One of the most important milestones in the electricity interconnection project of Crete-Attica, the laying and installation of all the 500 kV direct current technology submarine cables, was successfully completed in the previous days by Independent Power Transmission Operator-IPTO’s subsidiary company Ariadnie Interconnection.
As highlighted, within 32 months of the signing of the contracts for the large energy project, in June 2020, Ariadne Interconnection laid a total of approximately 1,350 km of electric cables and optical fiber cables between Korakia, Heraklion and Pachi Megara. The depth of the installation at the bottom of the Aegean reached up to 1,200 meters from the sea surface, while the weight of the cables exceeds 40 kg per meter.
With the completion of the cable protection works, expected in the second quarter of 2023, 640 km will have been laid below the seabed surface for maximum safety.
The casting of the electrical cable sections was carried out in stages from the end of 2021 to the beginning of 2023, in the context of three different operations by the two contracting companies of the project.
For these operations, which had particularly high technical requirements, a total of five specialized cable work vessels were used, including the two most modern cable laying vessels in the world, Aurora and Leonardo da Vinci.
For the successful laying of the submarine cables, from October 2020 to May 2021, a thorough seabed study by the contracting companies Prysmian and Nexans was preceded, and the optimal routing and protection of the cables was planned with both technical and environmental criteria.
The electrical interconnection of Crete with Attica is the largest energy investment, amounting to 1 billion euros, currently being carried out in the country, with which IPTO will fully integrate Crete into the continental electricity transmission system, by the end of 2024.
Latest News
Greek Economy Expands 2.3%, Boosting Growth Outlook Through 2028
For 2024, the growth rate of the Greek economy is now expected to reach 2.14%, up from the previous estimate of 2.09%
Greece Introduces Cruise Passenger Levy, Tightens Rules on Short-Term Rentals
Specifically, the minister announced a cruise passenger levy of 20 euros per person disembarking at the ports of Mykonos and Santorini, and 5 euros at other Greek ports, applicable from June 1 to Sept. 30
Cyprus Set to Decide on GSI Energy Interconnection Project
The Cypriot cabinet is set to decide on the agreement tomorrow, with President Christodoulides expected to convey the positive decision to Greek Prime Minister Kyriakos Mitsotakis during his visit to Athens on Thursday, September 19.
Bank of Greece: Apartment Rents Continue to Rise
The central bank reported that, on the whole, apartment rentals rose at an annual rate of 13.8% in 2023, compared to 11.9% in 2022.
Greek Government Weighs Freeze on Property Tax Values to Tackle Housing Crisis
Another increase in tax values to match current market levels would likely trigger a further spike in real estate prices, exacerbating the already severe housing problem.
European Governments Sell Bank Shares, Recovering a Fraction of Bailout Funds
The Greek government, as noted by the Financial Times, provided 50 billion euros to the country’s four largest banks during its prolonged debt crisis
Societe Generale (SoGen) ‘Bullish’ on European Periphery Markets
The French firm says Portugal, Italy, Ireland, Greece, and Spain are good options for investors due to economic growth and political stability
Sounion Tanker Salvage Operation Underway in Yemen
Earlier this morning, the Greek rescue vessel arrived on the site, accompanied by strong military forces, including three frigates, helicopters, and a special forces unit
Moody’s Retains Ba1 Rating For Greece; Outlook Positive
Moody’s is the last of the major credit rating firms not to have upgraded the Greek economy to 'investment grade', retaining the Ba1 rating - a notch below
Greek Businesses Posted a 12.7% Increase in Turnover Last July
The data concerns companies maintaining double-entry bookkeeping, and for which monthly data are available.