Cyprus is to become an energy hub connecting Europe to Asia through a joint project between Greek Electricity Authority DEI and Israeli institutional authorities. The project called “EuroAsia Interconnector”, will involve the construction of an underwater cable which is estimated to cost 1.5 billion euro and will be completed in a period of 3 years from the start of construction. The cable will connect Israel to Cyprus, then extend from Cyprus to Crete and further to mainland Greece, essentially connecting Asia to Europe. It will be able to carry 2000 MW of electricity putting an end to Cyprus’s energy isolation from the Europe and Asia. The same cable can be used for both import and export of electricity; while initially will be used for Israel to sell its surplus energy to Europe it does not exclude the possibility of Cyprus selling its own electricity once the hydrocarbons discovered by Noble Energy are exploited.
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