The Ministries of Energy in Greece and Cyprus announced that the two countries have signed a memorandum of understanding to proceed with an ambitious project to construct an undersea electricity cable linking the European continent with the Eastern Mediterranean.
Dubbed the “EuroAsia Interconnector,” the project aims to connect the power grids of Europe and Cyprus and is slated to cost €1.9 billion ($2.12 billion). Plans include extending the connection to Israel in the future.
Project promoters state that upon completion, this cable will be the world’s longest high-voltage undersea power link, spanning 1,240 kilometers and reaching depths of up to 3,000 meters.
Both ministries confirmed that work on the project would resume in the coming days, following the agreement signed Friday evening.
Despite Cyprus’s proven gas reserves, they remain untapped, and the island still relies heavily on costly heavy fuel oil for electricity generation, making energy costs significantly higher for consumers compared to their European counterparts.
While there is no dispute over the need for alternative energy sources or the EuroAsia Interconnector itself, Cyprus has experienced delays as it seeks clarifications on the overall project costs, viability, and any additional obligations arising from unexpected delays.
The ministries emphasized the strategic importance of the project for Cyprus, Greece, and the European Union (EU), highlighting its role in integrating Cyprus into Europe’s electrical network and supporting Greece’s goal to become a hub for clean energy transmission.
Russian President Vladimir Putin made a list of countries “showing destructive behaviour contrary to Russian spiritual and moral values,” with Greece and Cyprus among them.
Prime Minister Mikhail Mishustin approved the Kremlin’s list of 47 countries. The list does not include European Union members Hungary and Slovakia and NATO member Turkey.
