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The European Fee says Greece’s new subsea electrical energy interconnection linking the island of Crete to mainland Greece will obtain greater than €250 million ($269.3 million) from the European Regional Growth Fund (ERDF).
The electrical energy interconnection between mainland Greece and the nation’s largest island, Crete, consists of two subsea 500 kv DC cables, 335 km in size, laid at depths of as much as 1,200 meters on the seabed.
The primary cable was constructed and began full business operation in 2021, whereas the second cable might be accomplished by the tip of this 12 months, with full business operations scheduled to start subsequent 12 months. Upon full completion of the venture, the 2 cables could have 1 GW of whole transmission capability.
The ERDF’s €250 million financing builds on earlier European and home funds for the venture, which requires complete funding of roughly €1 billion.
The funding is anticipated to be repaid, although. Commissioner for Cohesion and Reforms Elisa Ferreira mentioned when saying the brand new ERDF funds that “due to this Cohesion Coverage assist, the brand new connection will decrease the tariffs that Greek electrical energy shoppers are presently paying to cover excessive technology prices on islands that aren’t a part of the primary grid. In instances of excessive power costs, this funding and the creation of an electrical energy connection to mainland Greece will carry excellent news for the residents of Crete.”
Greece’s Unbiased Energy Transmission Operator (IPTO), which is the proprietor of the Crete-mainland Greece interconnection, has individually mentioned that “when each electrical interconnection of Crete might be in operation, the nation’s shoppers will collectively save €550 million by way of their Public Utilities payments yearly, a quantity anticipated to steadily develop to €1 billion by 2030.”
The venture may also have a big environmental footprint. The European Union mentioned in a press launch that the electrical energy connection is projected to chop CO2 emissions by more than 400,000 tons in its first 12 months of operation in 2025. Such environmental advantages will come from phasing out outdated fossil gasoline items in Crete and opening up a grid house for about 2.5 GW of recent renewable power capability.
The Crete-mainland Greece hyperlink additionally issues for international locations exterior Greece and the European Union. The tipping level of the interconnection in Crete is anticipated to be the start line for a brand new submarine line connecting Crete to Cyprus and ultimately Israel. That is the so-called EuroAsia Interconnection, which is already underneath growth. There are additionally extra plans to hyperlink Crete to Egypt through a separate electrical energy line.
Individually, IPTO reported in early February that the Crete-mainland Greece interconnection had been sabotaged, to stop building work. IPTO filed a grievance to the Greek police, insisting that the sabotage was not aimed at stealing supplies, but at interrupting building work, which is underway. IPTO has not mentioned whether or not this critical incident will trigger any delays to the venture.
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