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Crete power cable link project

The Greek government is looking into a new electricity interconnector linking the island of Crete and the mainland, ICIS the energy market information provider reports.

The Head of the Hellenic wind energy association , Ioannis Tsipouridis said that energy minister Panagiotis Lafazanis had declared the interconnection with Crete a "major target of the new government". However, no time-line for the project has come to light so far.

So far the issue of a lack of interconnection with Crete has greatly weighed on the Greek electricity market. But the project has at least been the subject of discussion, which justifies the necessity of the project in economic, environmental and energy security terms.

The interconnection of Crete to the grid will facilitate the deployment of renewable energy projects in the island. Investors have already been expressing interest in developing renewable energy projects, but a lack of grid infrastructure means projects have not materialised.

Perhaps most significant of all, given Greece's economic situation, is the fact the project will bear huge financial savings. Electricity consumers in Greece are expected to save about €400 million per year, money used to subsidise diesel generation in Crete.