Developments in European energy infrastructure and regional interconnectivity

The Eurogroup, chaired by Kyriakos Pierrakakis, emphasized the strategic importance of electrical interconnectors for strengthening EU energy autonomy and market unity. Meanwhile, the ECOFIN Council, led by Finance Minister Makis Keravnos, discussed the economic impact of the Middle East conflict, concluding that current fuel price volatility is too high to warrant immediate new measures. Finance ministers agreed to wait for further market developments before finalizing potential policy responses. Separately, the European Commission is urging the acceleration of the Great Sea Interconnector project, which faces delays and uncertainty. This 1,200-kilometer undersea project aims to link Crete, Cyprus, and eventually Israel, ending Cyprus's status as the last isolated EU member state regarding electricity. The project is considered a priority for security and renewable energy integration despite facing technical, financial, and geopolitical hurdles.