ADMIE signs contract for Crete-Peloponnese interconnection project

The signing of a contract for an electricity interconnection between Crete and the Peloponnese paves the way for the energy transformation of Crete with the aim of turning it into a “green” island with a minimal environmental footprint and at the same time ensuring energy security and developmental prospects, Environment and Energy Minister George Stathakis said in a speech during the signing ceremony on Tuesday.

The implementation of the Crete-Peloponnese interconnection is the first of the big projects currently underway. “In 2019 a tender will be held for the large interconnection of Crete and if everything proceeds as planned the interconnection between Crete and Peloponnese will be ready in two years and the large interconnection will be completed in 2022,” Stathakis said.

He noted that the benefits of the interconnection project will be a reduction in the energy units operating on Crete, greater energy security for the island and a drastic reduction of electricity production costs burdening all Greeks because the islands are not connected to the main grid. Stathakis said that from the 700 million euros paid by all Greeks for utilities, almost 400 million euros are for Crete and he estimated that the full interconnection project could offer savings of up to 10 pct of electricity prices for consumers. At the same time, the interconnection project will give a big boost to the development of Renewable Energy Sources, he added.

ADMIE chairman and CEO, Manos Manousakis said the interconnection project is the largest underwater cable interconnection of alternative electricity grid in the world (totaling 174 km) with an average depth of around 1,000 metres. The contracts were signed between ADMIE and Fulgor, Hellenic Cables, Prysmian Powerlink and Terna.