CEO of Greece’s Independent Power Transmission Operator (IPTO) Manos Manousakis,, told CNA on Tuesday that Israeli authorities have urged for swift action in advancing the Great Sea Interconnector project, particularly focusing on the Cyprus-Israel electricity interconnection segment.

Following a meeting in Nicosia with officials from Cyprus’ Ministry of Energy, and regulatory authorities of Cyprus, Greece and Israel, Manousakis outlined key developments indicating the project's progress. Amidst discussions regarding timelines, cost-benefit analyses, and geopolitical implications, Manousakis emphasized the project's strategic significance for all involved parties.

As Manousakis told CNA, the Israeli authorities requested on Tuesday the acceleration of procedures for the implementation of the Great Sea Interconnector project, concerning the Cyprus-Israel electricity interconnection segment, from IPTO and from the Cypriot competent authorities. As Manousakis said the General Director of the Ministry of Energy, representing the Government of Israel, stressed the "absolute priority of the Israeli Government in advancing the project".

Simultaneously, Manousakis announced that the updated cost-benefit study requested by the Cypriot Minister of Finance, Makis Keravnos, for the Cyprus-Crete segment of the project would be ready by early June.

The discussions underscored the next step in the maturation of the electrical interconnection between Cyprus and Israel. Manousakis described the dialogue with Israeli representatives as "very constructive," highlighting the strong interest demonstrated by Israeli authorities.

Regarding timelines, Manousakis said that IPTO would complete the cost-benefit study for the Cyprus-Israel segment by autumn, aiming to finalise the Cost Benefit Analysis by the end of 2024. He noted the significance of reaching agreements on cost allocation between states, necessary for project construction to proceed.

Additionally, Manousakis addressed the geopolitical importance of the project for all three countries, stressing the stable relations between Greece, Cyprus, and Israel in recent years. He also mentioned ongoing technical meetings with Cyprus' Transmission System Operator concerning the Cyprus-Crete interconnection, signalling the project's advanced construction stage.

Concerning the benefits for Cypriot consumers and renewable energy producers, he expressed confidence that households and industries would benefit from increased competition, leading to lower energy prices. He highlighted the geopolitical upgrade for Cyprus and the potential for energy exports to Israel, driven by the surplus of renewable energy.