The geopolitical risks associated with constructing the Great Sea Interconnector, linking Greece, Cyprus, and Israel, are considered manageable, stated Cypriot Energy Minister Giorgos Papanastasiou during the second Greece-Cyprus Intergovernmental Summit in Nicosia.
Greek Energy Minister Theodoros Skylakakis emphasized that the project enjoys clear support from the US and has received funding from the European Commission.
The Great Sea Interconnector, described as both a geopolitical and energy initiative, is currently advancing, with the first phase connecting Cyprus and Crete. Once completed, it will link Cyprus to the European grid via Crete, which is already connected to mainland Greece.
Skylakakis noted that cable construction and seabed research for its deployment are underway. He expressed confidence in attracting significant international investment, especially with Cyprus’s participation in the project’s equity.
Regarding geopolitical risks, Skylakakis highlighted US support, noting that the project does not impact seabed rights, and expressed optimism for pragmatic solutions. Papanastasiou echoed this, stating the risks are manageable.
Energy Benefits and Strategic Importance
Skylakakis described the project as highly beneficial, especially for Cyprus, enhancing system stability and renewable energy integration in the region. He stressed its political, geopolitical, and energy significance for both Cyprus and Greece, asserting that it would reshape the regional energy landscape.
Cypriot Natural Gas by 2027
On natural gas, Papanastasiou announced that the first Cypriot gas from the “Cronos” field in Block 6 is expected in early 2027. It will be directed to Egypt’s Damietta facility for liquefaction.
Renewables Expansion in Greece
Skylakakis highlighted Greece’s renewable energy capacity, currently at 13.5 GW, projected to surpass 20 GW in three years, with a focus on solar investments. He positioned Greece as a hub for multiple interconnections, including with Italy, Albania, North Macedonia, Bulgaria, Turkey, and the upcoming Cyprus-Israel link.
Future projects include a green interconnection for wind energy from Egypt. Domestically, major island interconnections are progressing, such as Crete to the mainland, the Cyclades, and soon the Dodecanese, aiming for a renewable-based energy system offering electricity, heating, and cooling.
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Publish date : 2024-11-27 10:39:00
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The post Intergovernmental Summit: Greece-Cyprus cooperation on Electric Interconnection – Geopolitical risks deemed manageable first appeared on Love Europe.
Author : love-europe
Publish date : 2024-11-27 19:13:05
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