total NPLs, €1,147 million were held by households, while corporate NPLs amounted to €805 million. Of the total corporate bad loans, €752 million were held by small and medium sized enterprises (SMEs).

 

Source: Cyprus News Agency

Thirty years have passed since September of 1992, when the University of Cyprus welcomed its first students. The Rector of UCY, Professor Tasos Christofides describes this as a historic moment, with many symbolisms and messages for the country, in the fields of education and research.

 

UCY Rector spoke to Cyprus News Agency on the occasion of the 30th anniversary, pointing out that the University has rightly won the trust of the citizens and its value is being recognized in Cyprus and abroad as a prestigious academic institution connected with research and teaching with impact.

 

He, however, acknowledged the fact that there is awareness in the University community about how much more can be done to strengthen the fields of research, innovation and education.

 

The University of Cyprus, the first public University on the island, was established by law in 1989 and it opened its doors in 1992 in the historical building of Pedagogical Academy, by Kallipoleos Avenue in Nicosia.

 

“Thirty years later, counting 30,091 graduates and heaps of research achievements and distinctions, we can say with confidence that we won the bet,” the Rector says.

 

The UCY moved and expanded from the academy buildings in Kallipoleos to the Campus, in Aglantzia, and the Rector says that “we gave life to the wider area”.

 

Professor Christophides expressed his pride in the graduates and in what the University as a community has collectively achieved in these thirty years of teaching and research. He said that these achievements are the outcome of the hard work of the academic staff, administrative staff, and the students.

 

“In these 30 years of teaching and research, the University of Cyprus has grown, developed and continues to evolve thanks to the creativity of its human resources, with the constant support and sponsorship of the State, with perennial supporters, donors, benefactors and the support of the citizens”, the Rector tells Cyprus News Agency.

 

He said that new study programs were introduced for the first-time last September such as the master’s program in Data Science. This is an interdisciplinary program with the collaboration of three departments.

 

The School of Medicine offered its first master’s degree in Precision Medicine in clinical practice and the Rector says that they are calling on doctors in Cyprus and abroad, as well as graduates to specialize and develop in their science.

 

The Department of History and Archeology’s Master’s Degree in Digital Cultural Heritage and Landscape Archeology recognizes how new applications and technologies come to work positively in the preservation and rescue of cultural heritage.

 

The Rector told the Cyprus News Agency that in the current academic year two more postgraduate programs are being offered, the interdisciplinary postgraduate in behavioral economics and the postgraduate in Artificial Intelligence.

 

Professor Christophides said that the UCY is growing, developing and evolving and this continuous growth is reflected to a large extent in the prestigious international rankings such as TIMES (in the top 401-500), QS (473) and the Shanghai list (501-600).

 

He said that they do not deify the rankings, but this is useful tool, as the lists are visited by prospective students and prospective academics and researchers looking for work in international universities and academic institutions.

 

The Rector said that the UCY secured flagship research programs, among them TEAMING programs for the creation of the Center of Excellence for Biobanking and Biomedical Research and the Center of Excellence for Research and Innovation – “KOIOS”.

 

UCY is also a partner with the CYENS Center of Excellence and at the same time managed to secure 23 European Research Council (ERC) programs.

 

Christophides also said that UCY has the honor of working with academics of international caliber, such as the Nobel laureate Sir Christophoros Pissarides.

 

He went on to say that the experiences from the University are not only about the acquisition and transmission of knowledge, but they are much more connected to university environment skills and abilities which are developed and they finally empower each and every one at the University community.

 

Professor Christophides said the vision remains for UCY to have a contribution and impact on society, the awarding of prestigious degrees, the influence not only in Cyprus, but also in Europe through substantial synergies and utilizing the power of academic diplomacy.

 

He noted that much needs to be done and that there is no complacency.

 

He called for the support of the political and social entities, underlining that the School of Medicine and Cyprus as a whole must have university clinics. The Rector also pointed out that at a time when international cooperation is at the center of every action, public universities cannot but offer foreign language undergraduate study programs.

 

The Rector went on to say that the achievements of these past thirty years include the recognition of undergraduate and postgraduate degrees by countries and organizations, but he says that we are unable to attract a large market for undergraduate study programs, because the legislation is not modernized.

 

He proudly said that every story contains unique bits of creation and innovation and that one of these important stories for our country is the one of the University of Cyprus.

