Thursday, January 26, 2012

Greeks, Cypriots propose teaming with Israel to export electricity

Quantum Energy, in cooperation with Greece's state-controlled power utility PPC, has offered to lay a subsea electric power cable linking Israel, Cyprus and Greece, to use natural gas to increase electricity production in Israel, and to export electricity through the cable to Europe.

The 2,000 megawatt cable, called the EuroAsia Interconnector project, will be laid at a maximum depth of 2,000 meters, and will carry electricity west 540 nautical miles across the Mediterranean linking Asia and Europe. DEH-Quantum Energy partnership chairman Nassos Ktoridis said that the EU might finance part of the project, estimated to cost €1.5 billion. Israel is likely to gain significantly more from exporting electricity than from other offers of exporting natural gas itself.

According to forecasts, Europe's natural gas consumption will jump in the next two decades, especially following the closing of Germany's nuclear reactors in 2022.

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