{"id":13336,"date":"2024-09-30T18:39:33","date_gmt":"2024-09-30T22:39:33","guid":{"rendered":"https:\/\/blogs.shu.edu\/thediplomaticenvoy\/?p=13336"},"modified":"2024-09-30T18:40:02","modified_gmt":"2024-09-30T22:40:02","slug":"cyprus-and-greece-agree-on-a-subsea-electrical-cable","status":"publish","type":"post","link":"https:\/\/blogs.shu.edu\/thediplomaticenvoy\/2024\/09\/30\/cyprus-and-greece-agree-on-a-subsea-electrical-cable\/","title":{"rendered":"Cyprus and Greece Agree on a Subsea Electrical Cable"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Cyprus and Greece Agree on a Subsea Electrical Cable<\/span><\/p>\n<p><b>Karissa Kromminga<\/b><\/p>\n<p><i><span style=\"font-weight: 400\">Staff Writer<\/span><\/i><\/p>\n<div class=\"ose-gettyimages ose-uid-e537701a6dd0b238c25d567de6d95536 ose-embedpress-responsive\" style=\"width:723px; height:623px; max-height:623px; max-width:100%; display:inline-block;\" data-embed-type=\"GettyImages\"><a id=\"N0pEJI6PTN1bALWjXNPgew\" class=\"gie-single\" href=\"https:\/\/www.gettyimages.com\/detail\/903492856\" target=\"_blank\" style=\"color:#a7a7a7;text-decoration:none;font-weight:normal !important;border:none;display:inline-block;\">Embed from Getty Images<\/a><script>window.gie=window.gie||function(c){(gie.q=gie.q||[]).push(c)};gie(function(){gie.widgets.load({id:\"N0pEJI6PTN1bALWjXNPgew\",sig:\"GYjh4cw1MMUwStlvdExZ8xcytlhwZvjlf4OMd9jlZg8=\",w:\"594px\",h:\"383px\",items:\"903492856\",caption: false ,tld:\"com\",is360: false })});<\/script><script src=\"\/\/embed-cdn.gettyimages.com\/widgets.js\" charset=\"utf-8\" async><\/script><\/div>\n\t\t\t<script>\n\t\t\t\tif (typeof gie === 'function') {\n\t\t\t\t\tgie(function(){\n\t\t\t\t\t\tvar iframe = document.querySelector('.ose-embedpress-responsive iframe');\n\t\t\t\t\t\tif(iframe && !iframe.getAttribute('title')){\n\t\t\t\t\t\t\tiframe.setAttribute('title', '')\n\t\t\t\t\t\t}\n\t\t\t\t\t});\n\t\t\t\t}\n\t\t\t<\/script>\n\t\t\n<p><span style=\"font-weight: 400\">On September 17, Cyprus approved the construction of an undersea electricity cable that would connect its energy grid with Greece. The project is called the Great Sea Interconnector and would be the world&#8217;s longest and deepest undersea energy cable, and aims to connect the power grids of Greece, Cyprus, and eventually Israel. <\/span><a href=\"https:\/\/www.usnews.com\/news\/business\/articles\/2024-09-17\/cyprus-approves-electricity-cable-to-link-its-power-grid-with-greeces\"><span style=\"font-weight: 400\">Cyprus\u2019 Minister George Papanastasiou<\/span><\/a><span style=\"font-weight: 400\"> stated that the project would be supported by the European Union\u2019s investment of 657 million euros, as well as Cyprus\u2019 contribution of 25 million euros annually over the 5-year period of the cable\u2019s construction. The total 125 million euro sum will come from revenue generated by the European Union\u2019s (EU) carbon trading program. This will help to alleviate the cost of the cable\u2019s construction from Cypriot taxpayers. Officials said that the project will carry a guaranteed return on investment of 8.3 percent, this has attracted potential investors such as the United States and the United Arab Emirates TAQA energy and water company, <\/span><a href=\"https:\/\/abcnews.go.com\/Business\/wireStory\/cyprus-approves-electricity-cable-link-power-grid-greeces-113768655\"><span style=\"font-weight: 400\">ABC reports<\/span><\/a><span style=\"font-weight: 400\">. Cyprus is also considering becoming a stakeholder in the parent company that is running the cable after its completion.