 

Source: Cyprus News Agency

Cypriot rescuers of the Civic Defence participated in a large-scale European search and rescue exercise in Montenegro on October 10 – 14 in the context of the EU programme Balance funded by the Directorate General of Civil Protection and Humanitarian Aid Operations via the Civil Protection Mechanism.

 

According to an official press release, the “Balance” consortium comprises academic institutions, civil protection organisations, as well as other public institutions from Montenegro, Croatia, Albania, Cyprus, Greece, Bulgaria, Italy and Spain.

 

The large-scale exercise’s aim was to evaluate and improve Montenegro procedures as well as capabilities of the participating countries in foreign missions.

 

The scenario featured a response to a request for international assistance by Montenegro in the region of Boka Kotorska.

 

Cyprus Civil Defence participated with a search and rescue team, a team of communications and technical support (drones) which provided support in an earthquake simulation, as well in precautionary activities over a possible tsunami.

 

The Cypriot mission also included permanent staff and a large number of Civil Defence volunteers who serve in these departments. The Cypriot mission also included a Fire Service officer and a doctor of the State Health Services Organisation heading a medical team.

 

The exercise concluded successfully confirming the Cypriot mission’s immediate and professional response in such events and its excellent cooperation with foreign missions, the press release added.

 

Source: Cyprus News Agency

A ministerial panel discussed Friday the latest progress and prospects for the Eastern Mediterranean to become the focus of developments regarding energy security and energy transition, during the Eastern Mediterranean Natural Gas Forum (EMGF) Conference, which takes place in Nicosia.

 

Energy Ministers from Cyprus, Greece, Egypt and Jordan participated in the panel discussion, along with the EMGF Secretary General and the EU Energy Commissioner Kadri Simson who pointed out the interest of Europe to EMGF to wean itself off Russian natural gas.

 

Secretary General of EMGF Osama Mobarez said that the key of the success of the Forum in the past four years was that it has managed to bring together all the stakeholders such as states and companies of the private sector, since as he mentioned the challenges are big.

 

Regarding how the Eastern Mediterranean could contribute to Europe’s supply, the EMGF SG sent the message that “this may be challenging but not impossible”. He stressed the need to find the appropriate funds from the states and the EU to encourage companies to invest in that direction.

 

Minister of Petroleum and Mineral Resources, of Egypt Tarek El – Molla, said that Egypt’s infrastructure was the fastest way to help EU energy security since there are ready-made solutions with pipelines, infrastructure and infrastructure for liquefied natural gas (LNG), but there was also good cooperation with countries in the region.

 

He also referred to the signing of an MOU with the EU so that more natural gas from Israel reaches Egypt and is then exported to Europe, saying that this process is accelerating in the coming months.

 

El – Molla also expressed the hope that there will be more natural gas discoveries from Cyprus soon and that their exploitation processes will be accelerated by using the infrastructure in Egypt. He added that the recent demarcation agreement between Lebanon and Israel will help to see more quantities of natural gas soon, which as he said will somehow end up in Egypt. He added that there is also cooperation with the Palestinians to develop natural gas fields.

 

He added that to speed up all these processes, more funds are needed under a “safe umbrella”, such us international organizations.

 

On his part Minister of Environment and Energy of Greece, Kostas Skrekas, referred to the country’s ambitious goals for the green transition, as well as the important infrastructures that the country is promoting. As he said, with the completion of all the energy infrastructures being promoted, Greece will become the main entrance gate of electricity and LNG for the Balkans.

 

The Minister focused on the increased penetration of renewable energy sources (RES) in Greece in the last years, the increase in the interconnections with Bulgaria, North Macedonia, Romania and Italy as well as the prospects created with Eurasia Interconnector that will connect electrical grids of Greece, Cyprus and Israel. He also referred to the LNG infrastructures that have been created in recent years in Greece or are under construction.

 

The Minister of Energy, Commerce and Industry of Cyprus, Natasa Pilides, referred to the importance of exploiting natural gas discoveries found in the Cypriot EEZ, both for the benefit of Cyprus and to help the EU’s energy supply. She noted that she had on Thursday very fruitful meetings with the European Energy Commissioner on that, while also noting the role that EMGF could play in creating the appropriate synergies to accomplish that goal.

 

Pointing out the challenges in the energy sector for Cyprus, as a small isolated system, she mentioned that today Cyprus will celebrate the start of the construction work of the EuroAsia Interconnector project. which she described as a great achievement.

