Latest news with #IPTO
Yahoo
13-05-2025
- Business
- Yahoo
Terna, IPTO partner for new Italy-Greece electrical interconnection
Terna, the Italian national grid operator, has signed a three-year memorandum of understanding (MOU) with IPTO, the Greek Transmission System Operator (TSO), to develop a new electrical interconnection between the two countries, known as the GRITA 2 project. The agreement, signed in Rome during the Italy-Greece Intergovernmental Summit, sets the stage for a high-voltage direct current (HVDC) link between the countries. It will also augment existing assets and facilitate future network expansions. The MOU outlines a joint governance framework to strategise and coordinate project activities. The estimated investment by Terna and IPTO for this venture stands at €1.9bn. With a transmission capacity of up to 1GW, the link will span roughly 300km, including a subsea section extending up to 240km at depths reaching 1km. This initiative will bolster the existing 500MW connection that has been in operation since 2002. The connection will enhance energy security and support decarbonisation efforts in the Mediterranean region. The Italian terminus of the subsea cable will be located in Melendugno, with a new converter station planned for Galatina, both within the province of Lecce. Terna CEO and general manager Giuseppina Di Foggia said: "The new submarine power link between Italy and Greece will enhance energy security in southern Italy and facilitate efficient energy procurement by enabling new resources and maintaining energy exchange between the two countries. Operating alongside the existing interconnection, which has been in service since 2002, this project will further increase the efficiency of electricity transmission." Future agreements will cover the joint management of procurement for the cable and converter station, as well as the overall implementation of the project. The GRITA 2 project is already part of the European TSOs' ten-year network development plan for 2024 and has been proposed for inclusion in the second list of Projects of Common Interest/Projects of Mutual Interest. IPTO chairman and CEO Manos Manousakis said: "Electrical interconnectivity plays a vital role in advancing Europe's climate goals and clean energy transition. The new energy corridor between Greece and Italy will not only expand the capacity for electricity exchange but also bolster energy security and enhance the efficiency of the integrated European electricity market, delivering tangible benefits to consumers in both nations.' "Terna, IPTO partner for new Italy-Greece electrical interconnection" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
12-05-2025
- Business
- Reuters
Terna and IPTO sign 2-billion euro deal on Italy-Greece power connection
ROME, May 12 (Reuters) - Italian power grid operator Terna ( opens new tab and its Greek counterpart IPTO ( opens new tab signed on Monday a deal worth nearly 2 billion euros ($2.2 billion) on a new undersea electricity interconnector between Italy and Greece. The deal was announced after Italian Prime Minister Giorgia Meloni hosted a summit with her Greek counterpart Kyriakos Mitsotakis at Rome's 17th-century Villa Doria Pamphili, also involving ministers from both countries. "(On interconnections) we have an advantage that comes from our geographical location in the Mediterranean, which has become central again in global dynamics, as the shortest route between the Atlantic and the Indo-Pacific," Meloni told reporters. The deal came after a huge blackout hitting Spain and Portugal last month raised questions over the resilience of the European power grid, prompting nations to seek to diversify routes and supplies. The new high-voltage link, named GRITA 2, will have a transmission capacity of up to 1,000 MW and span approximately 300 km in total, including around 240 km of subsea cable at depths of up to 1,000 metres, Terna said. "It will contribute to the achievement of decarbonization targets and strengthen the position of Italy and Greece as electricity hubs in the Mediterranean," the statement said, adding the two companies would invest 1.9 billion in the project. The new infrastructure - which on the Italian side will start from the south-eastern Puglia region - will operate alongside an existing interconnection which has been in place since 2002, with a 500 MW capacity. Greece's Mitsotakis also said a deal was struck between Italy's railway operator Ferrovie dello Stato (FS) and Athens' transport ministry for investments to improve railway safety in Greece, where a train crash killed 57 people in 2023. "In practice, it's about kickstarting a relationship... which was tested in the shadow of a big tragedy," the Greek leader said referring to that deal. Greece's Hellenic Train is a unit of Italy's FS. ($1 = 0.8990 euros)
Yahoo
26-03-2025
- Politics
- Yahoo
Greek PM to meet Israel's Netanyahu in Jerusalem on March 30, Greek sources say
ATHENS (Reuters) - Greek Prime Minister Kyriakos Mitsotakis and Israeli Prime Minister Benjamin Netanyahu will meet in Jerusalem on Sunday, two Greek sources told Reuters on Wednesday. The agenda of the talks was expected to be extensive, one of the sources said. The two leaders last met in Israel in 2023. Greece condemned the October 7, 2023 attack on Israel by Hamas but has called for an end to the war in Gaza, and respect for ceasefire agreements. It says the unhindered and continuous flow of humanitarian aid to all parts of Gaza remains a priority while the displacement of Palestinians could lead to regional instability. Hospitals in Greece have also received children from Gaza in need of medical care. On Sunday the leaders were likely to discuss the war, foreign affairs and bilateral issues, including a project on a subsea power cable to link continental Europe to the East Mediterranean. Greek power grid operator IPTO is building the Great Sea Interconnector (GSI) cable, which will link transmission networks of Europe to Cyprus. It will later stretch to Israel through the Mediterranean Sea. Greece this month dismissed media reports that the project has stalled over financial and geopolitical concerns and reaffirmed its commitment to the planned link.
Reuters
26-03-2025
- Politics
- Reuters
Greek PM to meet Israel's Netanyahu in Jerusalem on March 30, Greek sources say
ATHENS, March 26 (Reuters) - Greek Prime Minister Kyriakos Mitsotakis and Israeli Prime Minister Benjamin Netanyahu will meet in Jerusalem on Sunday, two Greek sources told Reuters on Wednesday. The agenda of the talks was expected to be extensive, one of the sources said. The two leaders last met in Israel in 2023. Greece condemned the October 7, 2023 attack on Israel by Hamas but has called for an end to the war in Gaza, and respect for ceasefire agreements. It says the unhindered and continuous flow of humanitarian aid to all parts of Gaza remains a priority while the displacement of Palestinians could lead to regional instability. Hospitals in Greece have also received children from Gaza in need of medical care. On Sunday the leaders were likely to discuss the war, foreign affairs and bilateral issues, including a project on a subsea power cable to link continental Europe to the East Mediterranean. Greek power grid operator IPTO ( opens new tab is building the Great Sea Interconnector (GSI) cable, which will link transmission networks of Europe to Cyprus. It will later stretch to Israel through the Mediterranean Sea. Greece this month dismissed media reports that the project has stalled over financial and geopolitical concerns and reaffirmed its commitment to the planned link.
Reuters
13-03-2025
- Business
- Reuters
Greek foreign minister says subsea power link to Cyprus will conclude
ATHENS, March 13 (Reuters) - A project on a subsea power cable to link continental Europe to the East Mediterranean will materialise, Greek foreign minister said on Thursday after meeting his Israeli and Cypriot counterparts. Media reports earlier this week suggested that the project had stalled over territorial differences. The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here. Greek power grid operator IPTO ( opens new tab is building the Great Sea Interconnector (GSI) cable, which will link transmission networks of Europe to Cyprus. It will later stretch to Israel through the Mediterranean Sea.
