Cyprus to become hub for Europe-Asia electricity

A subsea cable some 540 nautical miles long will soon connect Israel and Cyprus to south-east and western Europe to satisfy the continent’s need for cheap and sufficient electricity.
The project, initiated by the DEH/PPC Quantum Energy Joint Venture, will cost about 1.5 bln euros to build and will have the capacity to transmit 2,000 megawatts of energy along its east-west cable, selling Israel Energy Corporation’s excess electricity production to Cyprus or any other buyer further west.
Nassos Ktorides, chairman of DEH/Quantum Energy, told an investors’ briefing on Monday that the project cost will be recouped in about four years, while it is expected to earn about 17.5 bln throughout the life of the cable.
Ktorides said that beyond the benefits from the investment and new job opportunities, the Cyprus power grid will also have a secure supplier of external energy, if it ever needs it.
Work on the EuroAsia Interconnector is expected to commence within 2012 if the governments of Israel, Cyprus and Greece approve it and should be completed within 36 months.
The cable will sink to as deep as 2,000 metres below surface and will connect Israel with Cyprus, Cyprus and Crete, and Crete with the Peloponese from where electricity supply can be distributed to Greece or further west.