EU commits 657 m. euro to first step in connecting Israel to European power grid


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EU commits 657 m. euro to first step in connecting Israel to European power grid
The 898 km undersea line will link Greece and Cyprus in the first step of the EuroAsia interconnector.
Published: JANUARY 30, 2022

The European Union committed 657 million euro ($732 million) on Wednesday to connect the electricity networks of Cyprus and Greece as the first step in forming the EuroAsia interconnector, which will eventually link the power grids of Israel, Cyprus, Greece and Europe. The 898 km undersea line will end the energy isolation of Cyprus and allow the transmission of electricity in both directions. The line will reach a maximum sea depth of 3,000 meters, setting new world records for a project of this kind. Cyprus is the last EU member remaining fully isolated without any electricity or gas interconnections.

The EuroAsia interconnector is set to be a 2,000 MW electricity interconnector between Israel, Cyprus, Greece and Europe through a 1,208 km undersea cable, creating an "energy highway" between Asia and Europe. The line will ensure a secure supply of electricity from Cypriot and Israeli gas reserves as well as from renewable energy sources. The project is set to provide socio-economic benefits in the range of 10 billion euros, according to the project's website. Construction work is set to begin this year and to be completed at the end of 2025. The interconnector is expected to be commissioned in the first half of 2026.