01.07.2021

Crete-Peloponnese interconnector receives “PROJECT OF THE YEAR 2020” award

The flagship project of IPTO was completed successfully on time despite the unprecedented challenges.

Crete-Peloponnese interconnector, which was successfully completed by IPTO last May, received the "Project of the Year 2020" award. The distinction of the major energy infrastructure project has been the result of an open electronic poll conducted by the news website ypodomes.com.

The award, which was presented by the Secretary General for Energy & Mineral Resources, Mrs. Alexandra Sdoukou, during the 4th Infrastructure and Transport Congress "ITC 2021", was received on behalf of the Operator by the Chairman and CEO of IPTO, Mr. Manos Manousakis, as well as senior executives of the contractors Hellenic Cables, Prysmian Powerlink and TERNA.

The total cost of the flagship project, which amounts to 380 million euros, was covered by the co-funding of Greece and the European Union and loans from the European Investment Bank (EIB). The first interconnection of Crete to the mainland will cover 1/3 of the maximum summer loads of the island, substituting the production of expensive and polluting local power plants.

The financial benefits of the project are particularly significant, as from 2022 (first full year of operation) all consumers of the country will save up to 380 million euros per year from electricity bills through the PSOs. After the completion of the "large" Crete-Attica interconnection in 2023, the reduction is estimated to rise up to 550 million euros while it is expected to exceed 1 billion euros in 2030.

The Secretary General for Energy & Mineral Resources, Mrs. Alexandra Sdoukou, stated in this regard: Presenting this award to the contributors of such an emblematic project, not only for the Greek but also for international standards, is a great recognition to all those who worked hard to make this a reality - and of course IPTO which drives the country’s energy modernization. Today, we also award an investment with a very large social and environmental footprint, with a very large benefit for all Greek consumers. When the interconnection of Crete to Attica is completed, the benefits will be much greater. A dream came true".

The Chairman and CEO of IPTO, Mr. Manos Manousakis, stated: "I want to thank wholeheartedly the employees of IPTO who managed under very difficult conditions to complete the electrical interconnection between Crete and Peloponnese. I would also like to thank the contractors for our excellent cooperation, despite the unprecedented challenges, which is an example to be followed for the implementation of projects of this class. Thanks to the vision, the hard work and the consistent support we have had from the political leadership all these years, we managed to meet the challenge of the timely completion of this emblematic project".

The video that tells the story of Crete-Peloponnese electrical interconnection is available on YouTube, at the following link: https://youtu.be/6K4VMom-10M

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