 

Jordan’s Minister of Energy and Mineral Resources Saleh Al-Kharabsheh said that in Jordan there has always been an effort to increase domestic energy sources with RES currently contributing 29% to the energy mix with a target to increase up to 50%.

 

He also referred to the efforts to upgrade the system so that it can respond to the use of more RES. At the same time, he said that Jordan is trying to double connections with neighbouring countries and also to create a network with Europe.

 

Energy Commissioner Kadri Simson referred to the important steps the EU is taking to wean itself off Russian natural gas and fossil fuels, not only for itself, but also for its partners such as Ukraine and Moldova, both in the short and long term.

 

She stressed the need to find alternative routes for natural gas and noted that this is why the EU has a special interest in the Eastern Mediterranean.

 

She noted at the same time that the EU is in the very final stages of the discussion to set higher environmental targets until 2030.

 

Source: Cyprus News Agency

The Cyprus problem was among the issues discussed during the first meeting between Greek Foreign Minister Nikos Dendias and new British Foreign Secretary James Cleverly that took place Friday in London.

 

In statements before the meeting at the Foreign Office, Dendias said that the focus of his visit is the bilateral cooperation framework and the implementation of the strategic agreement that he had signed with the current Prime Minister Liz Truss when she was the Foreign Secretary.

 

He said he would brief his British counterpart on the situation in the Eastern Mediterranean, the Turkish provocations and the issues following the invalid Turkish-Libyan memorandum as well as on the situation in the Western Balkans.

 

The Greek Foreign Minister added that they would jointly analyze the Cyprus issue and “the possibility that a process for solving the Cyprus issue can finally begin”.

 

The United Kingdom, he stressed, is an important country for Greece, a strategic and historical friend of Greece and for the Greek government, it is important that the United Kingdom has a full picture of the Greek positions.

 

Ukraine and energy were also on the agenda.

 

In his twitter account, Cleverly said he was pleased to welcome the Greek Foreign Minister and added “we discussed our continued solidarity in the face of Russia’s brutal assault on Ukraine, and our commitment to stability and security in the Western Balkans and Eastern Mediterranean”.

 

Source: Cyprus News Agency

Minister of the Interior Nicos Nouris, who participated in the EU Justice and Home Affairs Council, has underlined Turkey’s role in the trafficking of irregular immigrants noting that the aid of 200 million euro, which is planned for Turkey for the security of its external borders, should only be given under certain conditions.

 

In a written statement, the Minister notes that the conditions concern Turkey’s compliance with the EU visa program, the control of illegal departures from its southern coasts, the control of transfer passengers from Istanbul to the Turkish occupied territories of Cyprus and the termination of fake student visas.

 

He adds that an informal document was submitted with the proposal to amend the asylum procedure so as to end the exploitation of migrants and the loss of life at sea, to combat traffickers and reduce flows.

 

The proposal, he notes, provides ia that asylum applications should be submitted and examined outside the EU, either in the countries of origin or in the countries through which the immigrants pass, in order for those entitled to protection to arrive safely in the Union, without risking their lives or being exploited by traffickers.

 

Meanwhile, Justice and Public Order Minister Stefi Drakou, who also participated in the EU Justice and Home Affairs Council, said in her intervention that Turkey takes no measures to stop illegal immigrants from reaching the government-controlled areas of Cyprus.

 

According to a press release by the Justice Ministry, Drakou noted that Turkey allows them to leave its territory for the occupied areas of Cyprus where through the green line they come to the Republic of Cyprus’s government-controlled areas.

 

She stressed that what is required is the compliance of all third countries, including Turkey, with their commitments to control migration flows from their territories and to return those who illegally end up in European countries through their territories.

 

Source: Cyprus News Agency

Cyprus’ role in the fight against financial crime was highlighted by speakers at the 8th International Compliance Forum that took place on Friday in Nicosia, with the support of the Bank of Cyprus.

 

Marios Skandalis on behalf of the Bank of Cyprus, said that the presence of representatives from the USA and England confirms the support for Cyprus in the fight against financial crime, while the representative of the US State Department, Erik Woodhouse, praised Cyprus’ efforts to combat money laundering and pointed out his country’s willingness to continue and strengthen their cooperation with Cyprus regarding the implementation of economic sanctions against Russia.

 

Woodhouse said that the US acknowledge the “important and impressive work done by the Republic of Cyprus to strengthen its system of anti-money-laundering regulation”, adding that they look forward to see continuous progress in the years to come.

