![Underwater electricity cable assessed of "great value" for Cyprus](https://cdn.suara.my/assets/20240124051824/Underwater-electricity-cable-assessed-of-ampquotgreat-valueampquot-for-Cyprus-696x365.png "Underwater electricity cable assessed of "great value" for Cyprus")
NICOSIA, Jan. 23 (Xinhua) — An assessment presented to the government on Tuesday stated that the Great Sea Interconnector, an underwater electricity cable linking the grids of Israel, Cyprus, and Greece, could have significant value for Cyprus.
The Cypriot Energy, Commerce and Industry Minister George Papanastasiou revealed that the government had hired an international firm to evaluate the cable’s feasibility, its impact on the island’s electricity market, and its geopolitical importance in the broader Eastern Mediterranean context.
The assessment, as quoted by the Cyprus News Agency (CNA), highlighted that the Great Sea Interconnector, previously known as the EuroAsia Interconnector, would be highly valuable for Cyprus’ electricity market and possess considerable geopolitical significance as Cyprus is strategically located in the middle of the electricity interconnection of Israel, Greece, and subsequently Europe.
This assessment sets the stage for a decision by the Cypriot government to become an investor in the Great Sea Interconnector. Papanastasiou mentioned that a decision would be made by Jan. 31.
He noted that if the republic decides to participate in the project, it would express interest in acquiring equity capital and look for other potential investment sources. Additionally, Cyprus could potentially invest up to 100 million euros, thus jointly holding the majority stake in the holding company along with the project’s administrators.
The original estimated cost of the project was around 1.9 billion euros, with 1 euro being equivalent to 1.08 U.S. dollars.
