Med power link budget at €1.9 bln
In a significant development for the energy sector, George Papanastasiou, Cyprus’ minister of energy, trade and industry, expressed his pleasure at the upcoming implementation of the power interconnection project linking Israel, Cyprus, Crete and mainland Greece.
The project, spearheaded by the Independent Power Transmission Operator of Greece (ADMIE), has garnered attention for its potential to transform the regional energy landscape.
Papanastasiou stressed ADMIE’s pivotal role in making this project a reality. He highlighted its extensive experience and expertise in successfully executing projects of this scale. Additionally, he emphasized ADMIE’s robust financial standing, which is expected to facilitate the project’s financing, garnering interest from various stakeholders.
The cost of the electricity interconnection project is an estimated €1.9 billion euros. Papanastasiou acknowledged that an increase of €400 million had been incorporated into the budget due to rising material costs, primarily for the construction of the vital undersea cable. This adjustment reflects the project’s commitment to maintaining high-quality standards while adapting to market dynamics.