 

“I am proud of the strong relationship between the EU and the USA and of the bilateral relationship with the Republic of Cyprus,” he said and noted the support in export control and implementation of sanctions.

 

The US, he added, look forward to deepening and continuing the cooperation and partnership in these areas.

 

Addressing the conference, he underlined that people in financial sector have an important role in implementing sanctions, which aim to ensure that “Russia faces a strategic defeat”.

 

“We will continue this course with our partners and allies, until Russia changes its course” Woodhouse said, noting that those who do business with designated Russians, will face sanctions of their own.

 

He also pointed out the important role of the private sector in the implementation of sanctions, since freezing of accounts, rejecting transactions and terminating customer relations depends on it.

 

Focusing on the theme of sustainability, he said that through this “we seek to maintain the operation of global markets, especially in key commodities”, such as energy and food.

 

Speaking on behalf of the Bank of Cyprus, Marios Skandalis said that the presence of international actors at the forum, among hundreds of participants, reaffirms the uncompromised support of Cyprus efforts in fighting financial crime and terrorism financing.

 

He focused on the three pillars of sustainability that have an environmental, economic and social dimension saying that the three pillars provide a solid ground for major decisions, such as land-use planning, surface water management, building design. As a result, he added, natural resources are reserved, the environment is protected, the economy is not harmed and the quality of life for people is improved and maintained at a good level. Referring to the economic sustainability, he noted that it is a balancing art so as to create economic value by considering the other two aspects of sustainability.

 

“Regulatory bodies and standard setters have demonstrated the importance of compliance function to monitor and safeguard sustainability”, he said, adding that it is not a question whether we can be sustainable, but whether we choose to be.

 

Duncan Tessier, on behalf of the British government said that leading UK’s response to money laundering, fraud and recovering of criminal assets and also enforcement of financial sanctions is the is partnership with both international partners, such as Cyprus, and the private sector.

 

On behalf of the Germany’s Federal Ministry of Finance, Marcus Pleyer congratulated organizers for introducing the subject of sustainability in times of great economic and political challenges. He stressed that cooperation and information exchange between public and private sector is key in addressing economic crimes.

 

He added that when people see that criminals can use their ill-doted games to increase their economic influence or even empower them politically, this puts to risk the trust in the rule of law and the functioning of the institutions, that can lead to a corrupt society.

 

Source: Cyprus News Agency

President of the Republic of Cyprus Nicos Anastasiades described this day as historic, since, as he said, after years of deliberations and hard-work, we are now in a position to proceed with the construction phase of the “EuroAsia Interconnector”, an emblematic project of great geopolitical, strategic and national importance.

 

In his address at the inauguration ceremony of the EuroAsia Interconnector, that took place Friday at the Presidential Palace, the President said that this is a project which will connect the Cypriot, Greek and Israeli power grids through the world’s longest submarine power cable which will total over one thousand two hundred kilometres, with a two- thousand-Megawatt capability.

 

In his address, he extended a warm welcome to the EU Commissioner for Energy, Kadri Simson, the Minister of Environment and Energy of the Hellenic Republic, Kostas Skrekas, the Minister of Petroleum and Mineral Resources of the Arab Republic of Egypt, Tarek El Molla, the Minister of Energy and Mineral Resources of the Hashemite Kingdom of Jordan, Saleh Al-Kharabsheh, as well as to the dignitaries who came from abroad.

 

“I could only characterise this day as historic, since, after years of deliberations and hard-work, we are now in a position to proceed with the construction phase of the “EuroAsia Interconnector”, an emblematic project of great geopolitical, strategic and national importance,” he noted.

 

He said that the construction of the electricity interconnection is expected to be completed by the end of 2027, since the project promoter has secured all the relevant permits and binding offers from the world’s leading manufacturers in the energy field: Siemens and Nexans. Commissioning is expected to follow in the first half of 2028.

 

“All efforts made over the last few years to implement this project are truly remarkable and make us feel proud. The steps taken as a result of the full cooperation of the government with the Project Promoter EuroAsia Interconnector Limited have put the project on track for implementation,” he noted.

 

The President said that this is a project that will lead Cyprus to the path of a new energy era, since, asides ending our energy isolation – being in fact the last non-interconnected member-state of the EU– will create strong perspectives both for the development of the economy and the broader progress of the country and its citizens, through ensuring the security of energy supply, diversifying our energy mix, promoting competition in the electricity market and achieving environmental and energy objectives towards a more competitive, sustainable and greener economy, benefits which are obviously also extended to the countries involved in the ‘EuroAsia Interconnector”.

