The Greek island of Crete took a step closer towards energy independence and cutting CO2 emissions on 9 May, following a deal between Greece’s Independent Power Transmission Operator (IPTO or ADMIE) and the European Investment Bank (EIB) with the latter agreeing to provide a €178 million loan to finance an underwater cable power interconnector between Crete and the Peloponnese.

The new 132-kilometer underwater interconnection will ensure the energy security and provide one-third of Crete’s electricity needs, reducing the use of oil-fired plants, ADMIE said in a press release posted on its website on 10 May, adding that the interconnection is also crucial for the development of renewable energy sources in Crete.

“This is the small electricity connection. In the overall plan of interconnecting mainland Greece with the islands the priority is to connect Crete in two phases,” IENE Executive Director Costis Stambolis told New Europe in an interview on 9 May in Athens, following a workshop Challenges and Opportunities in Greece Electricity Market organized by Institute for Energy in South East Europe.


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