NICOSIA, Cyprus (AP) — The future of an electricity cable linking the power grids of Greece, Cyprus, and Israel will be determined next month with a ruling expected on whether Cypriot consumers will bear the cost of the cable's construction over four years. The 1.9-billion-euro ($2.06 billion) Great Sea Interconnector aims to end energy isolation for Cyprus and Israel, offering consumers cheaper energy from renewable sources. The European Union is providing partial funding of 657 million euros.
The Independent Power Transmission Operator (IPTO) of Greece initially proposed that Cypriot taxpayers cover construction costs to attract investors, a proposition rejected by the Cypriot energy regulator, CERA. A final decision by CERA is set for August 12.
