Cyprus ponders funding for Great Sea Interconnector

Islanders weigh up the cost of participating in major energy project

Cyprus is still weighing up whether to stump up the required €100 million to participate in the Great Sea Interconnector, a major energy project that would link the island to Israel and Greece.

Energy Minister George Lakkotrypis said the government is still considering the financial implications of the project, which is estimated to cost a total of €900 million. Lakkotrypis said that the government is committed to the project, but it needs to make sure that it is affordable.

The Great Sea Interconnector is a proposed 1,200-kilometer undersea cable that would link the electricity grids of Cyprus, Israel, and Greece. The project is expected to be completed by 2023 and would allow Cyprus to import electricity from Israel and Greece, which have a surplus of electricity. In addition, the project would also allow Cyprus to export electricity to other countries in the region.

The Cyprus government has been considering participating in the Great Sea Interconnector for several years. In 2017, the government signed a memorandum of understanding with Israel and Greece to participate in the project. However, the government has yet to make a final decision on whether to proceed with the project.

The government's decision on whether to participate in the Great Sea Interconnector is likely to be influenced by the cost of the project. The government is also likely to consider the potential benefits of the project, such as reduced electricity costs and increased energy security.