Cyprus, Israel and Greece signed a Memorandum of Understanding for EuroAsia interconnection on Monday

Cyprus, Israel and Greece will signal the long-awaited trilateral settlement on Monday, seen because the final step earlier than development begins on the € 2.5 billion EuroAsia Interconnector energy cable.

The wording of the MoU between Cypriot Power Minister Natasa Pilides, Israeli Yuval Steinitz and Greek Costas Skrekas was finalized in a working group on February 17.

Sources from the Cyprus Power Ministry instructed the Monetary Mirror: “Consultations between the three working teams had been intense and went easily” to draft the ultimate doc to be signed by the three vitality ministers.

Will probably be signed in Nicosia by Pilides and Steinitz, which Skrekas will be part of by video convention.

Subsequent, the Cypriot and Israeli ministers will journey to Cairo for the primary official ministerial council of the Jap Mediterranean Fuel Discussion board (EMGF).

“This MoU exhibits political will and that every one three ministers are dedicated to the mission to finish the vitality isolation of Cyprus, which is closely depending on imports of fossil fuels for energy era,” a supply stated. on the Ministry of Power.

The official added that EuroAsia interconnection is a precedence in Fee President Ursula von der Leyen’s “Inexperienced Deal” imaginative and prescient and is eligible for funding from the Connecting Europe Facility.

The CEF has prevented hydrocarbon initiatives to drastically scale back emissions by 2030 and promote “ clear vitality ” initiatives and renewable vitality sources, corresponding to electrical energy produced from photo voltaic parks and of wind farms.

The purpose is to rework your entire European Union right into a zero emission neighborhood by 2050.

Purposes for the subsequent spherical of IBOs will open in April.

EuroAsia has already obtained constructing permits, has producers lined up, and is about to enter service by December 2023.

It’s going to interconnect the electrical energy grids of Israel, Cyprus and Crete in Greece through a 1,000 MW submarine cable, growing to 2,000 MW within the subsequent step.

It might transport electrical energy from clear vitality producers to Europe through a 1,208 km “ electrical energy freeway ” throughout converter stations constructed by Siemens.

The cable will even meet Europe’s “vitality safety” necessities and finish the vitality isolation of Cyprus, the one non-interconnected EU member state.

Monday’s MoU will incorporate Israel as a stakeholder all through the method.

Israel will thus adjust to EU PCI rules, which can enable it, as a big producer of fresh vitality, to change into an exporter of electrical energy to Cyprus or Europe.

These rules vary from an accelerated licensing course of to funding decided by the related nationwide vitality regulators.

Pilides just lately instructed CNA that the EuroAsia mission “is taken into account of nice significance for the additional penetration of renewable vitality sources (RES) and the export potential of electrical energy, and can improve curiosity. for Cypriot RES ”.

The same trilateral memorandum of understanding can also be underway, involving Cyprus, Greece and Egypt for a parallel electrical energy mission, the 1396 km EuroAfrica interconnector.

Pilides and Steinitz met in particular person in Jerusalem three weeks in the past throughout President Anastasiades’ go to to Israel.

In accordance with Pilides, they “reaffirmed the robust curiosity and assist of the 2 international locations for the EastMed fuel pipeline and the EuroAsia Interconnector energy mission, which can represent a strategic vitality coupling between the Jap Mediterranean and Europe”.

“Cooperation between Israel and Cyprus within the discipline of vitality has by no means been so good,” added Steinitz.

Current Fee employees work doc on the evaluation of the ultimate Nationwide Power and Local weather Plan (PNEC) for Cyprus, stated the island’s vitality safety can be improved via EuroAsia interconnection and an elevated share of home renewable vitality.

“Cyprus goals for a degree of interconnectivity of 15% by 2030, which is in keeping with the goal set at EU degree”, as it’s at the moment an vitality island with out interconnection capability, in keeping with the evaluation of the NECP.

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