Athens is optimistic about reaching a final agreement on the Crete-Cyprus electricity interconnection with Cyprus committing €125 million over five years to the project. However, there are still critical issues to address to break the deadlock.
A crucial meeting between Cyprus President Nikos Christodoulides and Greek Prime Minister Kyriakos Mitsotakis is scheduled, highlighting the importance of the project for both countries.
The approval of the proposal for the interconnection includes an update to the regulatory framework and funding of €25 million annually for five years to support any increase in electricity bills during construction. The European Commission has also approved funding of 657 million euros for the Connecting Europe Facility mechanism.
Cyprus is exploring collaboration with the UAE’s national energy company, TAQA, to participate in the project. This move aims to enhance energy security and connect the national electricity transmission system with trans-European systems.
The project signifies a significant step towards removing energy isolation and boosting the energy security of Cyprus and the EU.
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