An agreement to invest a total of €1.037 billion in five cross-border infrastructure projects, under the Connecting Europe Facility (CEF) for the creation of trans-European energy networks, have been agreed by Member States, following a proposal from the Commission.
The largest funding of €657 million is for the construction of the EuroAsia Interconnector project to support the first interconnection of Cyprus' electricity grid with the pan-European electricity grid.
In a statement on the occasion of the decision, Energy Commissioner Countrywoman Simpson referred specifically to the EuroAsia interconnector, stressing that the project "will end Cyprus' energy isolation and connect it to the rest of Europe".
"The last few months have reminded us again how important the existence of an integrated energy market in the EU is for ensuring the supply of affordable energy and for security of supply, but also for the transition to clean energy," the Commissioner recalled.
"While there has been remarkable progress over the last decade in terms of better interconnectivity of our market, more can and must be done," she added.
Specifically regarding the EuroAsia interconnector, it is a project that will connect the electricity transmission networks of Cyprus and Greece, "creating the possibility of electricity transmission in both directions and thus putting an end to Cyprus' energy isolation" as stated.
"The 898 km of submarine cables at a maximum depth of 3000 meters will set a new world record for a project of this kind," it added.
"The 898 km of submarine cables at a maximum depth of 3000 meters will set a new world record for a project of this kind," it added. The investment in the project, it is noted, "is a continuation of the financial and political support for the EuroAsia project", while the €657 million investment comes on top of the €100 million funding already provided through the Recovery and Resilience Mechanism.
As highlighted in the statement, the existence of integrated energy infrastructure networks is essential for the energy transition, as they facilitate the integration of renewable energy sources, enhance security of supply and help contain growth. In addition to the EuroAsia Interconnector, the funding covers two other electricity transmission projects, a gas storage project and support for a study on carbon dioxide transport.
The other projects covered by the funding are the second phase of the Baltic synchronisation project (€170 million) which reinforces the electricity grid in Poland and upgrades the electricity transmission infrastructure in Lithuania, Latvia and Estonia, the creation of a third interconnector (Aurora line) for electricity transmission between Sweden and Finland (€127 million), an increase in gas storage capacity in Bulgaria (€78 million) and study funding for the second phase of the Northern CNA
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