Greece and Cyprus have signed a memorandum of understanding (MoU) to advance the construction of the Great Sea Interconnector (GSI), a subsea electric cable that will connect continental Europe to the East Mediterranean. The project, valued at €1.9 billion (USD 2.12 billion), will initially link Greece and Cyprus, with plans to extend the cable to Israel.
Once completed, the GSI will become the world's longest high-voltage subsea cable, spanning 1,240 kilometers (770.5 miles), and the deepest, reaching depths of 3,000 meters. According to the energy ministries of Greece and Cyprus, work on the project is expected to resume in the coming days following the MoU signed on Friday.
The GSI is seen as a strategic project for Cyprus, which currently relies on costly heavy fuel oil for electricity generation despite having untapped gas reserves. The interconnector will help Cyprus transition to cleaner energy sources by integrating its power grid with Europe's, reducing energy costs for consumers.
Despite earlier delays due to concerns from Cyprus over the project's total cost and potential liabilities, the project is now moving forward. The energy ministries of both countries emphasized its importance, stating that it will not only support Cyprus' energy transition but also position Greece as a key player in the transmission of clean energy across the region.
Source: Reuters
