53 Annual Report 2021 Cyprus electricity interconnection, using high voltage continuous flow submarine cables (HVDV) with a transmission capacity of 2000MW. In addition, the project provides that the interconnection will be completed in two phases, with the first phase providing the capacity of 1000MW. The project EuroAfrica Interconnector has completed the preliminary cost benefit studies and is expected to provide significant economic and geopolitical benefits to the countries involved and contribute to the goal of removing the energy isolation. In 2021 CERA was in close contact with the Egyptian Energy Regulatory Authority "EGYPTERA" in order to track all the required actions and define the necessary procedures at the level of regulatory supervision, so that the implementation of this project will be promoted. International Activities Agency for the Cooperation of Energy Regulators (ACER) The Agency for the Cooperation of Energy Regulators (ACER) (https://www.acer.europa.eu) is a community body with legal personality and was established under the provisions of Regulation 713/2009 of the European Parliament and of the Council of 13th July 2009 establishing an Agency for the Cooperation of Energy Regulators. ACER started to operate officially in March 2011 and is headquartered in Ljubljana, Slovenia. The main objective of the Agency is to support and coordinate the actions of national regulatory authorities at the EU level, ensure the completion of the market for electricity and natural gas, and to align the regulatory frameworks within the framework of EU energy policy objectives. ACER, also, advises the European Commission to take binding decisions for the Member States. ACER intervenes with suggestions for resolving disputes between regulators and it contributes to the creation of common pan-European codes (Network Codes). ACER plays a key role in developing a European level network and market rules aimed at the enhancement of the competition. ACER coordinates regional and interregional initiatives that contribute to the integration of the market. ACER monitors the work of the European Network of Transmission System Operators (ENTSO) as well as the overall operation of the markets for natural gas and electricity and in particular the operation of the wholesale energy trade. ACER consists of the Administrative Board, whose members are appointed by European institutions, the Board of Regulators, which is composed by senior representatives of the regulatory authorities of the EU and the Board of Appeal, which is affiliated with ACER but it is independent of its administrative and regulatory structures and before which appeals against ACER decisions are brought to be heard. Cyprus is represented in the Board of Regulators by the Chairman and the Vice-Chairman of CERA and/or authorized staff of the sector of International Affairs and Energy Policy. During 2021, CERA participated in the 97th, 98th, 99th, 100th, 101st, 102nd, 103rd, and 104th ACER General Assembly meetings. Due to the measures for the containment of the COVID-19 pandemic apart from the 88th ACER General Assembly meeting, all the other ACER General Assembly meetings were held online. Besides the Board of Regulator's meetings, CERA participated in various institutionalized working groups related to electricity and gas infrastructure, cross-border issues, operation of the energy market, pandemic management, consumers and more.
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