Greek grid operator ADMIE signs contracts for Crete power link

Holding Admie Ipto SA

10/06/2020 15:25

ATHENS, June 10 (Reuters) - Greek power grid operator ADMIE
 ADMr.AT  on Wednesday signed contracts with Prysmian  PRY.MI ,
Nexans, Hellenic Cables  HCAr.AT  and Siemens-Terna  SIEGn.DE 
for a 1 billion euro ($1.14 billion) undersea cable, linking
Crete to the mainland.
    The project, which is expected to be completed by 2023, aims
to allow oil-fired plants on the island of Crete to close and
pave the way for building some 2,500 megawatts of new solar and
wind power, the Greek energy ministry said in a statement.
    Greece has already licensed some 2,000 of the 2,500
megawatts of additional renewable energy capacity that can be
built on the island, which could help the country align with the
European Union's goal of achieving net zero carbon emissions by
2050.  urn:newsml:reuters.com:*:nL8N2D948P
    Greek households should eventually benefit from a 400
million euro cut in charges they pay via their electricity bills
to subsidise energy supply to Crete.
    Italy's Prysmian, Norway's Nexans and Hellenic Cables, with
Sweden's NKT, will build two undersea cables for a total cost of
615 million euros.
    Siemens and Terna will construct two converter stations and
one substation for 370 million euros, the ministry said.
($1 = 0.8790 euros)

 (Reporting by Angeliki Koutantou; editing by Barbara Lewis)
 ((angeliki.koutantou@thomsonreuters.com; +30 210 3376436;
Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net))