![]() ![]() ![]() Saudi Crown Prince Mohammad Bin Salman (MBS) has also been hitting up France, with talk of the possibility of exporting Saudi renewables and hydrogen to the European country, though no official deals have been signed. The potential $4-billion project could have the capacity to transport some 3,000 megawatts per day, though a feasibility study has not yet been conducted.Ī similar deal has been struck with both Cyprus and Israel, with the three countries pursuing a $900-million underwater power cable. Cyprus, Greece and Israel on Monday signed an initial agreement to build the world’s longest and deepest underwater power cable that will traverse the Mediterranean seabed at a cost of about 900 million and link their electricity grids. To that end, Greece is also seeking to build an undersea cable that will link its grid to Egypt for renewable energy. Saudi Arabia has signed a deal with Greece for the establishment of a jointly-owned company to link up the two countries’ power grids with the. Greece’s energy mix is already 40% renewable, and the country is seeking to boost this further, while lowering costs. By Charles Kennedy - Sep 27, 2023, 1:30 PM CDT. The new company, Saudi Greek Interconnection, joins Greece’s IPTO and Saudi Arabia’s National Grid, each with a 50% stake. Support for the so-called East Med pipeline project has waned amid questions over its feasibility as well as its adverse impact on the environment.Ĭypriot President Nicos Anastasiades said last week that studies on the pipeline’s feasibility were still ongoing, but other alternatives are open to get gas to markets.Īmong the more likely options is to convey Cypriot gas to Egyptian processing plants where it would be liquefied for export by ship.Saudi Arabia has signed a deal with Greece for the establishment of a jointly-owned company to link up the two countries’ power grids with the goal of supplying Europe with clean energy, Reuters reports. The move toward an electricity cable link appears to have supplanted plans for a potential pipeline connection between the three countries to convey gas from existing and potential deposits off Cyprus and Egypt to Europe through Greece. The cable’s first phase is expected to be completed by 2025. The agreement aimed to expedite permits and approvals for feasibility studies and to help the three countries’ national electricity coordinators to cooperate on how best to move forward. Pilides and her Greek and Israeli counterparts signed an agreement last October to speed up technical work on the cable dubbed the “Eurasia Interconnector.” Pilides said a study shows that the cable in combination with power storage facilities could push Cyprus’ use of renewable energy sources above 50% by 2030. ![]() With the cable’s completion, it’s expected that more investment will flow into renewable energy sources enhancing the energy mix of Greece, Cyprus and Israel. Pilides said beyond the project’s geopolitical weight, it will ensure Cyprus’ energy security, boost competitiveness in the power supply sector and help the island nation more easily transition to a green economy. Negotiations to transfer the funds are expected to wrap up this summer. Pilides said the money enables crews to start constructing the segment of the cable that will connect Cyprus with Crete whose total cost is estimated at roughly 1.6 billion euros ($1.8 billion). Pilides told reporters the funding is Cyprus’ largest-ever investment as well as the lion’s share of the total sum that the EU’s Connecting Europe Facility, which bankrolls infrastructure projects, has allocated to a single project this year. NICOSIA, Cyprus (AP) - The European Union has earmarked 657 million euros ($736 million) for the construction of a a 2,000-megawatt undersea electricity cable that will link the power grids of Israel, Cyprus and Greece, Cypriot Energy Minister Natasa Pilides said Thursday. ![]()
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