Free Trial

Cyprus, Israel, Greece sign deal on electric cable link

NICOSIA, Cyprus (AP) — Plans to connect Israel, Cyprus and Greece with a 2,000 megawatt undersea electricity cable took a key step forward on Monday, when the three countries signed an agreement to speed up technical work on the project.

Cypriot Energy Minister Natasa Pilides hosted a ceremony in the capital Nicosia on Monday with her Israeli counterpart Yuval Steinitz and Greek Minister Kostas Krekas participating via online link.

Pilides said that with the signing of the Memorandum of Understanding, the three ministers agreed on the need to expedite permits and approvals to conduct feasibility studies and to coordinate with their respective national electricity regulators on how best to proceed.

Pilides said the deal boosts cooperation “in supporting the planning, potential development and implementation of the EuroAsia Interconnector, as an additional element of the emerging Eastern Mediterranean Energy Corridor.”

Pilides called the project a “cornerstone” of the countries' efforts to transition to a green economy that will protect the environment while promoting economic growth.

She said the cable will help the three countries meet their commitments under the Paris Agreement on Climate Change, which aims to limit carbon emissions, while helping to diversify the energy supply of fossil fuel-dependent Cyprus.

The project’s first phase is expected to be operational by 2025.

The European Union's executive Commission has said the cable is a “key project of common interest” that makes it eligible for EU financing.

Pilides said some of the project's additional benefits include enhancing energy supply security and allowing the three countries to be potential energy exporters.

Cyprus is working on a separate deal with Greece and Egypt on a similar cable connecting the three countries.

Israel, Cyprus and Greece have also teamed up for a planned $6 billion undersea pipeline to carry gas from new offshore deposits in the southeastern Mediterranean to continental Europe.

Should You Invest $1,000 in NIC Right Now?

Before you consider NIC, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and NIC wasn't on the list.

While NIC currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

20 Stocks to Sell Now Cover

Today, we are inviting you to take a free peek at our proprietary, exclusive, and up-to-the-minute list of 20 stocks that Wall Street's top analysts hate.

Many of these appear to have good fundamentals and might seem like okay investments, but something is wrong. Analysts smell something seriously rotten about these companies. These are true "Strong Sell" stocks.

Get This Free Report
Like this article? Share it with a colleague.

Featured Articles and Offers

Recent Videos

5 Stocks to BUY NOW in July 2025
3 Defense Stocks Under $10 With Massive Upside
NVIDIA: Another 200% Growth Ahead? (PLUS 2 Companies Riding Along)

Stock Lists

All Stock Lists

Investing Tools

Calendars and Tools

Search Headlines