The acceleration of the electrical interconnection between Cyprus and Israel is marked by the Investment Request submitted by IPTO to the Regulatory Authorities of the two countries, as the implementing body of the Great Sea Interconnector (GSI) project.
The submission of the request was made in accordance with the provisions of the European framework and specifically the TEN-E Regulation, marking the further promotion of the electrical interconnection of Cyprus and Israel.
As reported by IPTO:
This new development is part of the Greek government's firm strategy to promote the Great Sea Interconnector as a project of particular geopolitical and energy importance for Greece, Cyprus, Israel and Europe.
It comes just one week after the signing at the Maximos Mansion of the IPTO-Meridiam agreement for the entry of the French investment group as a majority shareholder in the Great Sea Interconnector and following the telephone conversation between the Minister of Environment and Energy, Stavros Papastavrou, and his Israeli counterpart, Eli Cohen, to promote the Cyprus-Israel electrical interconnection. These successive developments create new and strong momentum for the implementation of the overall project.
The investment request for the Cyprus-Israel interconnection is the necessary next step, based on the European framework, for the implementation of the project, following the completion of the required cost-benefit studies (CBA) and the proposal for cross-border cost sharing (CBCA).
During the preparation of the studies, an extensive process of consultation and exchange of data was carried out with the relevant bodies of the two countries, including the Ministries of Energy, the Cyprus Transmission System Operator (CP) and the System Operator of Israel (NOGA). The aim was to take into account the most recent assumptions regarding the evolution of electricity systems, electricity demand, RES penetration and the required infrastructure.
The results of the studies confirm the economic viability of the project in all the cases analyzed. In particular, the significant contribution of the project to security of supply, RES penetration and further integration of the electricity markets of the Eastern Mediterranean with the European electricity transmission system was noted.
The submission of the investment request is a prerequisite for the start of the evaluation process by the competent Regulatory Authorities of Cyprus and Israel, in order to make a joint decision on the allocation of costs – between the two countries – which will be recovered through the regulated revenues of the project.
IPTO, since assuming the role of Project Promoter, for the entire project, has been in continuous cooperation with the competent authorities, the Transmission System Operators and the other stakeholders of the interconnector countries, with the aim of promoting the required technical, regulatory and financial actions.
Following the agreement of the countries, the final investment decision (FID) will follow, which will mark the start of the procedures for the financing of the project. IPTO's goal is to attract additional investors for the interconnection between Cyprus and Israel, as was the case in the first part of the project (Greece-Cyprus interconnection), with the entry of Meridiam into the investment scheme.
The GSI, which is a Project of Common Interest (PCI) of the European Union, will have a nominal transmission capacity of 1,000 MW and will consist of a bipolar direct current system (HVDC) with a voltage of 500 kV. According to the plan, the connection point of the cable system on the Cyprus side will be the Converter Station that will be developed in Kofinou while on the Israeli side the corresponding Converter Station will be built in the area of Hadera.
The leg of the electrical interconnection between Cyprus and Israel will have an offshore length of approximately 324 km, with the laying depth ranging between 2,200 and 2,400 m. The interconnection will provide the possibility of bidirectional transmission of electricity, allowing the reversal of the direction of power flow.
