RAE, the Regulatory Authority for Energy, has set a budget limit of 2.345 billion euros for the Crete-Athens and Cyprus-Crete power grid interconnections, representing a considerable part of the ambitious EuroAsia project planned to link the Greek, Cypriot and Israeli grids.

Greece’s regulatory authority for energy has just published the details of its cross-border cost allocation agreement reached with its Cypriot counterpart, confirming an energypress report published in October.

According to the cross-border agreement signed between the Greek and Cypriot energy authorities, a budget limit of 700 million euros, with 10 percent leeway, has been set for the Crete-Athens interconnection. The budget limit for the Cyprus-Crete interconnection has been set at 1.5 million euros, with a provision for a 5 percent leeway.

The budget limit set for the Cyprus-Crete interconnection presumes EU funding will cover 50 percent of the project’s cost.