Greece Calls Cyprus Power Interconnection a Strategic Project for Europe

Greek Minister of National Economy and Finance Kyriakos Pierrakakis said the electricity interconnection project between Greece, Cyprus and Israel (GSI) is of strategic importance, stressing that the initiative matters not only for the region but for Europe as a whole.

The statement was made during his visit to Nicosia, where the meeting of eurozone finance ministers took place from May 21 to 23. In an interview with Phileleftheros, Pierrakakis noted that the project will create a new energy corridor in the Eastern Mediterranean and strengthen the European Union's energy security amid international instability.

According to the minister, the project has already been granted the status of a Project of Common Interest (PCI) for the EU, as well as European funding of 657 million euros. Recently, the energy ministers of Greece and the Republic of Cyprus, together with the European Commissioner for Energy, instructed ADMIE, the operator of the Greek electricity grid, to submit an application for additional funding to the European Investment Bank.

Athens believes that for Cyprus the electricity interconnection will improve the resilience of the power system and, in the longer term, reduce electricity costs for households and businesses. For Greece itself, the project strengthens its role as an energy hub of the Eastern Mediterranean and opens up new investment opportunities.

Pierrakakis stressed that the level of coordination between the sides remains high, and that further progress on the project requires closer cooperation at the regional and European levels.