* EuroAsia Interconnector gets go-ahead from Cyprus-Greece regulators,
EuroAsia Interconnector, the ambitious 1500km long subsea cable that will link the electricity grids of
The project, that will have a capacity of 2000MW and will be completed in 2022, will end the energy isolation of
As an indication, total electricity consumption in
The energy regulatory authorities of
“This is a historic moment for
The EuroAsia Interconnector, as the official Project Promoter from the European Commission, added that it expresses its warmest appreciation to all the competent authorities in
Nasos Ktorides, Chairman and CEO of the EuroAsia Interconnector, was quoted by the Associated Press on Monday (Oct. 16) as saying that Israeli regulators are expected to give their approval next month.
Work on the 1,519-kilometer undersea cable is expected to last until 2022 and its first phase will have an estimated cost of around 3.5 bln euros, the AP reported.
The project emerged amid improved relations between the three countries, coupled with the discovery of gas deposits in the east
The leaders of
The EuroAsia Interconnector as a leading Project of Common Interest (PCI) of the European Union, falls within the EU energy policy and contributes to the energy targets of ending the energy isolation of
It also promotes the substantial development of RES and contributes to the reduction of CO2 emissions, and contributes to the EU target for 10% of electricity interconnection between member states by 2020. The whole project is estimated to have socio-economic benefits of 10 bln euros.
The first, 329km interconnection will be between Hadera (
Stage I of the project is expected to cost EUR 1.5 bln, with the cost rising to 3 bln at Stage II. It is privately funded and received EU/EC funding for pre-works studies, as it will contribute to the completion of the European Internal Market. Two Italian companies (GAS S.r.l and CESI S.p.A.) were contracted for three studies for the technical design, the reconnaissance study for the optimum route and an environmental impact study.