More than €250 mln in EU funds for Crete-Attica power link

More than 250 million euros from the European Regional Development Fund (ERDF) will finance the first stage of high-voltage electricity infrastructure between the island of Crete and the Attica region, the European Commission announced on Thursday. 

The project will improve energy security in Crete, maximize the island's renewable energy potential, lower electricity prices for consumers, and overall improve the area's economic development.

European Commissioner for Cohesion and Reforms Elisa Ferreira said, "Thanks to this Cohesion Policy support, the new connection will lower the tariffs that Greek electricity consumers are currently paying to cover high generation costs on islands that are not part of the main grid."

"In times of high energy prices, this investment and the creation of an electricity connection to mainland Greece will bring good news for the...