ECONOMY

New project for cable firm

new-project-for-cable-firm

Hellenic Cables is set to participate in a project connecting the Israeli, Cypriot and Greek power grids via undersea cable. The design for the EuroAsia Interconnector project has already been included in the European Union’s Projects of Common Interest.

Undersea cables are laid in trenches along the seabed to prevent their disturbance by ships’ anchors. The work is carried out by robotic technology. The first phase of the project involves connecting Crete with Athens and Cyprus with Israel, while the second phase will see the linking of Crete with Cyprus. The cable will transfer electricity produced from natural gas in both directions.

The underwater cable with a total length of some 1,500 kilometers will be laid at depths of up to 2,000 meters below sea level with a capacity of 2,000 megawatts.

The completion of the project will make electricity transmission to the Cyclades Islands more reliable and reduce the financial burden on consumers by about 100 million euros a year. Hellenic Cables currently exports to 50 countries.

The management strategy is to sign contracts with international companies distributing electricity and natural gas.