Manos Manousakis, CEO of Greece’s Independent Power Transmission Operator (IPTO), informed Cyprus News Agency that Israeli authorities are pressing for expedited progress on the Great Sea Interconnector project, especially the Cyprus-Israel electricity interconnection segment.

During a meeting in Nicosia with officials from Cyprus’ Ministry of Energy and regulatory authorities of Cyprus, Greece, and Israel, Manousakis discussed the project's advancement. The meeting focused on timelines, cost-benefit analyses, and geopolitical implications, underlining the strategic importance of the project for all parties involved.

Manousakis relayed to CNA that the Israeli authorities on Tuesday requested a faster pace for implementing the project's Cyprus-Israel segment, emphasizing the Israeli Government's high priority for this initiative, as articulated by the General Director of the Ministry of Energy of Israel.

Simultaneously, Manousakis announced that an updated cost-benefit study, as requested by Cyprus' Minister of Finance Makis Keravnos for the Cyprus-Crete segment, is expected by early June.

The discussions marked a significant step in advancing the electrical interconnection between Cyprus and Israel. Manousakis described the dialogue with Israeli representatives as “very constructive,” highlighting their strong interest.

Regarding the project’s timelines, Manousakis noted that IPTO would complete the cost-benefit study for the Cyprus-Israel segment by autumn, with the aim of finalizing the Cost Benefit Analysis by the end of 2024. He underscored the importance of finalizing cost allocation agreements between the states, a prerequisite for moving forward with construction.

Additionally, Manousakis spoke about the geopolitical significance of the project for Greece, Cyprus, and Israel, citing stable relations among the countries in recent years. He mentioned ongoing technical meetings with Cyprus' Transmission System Operator regarding the Cyprus-Crete interconnection, indicating the advanced stage of the project’s construction.

Manousakis expressed confidence that Cypriot consumers and renewable energy producers would benefit from the project through increased competition and lower energy prices. He emphasized the geopolitical upgrade for Cyprus and the potential for energy exports to Israel, bolstered by surplus renewable energy.