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26.03.2012 12:07
EuroAsia Interconnector to Promote Cyprus as Mediterranean Energy Link
The project is estimated to cost EUR 1.5 bn, and funding would be secured by DEH-Quantum Energy
AUTHOR: publics.bg


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Cyprus's state-owned electricity authority (EAC) said it would take part in a feasibility study on an underwater power cable that would link Israel and Cyprus to continental Europe and carry up to 2,000 megawatts in either direction, The Guardian reported.
 
The proposed EuroAsia Interconnector project would stretch 1,000 km to Greece, from where power would flow to other parts of Europe, and would be laid at a maximum depth of 2,000 meters.
 
"The first indications from experts affirm that the project is technically possible," Nasos Ktorides, chairman of the DEH-Quantum Energy partnership behind the project, said on Friday.
 
DEH Quantum Energy comprises Greece's PPC and Cyprus's Quantum Energy and Bank of Cyprus. EAC will take part in the feasibility study and could participate in the project once it is up and running.
 
The project is estimated to cost EUR 1.5 bn, and funding would be secured by DEH-Quantum Energy, Ktorides said.
 
State-owned Israel Electric Corp signed a memorandum of understanding to participate in the feasibility study with Quantum Energy earlier this month. The study will be completed before the end of the year.
 
Experts are looking at generating electricity from natural gas finds in the region. Israel has discovered huge deposits in the eastern Mediterranean and is exploring ways to export much of the reserves once the offshore fields begin production in the coming years.
 
Cyprus reported its own natural gas discovery offshore late last year and last month opened a second hydrocarbons licensing round offering more offshore blocks for potential exploration. Hydrocarbon exploration along with EuroAsia Interconnector would promote Cyprus as a Mediterranean energy link.

TAGS: EuroAsia Interconnector | electricity | gas | Mediterranean | Cyprus | Greece | Israel | energy security 


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