After long consultations, the cabinet yesterday gave the green light for the implementation of the monumental project of the Cyprus-Greece electrical interconnection.
The final agreement is expected to be sealed at the meeting between President Christodoulidis and Prime Minister Kyriakos Mitsotakis, tomorrow in Athens.
The project, as pointed out by the Minister of Energy, Giorgos Papanastasiou, will contribute to the removal of Cyprus' energy isolation, since it will connect the national energy transmission system with the corresponding trans-European systems.
The main objective, he added, is to reduce the price of electricity, through the electrical interconnection, the advent of natural gas and Renewable Energy Sources.
The Commission approved financing, with the highest historical amount of 657 million euros.
The Council of Ministers approved the allocation of 25 million euros per year, from 2025 to 2029, as a subsidy for the corresponding increase that may occur in electricity bills, during the interconnection construction period.
Source: riknews
