Independent Power Transmission Operator (IPTO) had contacts with officials of the government of Cyprus and Israel, aiming to speed up the implementation processes of the electrical interconnection Greece – Cyprus – Israel, Great Sea Interconnector.
During the meeting with the Cyprus Finance Minister, the administration of IPTO informed about the construction progress of the project.
The schedule of the Cypriot government’s equity participation in the project was also discussed. The managers of the Operator asked to speed up the implementation procedures.
IPTO investment of 150 million euros
IPTO has already spent more than 150 million euros on the project and explained to the Finance Minister that it expects the participation of the Republic of Cyprus for its continuation.
IPTO informed the Cypriot Finance Ministry about the next financial milestones and joint actions were agreed in order to speed up the conclusion of the loan agreement with the European Investment Bank (EIB).
At the meeting, the benefits of the project for Cypriot consumers and how the electrical interconnection will favor the further development of RES in Cyprus were thoroughly explained.
Israeli government support for the project
The undivided support of the Israeli government to the Great Sea Interconnector electrical interconnection project of Greece – Cyprus – Israel was confirmed in a teleconference of IPTO with the Ministry of Energy and Infrastructure and the Energy Regulatory Authority of Israel.
The administration of IPTO raised the issue of the preparation of the cost-benefit analysis (CBA) for the part of the Cyprus-Israel electricity interconnection.
The Director General of the Ministry of Energy and the Chairman of the Energy Regulator of Israel underlined the absolute support of the country’s government to the project and it was agreed to hold a face-to-face meeting in the near future , possibly in April.
The next steps
The preparation of a draft for the cost-benefit analysis and the signing of the study contract followed.
The two sides agreed on the establishment of technical groups for the preparation of the study with the aim of being ready in the next period.
The Greece-Cyprus-Israel electrical interconnection project will mark the electrical interconnection of Cyprus – the last non-interconnected EU member state – with the European transmission system, ensuring the island’s strong energy shield.
Israel, which also does not have any electrical interconnection with its neighbors, will strengthen its security of supply, gaining the possibility to increase, further and faster, the participation of Renewable Energy Sources (RES) in its energy balance.
