It is known that at the present stage there are three energy projects that are "running" with a focus on the SE Mediterranean and the Aegean, East Med , the Euro-Asia Interconnector and the Euro-Africa Interconnector.
So after passing through "forty waves" East-Med, it was announced that the purchase test of the pipeline, the project to transport natural gas from gas fields in the Eastern Mediterranean to Italy and Central Europe via Greece, is expected to take place in the first quarter of 2024.
Cyprus-Crete electricity transmission cable interconnection under the Euro-Asia Interconnector started
However, the construction of the cable section for the electricity interconnection between Greece and Cyprus has already started. The Independent Electricity Transmission Operator has instructed Nexans to "reserve" the necessary capacity for the production of cables and to initiate the relevant procedures. This marks the first important step in the contract signed last July.
Thus, the transfer of the contracts with the contractors Nexans and Siemens and the relocation of the €657 million grant agreement from CINEA to the Independent Transmission System Operator for Electricity was carried out. CINEA then disbursed an advance payment of €55 million to Nexans, starting construction work on the cable.
According to the Independent Electricity Transmission System Operator, the 898 km section of the Cyprus - Greece (Crete) Interconnection project has received funding of €100 million from the European Union's Recovery and Resilience Fund through the Cyprus National Recovery and Resilience Plan and €657 million from the CEF.
Discussions at the highest level of the Republic of Cyprus and the Independent Electricity Transmission Operator
The launch of the project comes in the wake of official meetings between the management of the ADMIE with the Cypriot authorities, which took place in the Megalithic island on 7 December.
In particular, the President and CEO of the Independent Electricity Transmission Operator (IMTO) , Manos Manousakis, met with the President of the Republic of Cyprus, Mr. Nikos Christodoulides, the Minister of Energy, Trade and Industry Mr. George Papanastasiou, the Cyprus Energy Regulatory Authority (RAEK) and the Executive Director of the Transmission System Operator of Cyprus (TSO) Mr. Stavros Stavrinos.
They discussed the next steps of the project and the strong investment interest expressed in it, the prospect of investment by the Republic of Cyprus and what needs to be done in cooperation with the Cypriot authorities for its implementation.
Previously, at the meeting of the management of the Independent Electricity Transmission Operator held at the Ministry of Energy, Trade and Industry of Cyprus with Minister Papanastasiou and with the participation of the Executive Director of the Cyprus Transmission System Operator Stavros Stavrinos, the steps that the Republic of Cyprus has already taken and the coordination of the Operator of Greece with the Ministry were discussed in order to complete smoothly the transfer of the project's permits and all procedures in order to open the project immediately.
During the contacts with the Cyprus Energy Regulatory Authority which were held at the offices of the Cyprus Energy Regulatory Authority under its Chairman Dr. Andreas Poullikkas, the Cyprus Energy Regulatory Authority was informed by the management of the Operator about the transfer of all intangible assets and licenses related to the project to the Independent Electricity Transmission Operator from the previous promoter.
The acceleration of the regulatory decisions required for the continuation of the project was discussed.
Finally, the management of the Independent Electricity Transmission Operator discussed the economic benefits for Cypriot consumers and how the project promotes energy transition, based on the objectives of the National Energy and Climate Plan of Cyprus.
Finally, it is noted that in addition to the above, an agreement has been signed with the Israeli fund Aluma and MoU between the Independent Electricity Transmission Operator, and the TAQA fund from the United Arab Emirates, while strong interest in the project is shown by the USA.
The US-EU project
Both the US and the EU want calm to prevail in the SE Mediterranean and the Aegean, as they want to "unlock" the transmission of electricity from Asia-Africa and gas from the SE Mediterranean (Cyprus-Israel) fields to the European continent, and also to continue sending US military equipment via Alexandroupolis to Ukraine-Eastern Europe and the Balkans.
Our assessment is that the Turkey-Greece approach that is being attempted is based on energy in the SE Mediterranean, with the determination of the energy pie for each country preceding the delimitation of the EEZ-continental shelf of the two countries, according to the Turks (kazan-kazan), while other actors such as Cyprus-Israel-US and Gulf countries are also entering the game.
Finally, we note that all this will be played out with the "tolerance" of Turkey, since the delimitation of the Greek-Turkish EEZ will not be done earlier and neither will the Cyprus problem be resolved.
Otherwise, we expect the Greek Navy to take on the role of providing discreet security for the project, although the US is already sending the nuclear-powered aircraft carrier Gerald Ford to Crete, just in case, which is expected to dock in Souda on December 26.
