EuroAsia Inter-connector is a leading European Union Project of Common Interest, also labelled as an “electricity highway” by the European Commission, connecting the national grids of Israel, Cyprus and Crete-Attica in Greece and creating a reliable energy bridge between the continents of Asia and Europe allowing bi-directional transmission of electricity.
The project has already been co-financed in the form of grants, in two separate occasions, by the European Union through the Connecting Europe Facility for the execution of preliminary and final pre-works studies.
An application to the EU for the co-financing of the construction of the project will be submitted during the “2018 CEF Energy Call for Proposals”.
EuroAsia Inter-connector Limited, the Project Promoter of the interconnection, is currently in the planning phase of the procurement process for the construction of Stage 1 of the 2.000 MW electricity inter-connector.
The EuroAsia Inter-connector will start near Hadera in Israel and take the sub-sea route to Cyprus where it will connect at the Kofinou station.
From there it will head west and take a sub-sea route to Korakia point in Crete, Greece and from there continue to Attica, mainland Greece.
The EuroAsia Inter-connector will be 1518 kilometres in length (Israel-Cyprus 310 km; Cyprus-Crete 879 km; Crete-Attica 329 km). Its lowest sub-sea point will be 3,000 metres below sea-level.
The implementation dates as provided to the European Commission, for the commencement of Stage 1 of the electricity interconnection between Israel, Cyprus, Crete and Attica with total transmission capacity of 1,000 MW, are:
- Cyprus – Israel commissioning in December 2021
- Crete -Attica commissioning in December 2020
- Cyprus – Crete commissioning in December 2021
The EuroAsia Inter-connector will provide to the partner countries significant socio-economic benefits worth 10 billion euros which will derive from the decrease of electricity cost by using more efficient methods in power generation, i.e. natural gas, renewable energy sources, and from the reduced cost of replacing old power plants which will be avoided.
EuroAsia Inter-connector contributes to the energy targets:
- Ends the Energy Isolation of Cyprus as an EU member state. Cyprus is the last member of the European Union which remains fully isolated without any electricity or gas interconnections
- EuroAsia Inter-connector creates an electricity highway from Israel-Cyprus-Crete-Attica, Greece (Europe) through which the European Union can securely be supplied with electricity produced by the gas reserves in Cyprus and Israel, as well as from the available Renewable Energy Sources, contributing at the same time to the completion of the European Internal market.
- The EuroAsia Inter-connector ensures the security of energy supply of the three involved countries and of the EU system altogether, through the integration of the isolated small systems of Cyprus and Crete with the Israeli and European networks and the uninterrupted – multidirectional flow of energy.
- Promotes the substantial development of the Renewable Energy Sources and contributes to the reduction of the CO2 emissions.
- Offers significant economic and geopolitical benefits to the involved countries.
- Contributes to the target of the European Union for 10% of electricity interconnection between Member States.
- Provides significant socio-economic benefits at the range of 10 billion euros.
Former Foreign Minister of the Republic of Cyprus Ioannis Kasoulides joined EuroAsia Inter-connector as Chairman of the Strategic Council.
“We are delighted that Dr. Ioannis Kasoulides has joined Euroasia Inter-connector. His unprecedented career and impressive presence in the international political sphere is of great importance to the EuroAsia Interconnector that is building bridges between continents and contributing to the economic and social welfare of all citizens of the countries involved,” CEO Nasos Ktorides said…. / IBNA