Israel, Cyprus and Greece agree to link power grids via longest subsea cable – Energy Minister Yuval Steinitz says the Euro-Asia interconnector will provide a back-up power source in times of emergency and will be partly funded by the EU after being recognized as ‘Project of Common Interest’ | ynetnews

Cyprus, Greece and Israel on Monday signed an initial agreement to build the world’s longest and deepest underwater power cable that will traverse the Mediterranean seabed at a cost of about $900 million and link their electricity grids.
The project, called the Euro-Asia interconnector, will provide a back-up power source in times of emergency, said Energy Minister Yuval Steinitz, who was in Nicosia to sign a memorandum of understanding with his counterparts.