Greece’s transmission system operator (TSO) Independent Power Transmission Operator (IPTO), as the project promoter of the Great Sea Interconnector (GSI) that will connect Cyprus and Israel, has submitted an investment approval request to the regulatory authorities of both countries.
This is the necessary next step under the European framework toward project implementation, following the completion of the required cost-benefit analysis (CBA) studies and the proposal for the cross-border cost allocation (CBCA).
During the preparation of the studies, consultation and data exchange took place with the competent entities of Cyprus and Israel, including the ministries of energy, the Transmission System Operator of Cyprus (TSOC), and the System Operator of Israel (NOGA), to incorporate the most up-to-date assumptions regarding the development of the electricity systems, demand growth, RES penetration, and required infrastructure.
According to IPTO, the results confirm the economic viability of the project in all analyzed scenarios, specifically highlighting its significant contribution to security of supply, RES penetration, and the further integration of the Eastern Mediterranean electricity markets with the European electricity transmission system.
The submission of the investment request is a prerequisite for launching the evaluation process by the competent regulatory authorities of Cyprus and Israel, leading to a joint decision regarding the cost allocation between the two, which will be recovered through the project’s regulated revenues.
The announcement comes one week after an agreement was signed for the entry of the French investment group Meridiam as a majority shareholder in the Great Sea Interconnector company.
Following the agreement between the countries, the final investment decision (FID) will be taken, marking the start of project financing procedures. IPTO said its goal was to attract additional investors for the Cyprus-Israel interconnection segment.
GSI, a European Union Project of Common Interest (PCI), will have a nominal transmission capacity of 1 GW and will consist of a 500 kV bipolar high-voltage direct current (HVDC) system. On the Cyprus side, a converter station will be developed in Kofinou, while on the Israeli side, the corresponding converter station will be constructed in the Hadera area.
The offshore section between Cyprus and Israel will be approximately 324 kilometers long, with subsea laying depths ranging between 2,200 and 2,400 meters. The interconnection will feature bi-directional power transfer capability, allowing for the reversal of power flow direction.
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