January 23, 2012 / 1:27 PM / 9 years ago

Cyprus group plans Greece-Israel electricity link

NICOSIA, Jan 23 (Reuters) - A Cyprus-based group including Greece’s state-controlled power utility PPC said on Monday it planned to lay the world’s longest subsea power cable linking Europe and Asia.

At 540 nautical miles (1000 kms) long and lying at a maximum depth of 2,000 metres, the link, called the EuroAsia Interconnector project, would be the longest in the world, said Nassos Ktoridis, chairman of the DEH-Quantum Energy partnership behind the project.

The cable could carry 2,000 megawatts of electricity east to west across the Mediterranean linking Israel, Cyprus and Greece.

“It could feed electricity to the most western and northern points of Europe,” Ktoridis said. The project was estimated to cost 1.5 bilion euros with an estimated completion within 36 months of its launch.

At a presentation in Nicosia, Ktoridis said the cable would be administered by commercial parties to the project as well as representatives from the states of Greece, Israel and Cyprus.

Asked where the electricity could be generated, Ktoridis said :”If Israel starts natural gas exports it could be used to generate electricity, along with that of Cyprus later.”

Both countries have made natural gas discoveries in offshore areas in recent years.

Israel does not export gas, with its present production limited for domestic consumption. Cyprus, which announced its gas discovery last month, has no infrastructure to extract gas and is still considering its delivery options.

DEH-Quantum Energy, which is comprised of Greece’s PPC, Cyprus’s Quantum Energy and Bank of Cyprus, has a participation in four hydroelectric power stations in Serbia, with a total capacity of 238 megawatts.

Writing By Michele Kambas, editing by William Hardy

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