 

He said that the realization of the project “EuroAsia Interconnector” constitutes not only a historic milestone for our country, but for Europe itself, since it will connect the old Continent with the Middle East.

 

That is why, he continued, it has received the universal support of all European Institutions, being chosen as a Project of Common Interest, with the EU earmarking six hundred and fifty-seven million euros for its construction through the “Connecting Europe Facility” mechanism; the largest grant that has ever been provided by the said mechanism.

 

The President went on to say that this is a testament of the Project’s importance and high added-value in enhancing EU’s energy security by establishing a reliable alternative energy corridor, contributing to the EU’s climate and energy goals by integrating renewables, increasing competition on energy markets by offering alternatives to consumers; and contributing to the EU target for electricity interconnection between member-states by 2030.

 

In addition to the aforementioned grant, it is also worth mentioning, he said, that the Council of Ministers of Cyprus has approved, in a landmark decision, the allocation of a one hundred million euros grant to the EuroAsia Interconnector through the Cyprus’ Recovery and Resilience Plan.

 

“I have left for last an equally important aspect of the “EuroAsia Interconnector”. The fact that it constitutes a tangible proof of the benefits of the trilateral and multilateral mechanisms of co-operation we have established, with the aim of promoting stability, peace and prosperity in our volatile region,” he added.

 

The Cypriot President pointed out that having worked hard over the past few years to build concrete energy partnerships in the region, Cyprus and our neighboring countries, as the East Mediterranean Gas Forum held this morning verified, are of the strong view that we can significantly help the EU in its efforts to establishing reliable alternative energy corridors.

 

“Through coordinated and collective action, we are confident that we can create in effect an East Med Energy Corridor by expediting mature projects and moving forward with the realization of the synergies required for viably exploiting both our indigenous hydrocarbon and renewable resources,” he noted.

 

He said that projects such as the Eurasian Interconnector and the EuroAfrica Interconnector between Cyprus, Greece and Egypt fit very well into this discourse both for their substance, but also for their strategic value in energy provision and security from the Eastern Mediterranean to continental Europe.

 

“All of the countries involved are committed to making these key infrastructure projects a reality. We have, thus, all agreed upon bilateral and trilateral Memoranda of Understanding, which map out next steps in implementing the emerging Eastern Mediterranean Energy Corridor”.

 

He expressed on behalf of all Cypriots, the sincere gratitude and appreciation to the EU Energy Commissioner, Ms. Kadri Simson, for her continuous and strong personal support for the project, saying that her priceless commitment has always been of great significance for the realization of the “EuroAsia Interconnector”.

 

The President also expressed sincere appreciation to the Governments of Greece and Israel for the excellent cooperation we have had all these years and especially to the Energy Ministers of Greece Kostas Skrekas and the Energy Minister of Israel Karine Elharrar for their invaluable contribution for the implementation of the project.

 

Finally, he congratulated the Ministry of Energy, Commerce and Industry, and the Minister, as well all the Ministries involved in the permitting procedure of the project, the Cyprus Energy Regulatory Authority, the Transmission System Operator and particularly the Project Promoter, Ktorides, for their hard work and sincere cooperation which has brought us to the launch of the construction phase of the project.

 

Source: Cyprus News Agency

The inauguration in Nicosia on Friday evening of the EuroAsia Interconnector project that will link Cyprus to the energy network of the rest of the EU, was welcomed by officials, as an “historic” event and milestone.

 

The inauguration ceremony took place at the Presidential Palace in the presence of Cyprus’ President Nicos Anastasiades, European Commissioner for Energy, Kadri Simson, Greece’s Minister of Environment and Energy, Kostas Skrekas, and the CEO of the EuroAsia Interconnector, Nasos Ktorides.

 

The project aims to connect the Cypriot, Greek and Israeli power grids through the world’s longest submarine power cable which will total over one thousand two hundred kilometres, with a two- thousand-Megawatt capability.

 

Commissioner Kadri Simson, in her address, said there is no better way to conclude her visit to Cyprus than with the inauguration ceremony of the EuroAsia Interconnector project, which, she called an “historic event.”

 

She said Europe today is “at the centre of an unfolding energy crisis” as Russia is continuously manipulating the gas supplies to destabilise the bloc’s energy market. “This weaponisation of gas” she added, has led to a total or partial cut off of supplies to 13 Member States.

