And abruptly, since yesterday, July 14, the Cypriot media has recorded a change in Nicosia’s angle in the direction of the electrical energy interconnection between Greece and Cyprus
In publications in “Kathimerini tis Cyprus” and “Politis” in regards to the cable Greece – Cyprus, it’s talked about within the first newspaper, on the one hand, how the CEO of ADMIE Mr. Manos Manousakis throughout his go to final Thursday July 11 to Nicosia the place he handed over the cost-benefit examine to the Ministry of Power he’s stated to have satisfied along with his solutions in regards to the unfavourable results of the unsustainability of the venture and alternatively “Politis” presents feedback from authorities sources how the price to the buyer from the venture is negligible.
Cable Greece – Cyprus
In essence, what’s emphasised within the Cypriot publications is how the burden now falls on the Cyprus Power Regulatory Authority to overview its determination concerning the Greece-Cyprus cable. It’s recalled that CERA had rejected the imposition of expenses within the building section of the venture that may have allowed the Nice Sea Interconnector venture implementer (ADMIE) to get well the prices for financing the funding.
Right now in Nicosia, in response to info, officers of ADMIE had been going to fulfill with CERA within the context of the overview request submitted by the Administrator.
CERA’s determination, sources say, is just not going to be revised instantly and the whole lot factors to its issuance within the coming weeks, maybe even in the direction of September.
Mitsotakis in Nicosia
{The electrical} interconnection between Greece and Cyprus undoubtedly has a geopolitical dimension.
For that reason, the European Fee additionally included the venture of roughly 2 billion euros within the initiatives of widespread curiosity (PCIs), approving funding amounting to 657 million euros. The Nice Sea Interconnector (GSI) will take away the vitality isolation of the island of Cyprus by offering, similtaneously its electrical interconnection with Greece, vitality safety in addition to a dependable different supply of vitality provide.
It’s price noting that Ankara additionally has within the works a plan for {the electrical} interconnection of the occupied Cyprus with {the electrical} system of Turkey, which highlights the geopolitical significance of the Greece-Cyprus cable.
Greek Prime Minister Kyriakos Mitsotakis might be in Nicosia within the coming days as a part of the fiftieth anniversary of the Turkish invasion of Cyprus. Within the context of the conferences he’ll maintain with the president Nikos Christodoulidis, the data needs the problem {of electrical} interconnection to be mentioned.
The price of vitality in Cyprus
Based on the most recent figures talked about in a report by the European Fee, the electrical energy costs of Cyprus are increased than these of the USA and Japan.
It’s attributed to the dependence of electrical energy technology on oil, with out the presence of pure gasoline, but additionally the penetration of RES, vitality sources that may average the price of electrical energy.
Within the Fee’s report, reference is made to GSI “the infrastructure will permit the utilization of extra renewable vitality sources, which might be strengthened by additional motion inside the framework of the simply transition program”
The associated fee-benefit examine
Final Thursday, July 11, Mr. Manousakis delivered to the Ministry of Power of Cyprus the finished cost-benefit examine for the Greece-Cyprus cable.
{The electrical} interconnection is anticipated, in response to the cost-benefit examine, to deliver financial savings of at the least 30% to the electrical energy payments of Cypriot customers in 2030, when the cable is operational.
The related examine (CBA) concludes that the social profit ensuing from the interconnection (€8 billion) is a number of instances the price of its building (€1.9 billion), which implies that the online social profit ensuing from the interconnection exceeds 6 billion euros.
The item of the examine is to research the economics of the answer of {the electrical} interconnection of Cyprus via GSI towards its remoted growth underneath the target focusing on of excessive penetration of RES in its vitality steadiness at ranges of at the least 70% – 80% by 2040, within the context of the European Inexperienced Settlement to attain local weather neutrality by 2050. On this means, the vitality autonomy of Cyprus is ensured, with home clear RES manufacturing which can be capable of be exported at instances when home demand is exceeded.
The 2 situations
The examine examines two situations:
The primary situation is {the electrical} interconnection of Cyprus with Europe, by way of Greece, becoming a member of the final non-interconnected EU state within the European electrical energy market and with a restricted set up of batteries.
The second situation is the remoted growth of the Cyprus electrical energy system via the set up of huge battery items.
The examine confirmed {that electrical} interconnection is just not solely essentially the most sustainable situation in financial and environmental phrases, but additionally essentially the most useful for Cypriot customers – each residential and company.
Particularly:
Value: The batteries that might be wanted till 2040 (along with people who might be used anyway within the interconnection perspective), will price about 4 billion euros (in CAPEX phrases) whereas the corresponding complete price of {the electrical} interconnection is 1.9 billion euros. Moreover, the working price of the batteries is many instances the corresponding working price of the interface (OPEX). Thus it follows that the price saving within the case {of electrical} interconnection is greater than double.
Profit: The interconnection will deliver a complete social web good thing about €6 billion via financial savings from gasoline substitution, diminished greenhouse gasoline emissions, and so forth., which far exceeds the price of the interconnection venture. Which means the interconnection can have greater than twice the profit index for society as a complete (~19% versus ~6% for the case of remoted growth).
Burden: In the course of the building of the venture (till 2029), the typical burden on the Cypriot client is minimal, because it is not going to exceed a mean of 0.6 euro cents per kilowatt hour (or 6 €/MWh). For the reason that begin of the operation of the interconnection, the burden on the Cypriot client is calculated (on common) at 0.7 euro cents per kilowatt hour (or 7 €/MWh).
The financial profit
Based on the information obtained from the examine, the financial profit that the Cypriot family will obtain (with a mean annual consumption of 5,000 kilowatt hours), is as follows:
In the course of the building stage (till 2029) the cost might be equal to 30 euros per yr, i.e. 2.5 euros per thirty days.
Within the operational stage (from 2030), the financial savings will exceed 425 euros per yr, i.e. 35.5 euros per thirty days.
Which means the quantity that the Cypriot client will incur in complete over the 5 years of building (150 euros), might be saved from the primary 5 months of operation of the interconnection (due to the discount of the invoice by 425 euros per yr or 35.5 euros /month).
Supply: ot.gr
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