Energy Minister Giorgos Papanastasiou announced yesterday (17.09) that Cyprus has approved the construction of a €1.9 billion underwater power cable connecting its electricity grid with Greece. The project aims to reduce electricity costs and significantly end Cyprus’s energy isolation.
He said that the importance of the project is reflected in the European Union’s commitment to contribute €657 million in funding.
Papanastasiou also emphasized that the Cypriot government will contribute €25 million during the five-year construction period, ensuring that taxpayers will not face any increase in electricity bills.
The plan includes extending the cable to Israel (1,240 km) at a depth of 3 km, with completion expected by 2030.
Once the cable is completed, Cypriot consumers’ electricity bills are expected to be reduced by up to 40%. The operating costs will be evenly split between Cypriot and Greek consumers.
The Energy Minister also noted that the cable is part of a broader set of projects, including the planned integration of natural gas into Cyprus’s energy mix, aimed at “accelerating the country’s medium-term economic growth and improving the well-being of its citizens.
