Significant benefits for Cyprus from construction of the EuroAsia Interconnector

The benefits from the construction and operation of the EuroAsia Interconnector, connecting the national electricity grids of Israel, Cyprus and Greece (Crete) with Europe, will be tremendous and ongoing.

As noted in an announcement from the company responsible for its creation, construction of the EuroAsia Interconnector will end the energy isolation of Cyprus, the last non-interconnected member state of the European Union. The project is co-funded by the European Union.

At the same time, this interconnection will result in the electricity cost and consumer bills being reduced significantly, which will come as a relief to households and businesses, and make the Cyprus economy more competitive.

Furthermore, Cyprus acquires reliable and green electrification with further penetration of renewable energy sources (RES), and interconnects with the electricity transmission network of Europe. Specifically, by 2029, Cyprus will end its energy isolation and attains energy security as a full member of the European energy network, the announcement also notes.

Of special importance is the fact that the Israel-Cyprus-Greece electricity interconnection will become the first electricity highway between Europe and Asia, and the biggest and longest electricity interconnector in the world at a length of 890 kilometres and 3,000 metres depth, respectively.

Also, the EuroAsia Interconnector:

- will provide a continuous two-way flow of energy, development of RES and reduction of CO2 emissions.

- will enhance Cyprus’ position in the south eastern European energy map and in the eastern Mediterranean.

- will transform Cyprus into a green energy and developmental society, paving the way for the utilisation of solar energy.

EuroAsia Interconnector has secured a grant of €658 million from the European Commission, which is the biggest grant that any infrastructure in Cyprus has secured from the European Union. An additional grant of €100 million has been secured from the European Recovery and Resilience Fund.

The EuroAsia Interconnector has had continuous support from the European Commission and the participant states of Cyprus, Greece and Israel, the company's announcement notes.

With the EuroAsia Interconnector reaching the stage of implementation, a vision of decades for Cyprus, Greece, Israel, Europe and our region becomes a reality.