Cyprus to take part in EuroAsia Interconnector

Πηγή: Cyprus Mail
By Natalie Hami
March 24 2012

THE ELECTRICITY Authority of Cyprus (EAC) and DEH Quantum Energy signed a memorandum of cooperation yesterday for a project, which involves the construction of underwater electric cables connecting Asia with Europe – EuroAsia Interconnector - via Cyprus.

“Today’s signatures consist of an agreement of intention [nonetheless] the correct technical and financial studies still have to be made but I repeat that at first glance the project appears to be very realistic,” said EAC chairman Harris Thrassou. He was speaking at a news conference.

The project – funded by capital provided by DEH Quantum Energy – will involve three connections between Israel, Cyprus, Crete and the Peloponnese, with a view to completing it by 2016.

The studies will be finished before the end of the year and will make known the viability of the project, according to DEH Quantum Energy chairman Nasos Ktorides, who said he felt especially pleased by the benefits to be reaped.

Thrassou said that from the 2000MW that will be produced in total, Cyprus will produce around 1000-1200MW, however he also said that the amount produced by Cyprus could potentially increase.

He described the project as being of ‘high economic importance for Cyprus’ and that it is “possibly the most important energy bridge in the world.”

According to Thrassou the EAC will be involved in two stages of the process, the first will involve connecting the grid from Israel to Cyprus and from Cyprus to Crete. In the second stage the EAC will take part in the coproduction of electricity with a view to exporting it, once it is able to take advantage of its natural gas reserves.

He also stressed that they hoped that the completion of the EuroAsia Interconnector project would coincide with the arrival of natural gas.

Ktorides said that some state electricity companies in western Europe have already shown interest in buying the electricity, which he said shows ‘the worth of the project in the European energy chessboard.’