An agreement in principle, which can lead to the implementation of the submarine electricity interconnection Greece – Cyprus – Israelwas reached during yesterday’s consultations between the competent Greek and Cypriot authorities, according to information from the ADMIE.

The agreement provides for the issuance of two decisions by the Energy Regulatory Authority of Cyprus during the week (Wednesday and Friday) for the degree of performance of the invest- agreed upon at 8.3% for 17 years of operation of the project – and recovery of amount amount 125 million euros from the Cypriot side (via the pollutant account, according to the information) for the first five years of the construction period and the additional participation of the same side during the operation period.

According to APE-MPE, sources of the Administrator indicated that, if the provisions of the agreement are implemented, the project (the so-called project Great Sea Interconnector) becomes sustainable. Otherwise, it appears final shipwreck.

The same sources reported that there was contact with the manufacturer of the cable to ensure the continuation of the cooperation, if the implementation of yesterday’s agreement proceeds until Friday.

According to information from the Citizen of Cyprus, the agreement was closed at the initiative of Cypriot President Nikos Christodoulidis, who had direct talks on the issue with Greek Prime Minister Kyriakos Mitsotakis and the European Commission.

The interconnection, 1208 kilometers long, will pass through sea depths of up to 3000 meters and will be the world’s largest undersea electrical interconnection.

It will have a transmission capacity of 2000 megawatts and will mark the lifting of Cyprus’ electrical isolation.