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