The acceleration of the Cyprus-Israel electrical interconnection has been marked by the investment request submitted to the Regulatory Authorities of the two countries by Greece's Independent Power Transmission Operator (IPTO), as the implementing body of the Great Sea Interconnector (GSI) project , in accordance with the provisions of the European framework (TEN-E Regulation).
The above has been noted in a statement pointing out that the new development is part of the Greek government's stable strategy to promote the Great Sea Interconnector as a project of particular geopolitical and energy importance for Greece, Cyprus, Israel and Europe. IPTO CEO Manousos Manousakis is pictured above.
According to IPTO, this comes just one week after the signing, at Maximos Mansion, the official seat of the Prime Minister of Greece of the IPTO-Meridiam agreement for the entry of the French investment group as a majority shareholder in the Great Sea Interconnector company and following the telephone conversation between Greece's Minister of Environment and Energy, Stavros Papastavros, and his Israeli counterpart, Eli Cohen, on the promotion of the Cyprus-Israel electricity interconnection. These successive developments create new and strong momentum for the implementation of the overall project.
The investment request for the Cyprus-Israel interconnection constitutes 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 allocation (CBCA).
During the preparation of the studies, an extensive consultation and exchange of information process was carried out with the competent bodies of the two countries, including the Ministries of Energy, the Cyprus Transmission System Operator (CTSO) and Israel's Independent System Operator (NOGA). The aim was to take into account the most recent assumptions regarding the evolution of electrical systems, electricity demand, RES penetration and the required infrastructure.
The results of the studies confirm the economic viability of the project in all the analysed cases. In particular, the significant contribution of the project to security of supply, RES penetration and the further integration of the Eastern Mediterranean electricity markets with the European electricity transmission system was established.
The submission of the investment request is a prerequisite for the initiation of the evaluation process by the competent Regulatory Authorities of Cyprus and Israel, in orderfor a joint decision to be reached regarding 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, is in continuous collaboration with the competent authorities, Transmission System Operators and other involved bodies of the interconnected 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 be taken, which will mark the start of the procedures for financing the project. IPTO's goal is to attract additional investors for the interconnection between Cyprus and Israel, as happened in the first leg 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 500 kV bipolar direct current (HVDC) system. According to the design, the connection point of the cable system on the Cyprus side will be the Converter Station to be developed in Kofinou, while on the Israeli side the corresponding Converter Station will be constructed in the Hadera area.
The section of the electrical interconnection between Cyprus and Israel will have an offshore length of approximately 324 km, with the installation depth varying between 2,200 and 2,400 m. The interconnection will provide the possibility of bidirectional transmission of electrical energy, allowing the reversal of the direction of power flow.
(Source: InBusinessNews)
