Cyprus, Israel, Greece Ministers ink MoU for EuroAsia Interconnector

4C Offshore | Tom Russell
By: 09/03/2021 EuroAsia
 
The three Ministers of Energy in Cyprus, Israel and Greece – Ms Natasa Pilides, Dr Yuval Steinitz and Mr Kostas Skrekas – have signed a Memorandum of Understanding (MoU) on cooperation in relation to the EuroAsia Interconnector Project .

The 2000 MW project, a European Union Project of Common Interest, aims connect Cyprus, Crete and Attica in Greece, and Israel with the rest of Europe. It is expected to ensure security of supply, while creating an alternative electricity corridor to connect the East Mediterranean to Europe. The developers behind the EuroAsia Interconnector are committed to commissioning the first phase by the end of 2025.

EuroAsia has been named a Projects of Common Interest (PCI3.10), which provides access to public funds. Projects of Common Interest (PCIs) are key infrastructure projects, especially cross-border projects, that link the energy systems of EU countries.  

The three ministers have agreed to promote cooperation to examine the possibility of planning, as well as the potential development and implementation of the Project. Cooperation will involve facilitating the timely granting of necessary permits and approvals, the discussions and coordination between electricity regulatory authorities and Electricity Transmission System Operators, the harmonisation of their respective technical standards and examining ways and means of ensuring the safety, security, sustainability, resilience and reliability of the electricity interconnector cable.


To review and monitor the implementation of the MoU, periodic meetings will be held by the ministers or their representatives.


In her welcoming speech at the ceremony, as host, Cyprus' Minister of Energy Natasa Pilides said: “Τhis event marks another important milestone in the joint efforts of our three countries to promote regional cooperation in the field of energy. Indicating the strong bonds between our people and building on the work done by our governments over the past few years, especially during the trilateral summits of our Heads of State, the MoU that we sign today enhances further the cooperation between Cyprus, Israel and Greece in supporting the planning, development and implementation of the EuroAsia Interconnector, as an additional element of the emerging Eastern Mediterranean Energy Corridor.


“For Cyprus in particular, the EuroAsia Interconnector will constitute a decisive step towards ending the island’s energy isolation and, consequently, our dependence on heavy fuels. This isolation has been a major hindrance to our economy’s overall competitiveness and we are now working hard to promote, in parallel, several different solutions.


“Cyprus, Israel and Greece have so much to gain from the implementation of the EuroAsia Interconnector Project. Fortifying our electricity grids and allowing the further integration of RES, enhancing our security of energy supply and becoming exporters of energy, are but a few of the tangible benefits, which we hope to harness in the most efficient way possible through today’s MoU.”


For more information on interconnector projects worldwide,
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