Israel reaffirmed its commitment on Friday to the ambitious undersea energy cable linking the EU, following Cyprus’s call for a renegotiation of the project, citing unmet obligations by Greece. The €1.9 billion initiative aims to connect the power grids of Israel, Greece, and Cyprus through one of the world’s longest and deepest submarine interconnectors, reports 24brussels.
The announcement from Cyprus earlier this week prompted significant concern, as officials declared the project “not financially sustainable” under its existing framework. Cypriot President Nikos Christodoulides also disclosed that the European Public Prosecutor’s Office has initiated an investigation into the venture.
This position elicited a firm response from Athens, which has urged Nicosia to clarify its stance. Meanwhile, the European Commission, having allocated €657 million to the project, has called on both parties to facilitate its progression.
For Israel, this cable will mark its inaugural physical connection to the European electricity grid, allowing for both electricity import and export. In response to the concerns raised by Cyprus, Israel’s Ministry of Energy and Infrastructure communicated via email that “Israel remains committed to the project and continues to work closely with all relevant stakeholders.”
Moreover, the ministry indicated that “an assessment process is underway among the participating parties to evaluate the project’s next steps and ensure its effective advancement.”
