Cyprus Approves $2.1 Billion Undersea Electricity Cable to Greece

The project aims to reduce electricity bills, end energy isolation, and enhance regional energy security.

Cyprus will contribute 125 million euros over five years, with the EU funding 657 million euros of the project.
The 1,000 MW cable is expected to cut Cypriot electricity bills by up to 40% upon completion in 2029.
Operating costs will be shared equally between Cypriot and Greek consumers, with a potential additional 36 euros on Cypriot bills offset by overall savings.
The project promises an 8.3% return on investment, attracting interest from U.S. and UAE investors.
Future plans include extending the cable to Israel, enhancing energy security in the region.