16 October, the energy regulators of Cyprus and Greece announced that they agreed on a program for laying a cable between the two countries and allocating costs. Now Cyprus is the last EU country to be in energy isolation. After the launch of the Eurasian interconnector, the isolation will be finished. Electricity will be supplied to the island from Israel by means of a cable laid along the bottom of the Mediterranean Sea. This will significantly reduce the cost of electricity for Cypriot consumers.
Three countries are interested in creating an underwater electrical network with the capacity of 2 GW, which should link Israel with Cyprus and Greece. This development received the status of the "Project of common interests" of the European Union. Electricity is planned to be produced from gas extracted from the coasts of Israel and Cyprus.
Within the framework of the EuroAsia Interconnector project, the electric grids of the three countries will be connected together with an underwater power cable, which will allow electricity to be transferred to Europe. The project will connect Cofina in Cyprus with Hadera in Israel and Coracia in Crete. Another cable will be laid to connect Coracia with Attica.
The first phase of the project will be the laying of an 329-kilometer electric cable from Israel to Cyprus. Extension of it first to Crete and later to mainland Greece will allow to transfer from Israel to the EU up to 2000 MW of electricity, which is roughly equivalent to the commissioning of one nuclear power plant.