EuroAsia Interconnector - Heraklion Congress

April 22, 2016

Ladies and gentlemen,

It is a great pleasure to be here with you today as the official project promoter of the electricity interconnection between Israel, Cyprus, Crete and Attica in order to update you about the progress in the implementation of this significant project.

First of all, I would like to thank the Region of Crete for inviting me to this two-day conference and to congratulate you for taking this initiative.

Following the last trilateral meeting of the leaders of Israel, Cyprus and Greece on 28 January, 2016, in Nicosia, where they declared their support, and considering the importance of EuroAsia Interconnector for Cyprus, Israel and Greece as well as the European Union, we have concentrated our efforts on the timely implementation of the project, the construction of which will commence in 2017.

Being now at their final stages of completion, the Technical and Environmental Studies carried out by the Italian organization CESI S.p.A. and the Reconnaissance Survey executed by the GAS S.l.r. –also an Italian organization– have resulted in important conclusions.

• It is reconfirmed that the electricity networks interconnection between Israel, Cyprus, Crete and Attica is technically feasible.

• The four surveyed locations in Israel, Cyprus, Crete and Attica have all been considered technically and environmentally suitable for accommodating all infrastructures for EuroAsia Interconnector.

• Considering the results of the Technical Study, the submarine cables can be manufactured with higher voltage level up to 500 kV and with improved technical characteristics which allow for the cables to be laid at depths of up to 3,000 metres; and it is also reconfirmed that EuroAsia Interconnector is technically feasible.

• Based on the processed data obtained from the route survey performed by the Italian flag R/V Odin Finder, a feasible corridor has been designed that allows the 1,000 MW cable to be laid at depths of up to 3,000 metres.

Moreover, the Cost Benefit Analysis (CBA) Studies, which are being executed by CESI organization based on ENTSO-E methodology, have been completed pursuant to the requirements of the relevant EU Regulation.

It is clarified that EuroAsia Interconnector Limited as the official project promoter will finance the construction of the electricity interconnection between Israel, Cyprus, Crete and Attica with total transmission capacity of 1,000 MW.

With regards to the licensing process, significant progress has been made in all three countries pursuant to Article 10 of the European Regulation and the Licensing Manuals issued by Cyprus, Greece and Israel.

Conclusively:

• The electricity networks interconnection between Israel, Cyprus and Greece (Crete – Attica) will commence in 2017.

• The financial cost for the completion of Stage 1 –1,000 MW– is 3.5 billion euros and will be undertaken in full by EuroAsia Interconnector.

• 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:

o 2017 for Cyprus – Israel and commissioning in 2019,
o 2017 for Crete – Attica and commissioning in 2020,
o 2018 for Cyprus – Crete and commissioning in 2022.

The EuroAsia Interonnector will provide the involved countries with 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) rather than the energy consuming and polluting fuels.

Greece will benefit to a great extent from the socio-economic benefits worth 10 billion euros deriving from the implementation of the EuroAsia Interconnector project.

The energy security of Greece will be strengthened, the energy cost will be decreased, renewable energy resources will be developed, the carbon dioxide (CO2) emissions will be reduced and the cost for replacing the old power plants will be avoided.

The implementation of EuroAsia Interconnector project will ensure the electricity interconnection between Crete and Attica at no cost to the Greek Government. The EuroAsia Interconnector –a significant interconnection project of common interest (PCI) among the Member States– enjoys the full support of the European Commission.

The EuroAsia Interconnector creates the electricity “highway” that will connect the Eastern Mediterranean with the European Union. Greece will become a major energy hub in the region enhancing further the country’s geopolitical importance in regard to the EU energy security.


Thank you,

Nasos Ktorides
Chief Executive Officer




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