Electricity cash would arrive quicker than gas

Electricity cash would arrive quicker than gas

 

By Elias Hazou

An Israeli-led joint venture’s proposal to produce and export lucrative electricity from possible gas reserves within offshore Block 3 is being “considered” by the government, the Sunday Mail has been told.

The venture had bid for Block 3 but was not picked, the exploration licence ultimately awarded to the Italian-Korean consortium of ENI-KOGAS.

But Dr Eli Barnea, CEO of Sigma Explorations Holdings Limited – which has a 75 per cent stake and was the designated operator in the Israeli joint venture – said this week that their offer still stands.

The Israeli-led group’s proposal on Block 3 incorporated the construction of a power plant on the island for exporting electricity to Israel and for generating electricity for Cyprus’ local consumption, by linking the two countries’ grids via a subsea cable.

Due to their geography, both nations are currently isolated in energy terms and vulnerable to failures at their main power plants, argues Barnea, citing the Mari disaster of 2011.