PPC Quantum Energy S.A., a subsidiary of electricity giant Public Power Corporation, this week formally announced the launch of the construction of a 2,000-megawatt undersea electricity cable to link up the electricity grids of Israel, Cyprus and Greece.
The company has notified the Regulatory Authority for Energy (RAE) and CERA, the corresponding authority in Cyprus, over the «EuroAsia Interconnector» project.
In a joint letter to the company, both authorities underlined that the implementation of such an ambitious project will decisively contribute to ensure the safety of power supply for the entire region of SE Europe and the eastern Mediterranean.
They also suggested a meeting to take place between the company and the parties involved for the formal presentation of the project.
The total length of the undersea cable will be 1,000 kilometers, making it the world?s biggest. It will be placed as deep as 2,000 meters from the surface at some points.
The project will be completed within three years and cost some 1.5 billion euros, with the participation of PPC?s Israeli counterpart. Its revenues in the long term are estimated at up to 17 billion euros.