Nasos Ktorides, head of the EuroAsia Interconnector project stated that work on an electric cable linking the power grids of Israel, Cyprus and Greece is on track to start in the first quarter of 2018 after Greek and Cypriot regulators approved the project.
Ktorides noted on Monday that Israeli regulators are expected to give their approval next month, as reported by sources. The 1,520-kilometer (945-mile) undersea electric cable with a 2,000-megawatt capacity will be able to both receive and transmit electricity.
Work on the cable is expected to last until 2022 and its first phase will have an estimated cost of around 3.5 billion euros ($4.13 billion).
The project emerged in the light of improved relations between the three counties, coupled with the discovery of gas deposits in the east Mediterranean that could be used to generate electricity.
EuroAsia is one of the European Commission’s Projects of Common Interest, intended to help the bloc meet its ambitious energy and climate goals by completing the internal market, increasing security of supply and unlocking the potential of renewable energy.
By linking Cyprus and Israel to the European mainland, the project aims to tap into the electricity-generating potential of gas reserves discovered in the Mediterranean off both countries’ shores.
In April, Italy, Israel, Greece and Cyprus pledged to start work on the world’s longest undersea gas pipeline, which also seeks to exploit the natural gas resources in the eastern Mediterranean.
A report published by Global Research in 2014 revealed that Israel has been stealing the natural gas of the Palestinians since the gas fields of the Gaza Strip are part of the broader Levant assessment area. Back then, a Memorandum of Understanding” was signed between Israel and Jordan in the reservoir of Leviathan to export Israeli natural gas to Jordan during the next 15 years with a total value of $15 billion”.