![]() ![]() The European Union has recognized the cable as a “Project of Common Interest”, categorizing it as a project it is willing to partly finance. The Greek operator and Eurasia have been working closely to make sure the two cables link to each other efficiently, an IPTO official said. But these acquisitions make perfect sense inlight of the aforementioned GEI project: Italy and Greece, both in terms of ports and energy, are ideal entry points. Greek power grid operator IPTO has started construction of the Crete-mainland part, seen concluding by 2023. It will cover three sections of the Mediterranean: some 310 kilometres between Israel and Cyprus, about 900 kilometres between Cyprus and Crete, and about 310 additional kilometres between Crete and mainland Greece. With a length of about 1,500 km and a maximum depth of 2,700 metres, it will be the longest and deepest subsea electricity cable to have ever been constructed, it said.Ĭalling the project a ‘2,000 mega-watt highway’, Pilides said the first stage is expected to be operational within 2025. The cable will have a capacity of 1,000-2,000 megawatts (MW) and is expected to be completed by 2024, according to Israel’s energy ministry. The project, called the Euro-Asia interconnector, will provide a back-up power source in times of emergency, said Israeli Energy Minister Yuval Steinitz, who was in Nicosia to sign a memorandum of understanding with his counterparts.Ĭypriot Energy Minister Natasa Pilides said it marked “a decisive step towards ending the island’s energy isolation, and consequently, our dependence on heavy fuels.” ![]() In July, Greek industrial conglomerate Mytilineos signed a contract to build a new high-voltage overhead transmission line, part of the planned new Greece-Bulgaria electrical interconnection which will boost transmission capacity to 800 MW in the direction of Greece to Bulgaria and to 1,350 MW in the Bulgaria-Greece direction.OCCUPIED JERUSALEM: Cyprus, Greece and Israel Monday signed an initial agreement to build the world’s longest and deepest underwater power cable that will traverse the Mediterranean seabed at a cost of about $900 million and link their electricity grids. Last year, Greece's independent transmission grid operator IPTO proposed to invest 4.1 billion euro ($4.1 billion) in interconnection and energy storage projects by 2031. The pipeline is expected to be ready for commissioning by the middle of 2025 and will be also fully ready for carrying hydrogen. ![]() Greek energy group Hellenic Petroleum, which is rebranding to Helleniq Energy, told SeeNews earlier this week that it will aim to install 2 GW of renewable capacity by 2030.Īccording to Skrekas, the market test for the natural gas pipeline between Greece and North Macedonia has been completed. The country plans to install 2 GW of new green energy projects by the end of 2022, four times more than it connected to the grid over the last four years, he added. The renewable energy sources (RES) market share will exceed 46% this year and may well reach 60% in the next three years," Skrekas said. ![]() "Greece is turning into a regional hub for the transfer of green energy. The plan is part of Greece's strategy to implement critical infrastructure so as to boost the country's energy competitiveness and provide energy supply alternatives, Skrekas said at the Western Balkans Summit held in Berlin earlier this week, according to a press release published by the Greek energy ministry on Monday. October 26 (SeeNews) - Greece intends to double the capacity of its power interconnections with Italy, North Macedonia and Bulgaria by 2030, while the capacity of similar links with Albania will triple over the same period, Greek energy minister Kostas Skrekas said. ![]()
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