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Cyprus could become energy bridge

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Cyprus could become energy bridge

Cyprus could become energy bridge

WORLD'S LONGEST POWER CABLE PLANNED TO REAP GAS RICHES

Israel and Cyprus began a feasibility study on 04.03.12 for the construction of an underwater electric cable between the two countries that could ensure their energy security and offer Israel a channel to export energy to Europe. The Israel-Cyrpus leg, with an estimated cost of half a billion euros ($660 million), would eventually be part of a much longer cable continuing to Greece and from there to the pan-European electricity grid. If approved, the EuroAsia Interconnector will stretch 1,000 kilometers (600 miles) in total at a maximum depth of 2,000 meters, making it the most ambitious project ever of its kind, said Nasos Ktorides, chairman of DEH Quantum Energy. Ktorides signed a memorandum of understanding in Jerusalem with his partner, state-owned Israel Electric Corp (IEC), to begin the feasibility study that should be completed by year end. The cable itself will take three years to build. Quantum Energy is comprised of Greece's PPC, Cyprus's Quantum Energy and Bank of Cyprus. Israel Energy Minister Uzi Landau has promoted building the submarine cable that will carry 2,000 megawatts in both directions, allowing Israel to sell electricity when production is high and have a back-up when reserves drop.
Cyprus could become energy bridge

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