Bank of Cyprus
|Operator||DEI Quantum Energy|
|Type||Submarine power cable|
|Type of current||HVDC|
|Total length||1,000 km (620 mi)|
|Power rating||2,000 MW|
The 287-kilometre (178 mi) cable will link Israel with Cyprus. Cyprus will be connected with the Greek island of Crete. From Crete, an existing cable will be used for connection to Peloponnese in mainland Greece providing a connection to the pan-European electricity grid. If built, the total length of the interconnector will be about 540 nautical miles (1,000 km; 620 mi) and it would be laid depths of up to 2,000 metres (6,600 ft) under sea level. It will have a capacity to transmit 2,000 megawatts of electricity in either direction. It is expected to cost €1.5 billion, of which €500 million is the cost of the Israel–Cyprus link.
A memorandum of understanding for conducting the feasibility study was signed in Jerusalem on 4 March 2012 between the project company, DEI Quantum Energy, and the Israel Electric Corporation. The feasibility study should be completed by the end 2012. If the investment decision will be positive, the project could be launched as early as 2013. The project is expected to be completed within 3 years from the beginning of construction.
In a meeting between the Israeli and Cypriot energy ministers in June 2015, the Israeli minister suggested doubling the planned capacity of the cable. With Israel and Cyprus both having located natural gas deposits within their territories, a higher capacity cable would allow them to construct gas-driven power plants and export significant amounts of electricity to Europe. The partners aim to launch environmental and route studies for the project in early 2016 with a tentative implementation date of 2019 for the Israel–Cyprus connection and 2022 for the Cyprus–Greece connection.
In January 2016, the Italian research ship Odin Finder started a reconnaissance study for the optimum route of the underwater cable.
The project will be funded and developed by DEI Quantum Energy, a joint venture established in 2011. It consists of Greece's DEI, Cyprus's Quantum Energy and Bank of Cyprus as a minority shareholder.
- Kambas, Michele (2012-01-23). "Cyprus group plans Greece-Israel electricity link". Reuters. Retrieved 2012-03-09.
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.
- "Israel, Cyprus in underwater electricity cable deal". AFP. 2012-03-04. Retrieved 2012-03-09.
- Udasin, Sharon (2012-03-04). "Israel, Cyprus, Greece sign electric cable deal". The Jerusalem Post. Retrieved 2012-03-09.
- "DEH/Quantum to build EUR 1.5 bln East-West mega-cable". Financial Mirror. 2012-01-26. Retrieved 2012-03-09.
- Rabinovich, Ari (2012-03-04). "Israel-Cyprus underwater power cable takes shape". Reuters. Retrieved 2012-03-09.
- Weissman, Lilach (27 July 2015). "המלצת ועדת השימוע: שינויים במתווה הגז" [Recommendations of the Gas Market Hearings] (in Hebrew). Globes. Retrieved 27 July 2015.