Energy and Water Minister Uzi Landau instructed Israel Electric Corporation on Sunday to begin implementing a plan to lay undersea cables to link Israel’s electricity supply to Cyprus and draft a memorandum of understanding to be signed by both the IEC and Deh Quantum Energy, the ministry announced later that day.
Deh Quantum Energy is controlled by the Greek electric corporation, the Bank of Cyprus and a private firm. If all occurs on schedule, it will be possible to submit the project for approval by both the Israeli and Cypriot governments over the course of this year, according to the ministry. Landau had first expressed interest in pursuing this idea in November, when he accompanied President Shimon Peres on a trip to Cyprus, and then again last week during the Cyprus Commerce, Industry and Tourism Minister Praxoula Antoniadou Kyriacou's visit to Israel, the ministry said.
"This project could have a major positive influence on Israel's economy when, for the first time in our history, we will move beyond our being an energy island and link up with Cyprus, and through it to Europe,” Landau said, in a statement released by his office. “This is a psychological and diplomatic breakthrough that will affect Israel's energy redundancy and energy security. We are very much interested in moving forward on the issue.”