The Eurasia Interconector, an ambitious project to link the Greek, Cypriot and Israeli grids, may be a long-term plan but preliminary work is moving ahead. Firms representing all three countries are involved in the project’s development.
A deep sea study is now being completed following data collected by a specialized Italian vessel. This stage is considered an essential part of the project’s preliminary process so as to examine all possible routes and decide on an optimal path for the submarine cable. Particular emphasis is being placed on sections where the sea depth exceeds 2,000 meters.
The project promises to end Cyprus’s energy-sector isolation and facilitate its energy exports to emerge as a result of major offshore natural gas deposit discoveries made in the region. The natural gas discoveries are expected to boost electricity production on Cyprus.
Once completed, the deep sea study will be followed by the establishment of a techno-economic feasibility study, and, within 2017, a finalized investment decision.
The Eurasia Interconector, which has already been classified as a Project of Common Interest (PCI), enabling EU funding, was given considerable attention during a recent summit meeting held in Cyprus between the leaders of Greece, Cyprus and Israel.
The Eurasia Interconector project’s submarine cable is expected to cover a length of 1,520 kilometers and possess a transmission capacity of 2,000 MW. The project’s budget is estimated at 1.5 billion euros. Eurasia Interconector will be linked to Crete, creating an energy link between Greece, Cyprus and Israel.
PPC, Greece’s main power utility, represented by PPC Quantum, the Cypriot energy firm Quantum Energy, and the Israel Electric Corporation, controlled by the Israeli State with a 99.85 percent share, are involved in the project’s development.