Greece and Cyprus Partner on Historic Subsea Electric Cable

Greece and Cyprus have signed a memorandum of understanding to advance a subsea electric cable project, which will link continental Europe to the East Mediterranean. The Great Sea Interconnector will be the world's longest and deepest high-voltage cable and is crucial for Cyprus and Greece's energy strategies.

Greece and Cyprus have inked a memorandum of understanding (MoU) to move forward with a subsea electric cable connecting continental Europe to the East Mediterranean, announced the energy ministries of both countries on Saturday. The Great Sea Interconnector (GSI) cable will connect Europe's transmission networks with Cyprus, in a project estimated at 1.9 billion euros ($2.12 billion), with future plans to extend to Israel.

Upon completion, project promoters highlight that it would be "the world's longest" high-voltage cable at 1,240 km (770.5 miles) and the deepest at 3,000 meters. The MoU signed on Friday night outlines that work on the project will recommence in the coming days, according to the ministries.

Cyprus, despite having proven gas reserves, has not yet exploited them and continues to rely on heavy fuel oil for electricity, resulting in higher costs for consumers compared to those in continental Europe. The project experienced delays from the Cyprus side due to Nicosia's requests for detailed clarifications on costs, viability, and potential liabilities for delays. "This is a project of strategic importance for Cyprus, Greece, and the EU, as it will connect Cyprus to Europe's electricity network, aiding in its energy transition and supporting Greece's goal of becoming a conduit of clean energy," the ministries stated.

(With inputs from agencies.)