Cyprus approves electricity cable to link its power grid with Greece’s

Associated Press

NICOSIA, Cyprus (AP) — Cyprus has approved a massive undersea electricity cable project to link its grid with Greece’s. On Tuesday, the energy minister announced the project aims to cut electricity bills and end energy isolation. The European Union has funded it with 657 million euros. The Cypriot government will contribute 25 million euros annually over five years. This ensures no hike in electricity bills for taxpayers. The funds will come from the EU’s emission trading system. The cable, expected by the end of 2029, is part of broader energy plans. Consumers could see a 40% drop in bills. The U.S. and UAE have shown investment interest. The cable may eventually connect to Israel’s grid.