 

The Commissioner said that the previous energy crisis caused by Russia in 2009, “helped Europe realise that we need a better-connected internal energy market to guarantee security of supply” and that more than a decade later, “we are close to a fully connected European electricity market. With one exception. And this is Cyprus.”

 

She said the importance of EuroAsia interconnector to link Cyprus to the energy network of the rest of the EU was identified already in 2013, and that, the journey here has been somewhat lengthy and not always straightforward, “but I am so glad to see that our common effort resulted in what we see today – the second largest CEF energy grant to a project, altogether 657 million euros, for the interconnection between Cyprus and Crete.” The additional 100 million euros from the Recovery and Resilience Facility complements this even further, she said, expressing confidence that the stakeholders will also soon agree on the remaining financial tools.

 

The Commissioner said that the EuroAsia project meets a wide range of objectives, as it will end Cyprus’ electricity isolation from the European market, while renewable electricity produced “by the abundant potential of Cyprus” will not only be used to meet local demand but will also flow to the continental Europe.

 

She thanked the stakeholders, “for leading the way with great example of close cooperation between Member States, investing in the energy infrastructure of the future and enhancing Europe´s energy security.”

 

She also encouraged the project promoters, together with the support of the Cyprus Government, to proceed with the necessary steps for construction and finalisation of the project. “It is important to have the works kick-started already in 2022 to be able to be in commercial operation by the beginning of 2026. The European Commission will be your partner on this road ahead.”

 

In his address, CEO of the EuroAsia Interconnector, Nasos Ktorides, said this was an “historic event,” since this was “a truly important moment for the EuroAsia Interconnector electricity.” He said that, 11 years ago, when, “this challenging and demanding endeavour began” very few shared this vision but, that, today, “we have made it and we warmly thank our big European family, as well as the governments of Cyprus and Greece.”

 

Ktorides said that, with its implementation, the electricity interconnection will achieve an annual reduction of consumers’ electricity bills by €200 million.

 

Today’s event, he said, paves the way for the start of construction works and laying “of the world’s biggest subsea electricity transmission cable.” During the first phase, the Cyprus electricity grid will connect to Greece, via Crete, through a 1000 MW capacity project. “At the same time, we proceed with the electricity interconnection of the grid of Israel. At the stage of full implementation, the EuroAsia Interconnector will reach a capacity of 2000 MW”, he said.

 

The interconnection between the electricity networks of Cyprus, Greece and Israel, he added, creates a reliable electricity corridor, contributing to the development of renewable energy sources by implementing the European Union’s targets for the “Green Deal”. He said that the EU will be securely supplied with electricity produced from renewable energy sources, while the project guarantees the energy security of the three countries and integrates the Cyprus internal energy market with Israel and the rest of Europe.

 

He also said that the production of Renewable Sources of Energy “is enhanced even further,” to achieve the target to increase electricity production and reduce CO2 emissions, so that Cyprus can become carbon neutral by 2050, along the guidelines of the National Plan for Energy and Climate, within the framework of the Green Deal.

 

He pointed out that the target of 15% electricity interconnection between EU member states is achieved, integrating Cyprus in the common EU market and that the electricity interconnection of the whole of Cyprus with the European power grid “ensures a healthy competition, reducing by far the electricity prices for the consumers.”

 

He thanked among others, President Anastasiades and the Prime Ministers of Greece and Israel for their support.

 

Skrekas, who hailed the symbolic start of the construction of the EuroAsia electricity Interconnector as “an historic milestone”, said in his own address that this was a project of strategic significance for Israel, Cyprus and Greece and the EU itself since it will create the first physical energy infrastructure, directly linking the Middle East with Europe via Cyprus. “It will pioneer and facilitate the energy transition for the entire Eastern Mediterranean by allowing the expansion of green electricity in both Israel and Cyprus, simultaneously ending their energy isolation,” he said. This, he added, was particularly important for Cyprus, the last EU member state which remains isolated from the Single European Energy Market.

 

“The project will increase the electricity resilience and security of supply for all three countries by building a bi-directional highway for green electricity exchanges that will also contribute to the efforts of the EU to eliminate its dependence on Russian gas,” Skrekas said.

 

The Greek Minister said that they had come a long way in order to reach this moment and that this was “the beginning of a long and difficult road towards the project’s implementation” but expressed confidence that, “if we remain united and we continue to work together, we will be able to turn EuroAsia from a project to reality.”

 

Source: Cyprus News Agency