Greece remains committed to the Great Sea Interconnector project, a $2.06 billion initiative aimed at linking the power grids of Greece, Cyprus, and Israel through an undersea electricity cable, despite the challenges associated with the ambitious plan.
According to AP News, the 1,208-kilometer (750-mile) cable will create an essential energy corridor in the Mediterranean, improving energy security and integrating more renewable energy sources into the grid. The interconnector, expected to carry up to 2,000 megawatts of electricity, will serve as a crucial link between Europe and the Middle East.
“The Great Sea Interconnector will be completed as planned. We are taking steps to ensure there are no obstacles to its progress,” Greek Foreign Minister Giorgos Gerapetritis reassured following trilateral talks in Athens with Israeli Foreign Minister Gideon Saar and Cypriot Foreign Minister Constantinos Kombos.
The Great Sea Interconnector has received significant backing from the European Union, which recognizes its potential to facilitate the integration of renewable energy. However, Greek City Times reported that the project encountered setbacks due to an ongoing dispute with Turkey over maritime boundaries in the Mediterranean, complicating its progress.
In addition to these challenges, financial issues surfaced when shares of French cable manufacturer Nexans declined following reports of a delayed payment from IPTO, the Greek power grid operator spearheading the project. However, Nexans later clarified that they had received substantial payments, ensuring that cable production remains on track as per contractual agreements.