The Greece-Cyprus power interconnection via Crete is scheduled for completion in late 2031; the project has a budget of nearly 2 billion euros, with significant technical challenges primarily related to the great depths (up to 3,000 meters) of the sea along the route of the dual-circuit cable in the Eastern Mediterranean. This is the route being “surveyed” by the French vessel Abeille Marengo through its seabed surveys, based on permits requested and issued by Greece and Cyprus.
According to ADMIE’s latest development plan (2027–2036), a contract has so far been signed for the cable section of the interconnection, which is currently under construction; 60% of the marine surveys have been completed, and a preferred contractor has been selected for the construction of the converter stations. Plans call for the construction of a new station in Cyprus and the expansion of the existing one in Crete (Damasta).
ΣΧΕΤΙΚΑ ΑΡΘΡΑ
European funding totals 657 million euros
The completion date for the 898-kilometer, 1,000-megawatt interconnection between Crete and Cyprus is set for late 2031, while the project’s budget totals 1.94 billion euros. Of this amount, 657 million euros will be covered by the European Union through the CEF (Connecting Europe Facility), as the interconnection has been designated a Project of Common Interest (Project of Common Interest – PCI) by the European Union.
The second phase of the Cyprus-Israel interconnector
The Crete–Cyprus cable is the first section of the project, while the second is the Cyprus – Israel, 310 kilometers long, for which the feasibility study has been completed with positive results. The study also confirmed the project’s significant contribution to security of supply, the penetration of renewable energy sources, and the further integration of the Eastern Mediterranean electricity markets with the European electricity transmission system.
According to ADMIE, the project’s completion will mark the electrical interconnection of Cyprus—the last non-interconnected EU member state—with the European transmission system, ensuring the island’s strong energy resilience. Israel, for its part, will strengthen its security of supply, gaining the ability to further and more rapidly increase the share of renewable energy sources in its energy mix.
Annual savings of up to 138 million euros for consumers
From an economic perspective, a study by Aristotle University of Thessaloniki, recently presented at the conference of the Southeast European Energy Institute, concludes that the operation of the interconnector will yield benefits of 123 to 138 million euros per year for electricity consumers.
The benefit mainly affects consumers in Cyprus, where wholesale electricity prices are expected to fall by 21.5 euros per megawatt-hour (-19%) and approach the corresponding prices in Greece. In Greece, the impact of the interconnection on prices is considered negligible (ranging from -0.2% to +0.1%).
Source: APE-MPE
