Now that the formidable EuroAsia Interconnector mission might be accomplished following EU approval of €657 million the vitality isolation of Cyprus – the final non-interconnected member state – will finish.
That is what Philenews reported on Thursday, hours solely after the announcement in Brussels.
The mission includes a cross-border interconnector with a complete size of 1,208 km between Cyprus, Greece (Crete) and Israel.
It should guarantee safety of provide, extra aggressive wholesale electrical energy costs and allow the elevated use of electrical energy from cleaner sources, specifically renewables, by connecting the electrical energy community of Cyprus to the Union continental system.
The European Fee had adopted a optimistic evaluation of Cyprus’s restoration and resilience plan (RRP) as a part of the ‘NextGenerationEU’ initiative and this mission was a part of it.
In a landmark choice final July, the EU Council had authorized the allocation of the primary grant of €100 million to the EuroAsia Interconnector electrical energy interconnection as a part of the Restoration and Resilience Plan for Cyprus.
The entire value of the mission is estimated at €1,037 billion.
Power Minister Natasa Pilides who has welcomed the information saying on Twitter that it was “good news for Cyprus” will elaborate on this throughout a press convention in a while Thursday.