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Officials say that the 900 km long cable would eventually be extended to Israel, which would connect the European energy grid to that of the Middle East. According to the <\/span><a href=\"https:\/\/apnews.com\/article\/cyprus-greece-electricity-cable-grid-undersea-92e201ae94205cd0d3308aeb2f34db97\"><span style=\"font-weight: 400\">Associated Press<\/span><\/a><span style=\"font-weight: 400\">, \u201cFrance\u2019s Nexans is building the cable and Germany\u2019s Siemens will be contracted to build the onshore transformers.\u201d The cable\u2019s course has been mapped out, but more surveying will be needed in areas where trenches may need to be built to protect the cable.<\/span><\/p>\n<p><span style=\"font-weight: 400\">This project will help to modernize Cyprus\u2019 energy grid, which is still almost entirely reliant on oil. Their energy costs to consumers are considerably more than their counterparts in Continental Europe, due to untapped natural gas reserves. <\/span><a href=\"https:\/\/www.euractiv.com\/section\/energy\/news\/cyprus-signs-agreement-with-greece-on-worlds-longest-subsea-high-voltage-cable\/\"><span style=\"font-weight: 400\">Euractiv<\/span><\/a><span style=\"font-weight: 400\"> writes that the ministries of Greece and Cyprus stated, \u201cThis is a project of strategic importance for Cyprus, Greece, and the EU since it will link Cyprus to the electricity network of Europe, facilitating its energy transition and the aim of Greece to be a conduit of clean energy.\u201d Cypriot Energy Minister, Natasa Pilides called the project the \u201ccornerstone\u201d of Cyprus\u2019 transition to a green economy that will not only protect the environment but also foster economic growth, according to the <\/span><a href=\"https:\/\/greekherald.com.au\/news\/greece-israel-cyprus-sign-deal-link-electricity-in-worlds-longest-undersea-power-cable\/\"><span style=\"font-weight: 400\">Greek Herald<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, despite optimism, concerns have arisen that third-party intervention could cause issues for the construction of the cable. Cyprus raised concerns and sought clarity over what would happen in the case of \u201cgeopolitical risks\u201d. According to <\/span><a href=\"https:\/\/www.reuters.com\/technology\/cyprus-says-progress-seen-talks-with-greece-multi-billion-electric-cable-link-2024-09-17\/\"><span style=\"font-weight: 400\">Reuters<\/span><\/a><span style=\"font-weight: 400\">, \u201cthe ambitious project touches upon a complex patchwork of overlapping jurisdiction claims between Greece, Cyprus, and regional rival Turkey in the Mediterranean.\u201d There are areas of the continental shelf that Turkey has claimed as its own, which would require prior consent to be given. This opposition could lead to delays and additional costs. In June, Turkey sent naval assets to shadow a ship carrying cable-related survey work near a Greek Island. They have occasionally obstructed ships off the shore of Cyprus which were tasked with gas surveys, as well.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Ultimately, the project is expected to be completed in 2029, costing roughly 1.9 billion euros and will help to reduce energy bills and energy isolation within Cyprus.<\/span><\/p>\n<p>Image courtesy of <em>Getty Images<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cyprus and Greece Agree on a Subsea Electrical Cable Karissa Kromminga Staff Writer On September 17, Cyprus approved the construction<\/p>\n","protected":false},"author":5616,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2705,382],"tags":[432,643,1545,2819],"class_list":["post-13336","post","type-post","status-publish","format-standard","hentry","category-2705","category-international-news","tag-greece","tag-energy","tag-cyprus","tag-mediterranean"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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