Cyprus and Greece Move Forward on Electric Cable Project

Cyprus and Greece have made significant progress on the Great Sea Interconnector (GSI), a proposed €2.4 billion electric cable network linking Europe to the Middle East via the Mediterranean. This project, which will be the world's longest and deepest high-voltage direct current interconnector, aims to connect Greece's transmission networks through Crete and Cyprus to Israel. Cyprus has confirmed the approval of a 50-50 geopolitical risk sharing agreement with Greece, along with plans to recover project costs through the Emissions Fund. However, the project faces potential complications due to overlapping jurisdictional claims with Turkey, raising geopolitical risks that could affect financing and timelines. The European Union has expressed willingness to partially finance the project, expected to be completed by 2030. Discussions on the project are set to continue in meetings between Cypriot President Nikos Christodoulides and Greek Prime Minister Kyriakos Mitsotakis this week.