The Anonymous Widower

The EuroAfrica Interconnector

The Wikipedia entry for the EuroAfrica Interconnector, introduces the project like this.

EuroAfrica Interconnector is a HVDC interconnector and submarine power cable between the Greek, Cypriot, and Egypt power grids.

The Wikipedia entry has a section called Technical Data, where this is said.

The EuroAfrica Interconnector will link Egypt with the Cypriot and Greek power grids through the island of Crete, with a high-voltage direct current submarine power cable of length around 1,396-kilometre (867 mi). Egypt will be connected with Cyprus with a 498-kilometre (309 mi) long cable. Cyprus will be connected with Crete with a 898-kilometre (558 mi) long cable providing a connection to the pan-European electricity grid.[1] The laying depth of cable will be up to 3,000 metres (9,800 ft) under sea level in some areas between Crete and Cyprus. It will have a capacity to transmit 2,000 megawatts of electricity in either direction. Annual transmission capacity is 17.5 TWh, much more than the annual production of the Aswan Dam.

In The EuroAsia Interconnector, I noted how Israel will be connected to Cyprus, thus when both interconnectors are complete, Cyprus, Egypt, Greece and Israel will be able to share electricity.

July 25, 2022 Posted by | Energy | , , , , , , , , | 1 Comment

The EuroAsia Interconnector

The Wikipedia entry for the EuroAsia Interconnector, introduces the project like this.

The EuroAsia Interconnector is a proposed HVDC interconnector between the Greek, Cypriot, and Israeli power grids via the world’s longest submarine power cable (310 kilometres (190 mi) from Israel to Cyprus and 898 kilometres (558 mi) from Cyprus to Greece, for a total of 1,208 kilometres (751 mi)). Connecting Kofinou, Cyprus to Hadera, Israel and Korakias, Crete, Greece and stated to finish construction in 2023.

When completed it will have a capacity of 2 GW.

From Wikipedia, it appears that at least initially, Israel will export electricity produced in gas-fired power stations from their own more than adequate supplies of natural gas.

In Andrew Forrest’s Fortescue Future Industries Inks Deal With Kingdom of Jordan For Green Hydrogen Study, I published this Google Map of Jordan.

Surely, in the future, the EuroAsia interconnector could be carrying solar generated green electricity from Iraq, Jordan and Saudi Arabia to Cyprus and Greece.

As, according to Reuters, Greece covers about 40% of its annual energy needs with Russian gas, this can’t be good for Vlad the Mad and his bloodstained gas.

 

 

July 25, 2022 Posted by | Energy | , , , , , , , , , , , | 2 Comments

David’s Golden Rules And Cyprus

I’ve mentioned my late friend and bank manager, David’s rules before, so how would they apply to the Cyprus bail-out and the problems it has created.

Things have changed since he died six years ago, but the two principles he gave me still apply.

If you a UK citizen or resident, he would never have advised anybody to use a bank that was head-quartered outside of the UK, as you don’t know what external factors will apply in that country.

The second principle, was never to bank with a small bank, that has the possibility of being taken over by a man with a large ego for his own purposes.  He said this, when I got an offer from Bank of Scotland, in probably the 1990s. I know that they didn’t have the Fred the Shred problem, but he felt that given the changes that would happen in banking, it might be something I would regret.

Incidentally, he was not against smaller building societies and credit unions, and once told me that he believed the latter would be strong in the future. He was wrong on that, but I think he underestimated the conservatism of the average bank account customer, who are reluctant to change banks.

So if we look at the last few years, his rules would have ruled out banking with the Icelandics, RBS and probably Bank of Scotland too!

I didn’t bank with any of them!

So what would he have thought about Cyprus.  He would probably have had a very juicy tale about one of the Cypriot Banks ans of course they do break both golden rules, in that they aren’t in the UK and are two small.  They may be OK, if you need a local bank account, but these days, with electronic transfers, you could probably manage it all through the Internet. I don’t know for sure, as I’ve only ever been to Cyprus as a tourist for enjoyment.  Nothing in the world, would encourage me to live outside of the UK anyway!

But making account holders in Cyprus take a haircut is something, that will happen elsewhere in the eurozone, as the precedent has now been set.

In fact, if I was George Osborne, I might be having a quiet chuckle, as the Cyprus haircut, might be one of the better things that happen to the UK financially this year. Will those, EU citizens with a dodgy banking system in their country, look even more seriously at the UK as a more benign place to live?

I think too, we’ll see more innovative financial products coming out of the City of London, designed to appeal to those with money in other parts of the European Union. If you’re very rich, these products already exist, but will we see products for say the German engineer or doctor of comfortable means, who wants his money safe, to work for him and give him a comfortable retirement.

 

 

March 17, 2013 Posted by | Business, Finance, News | , , | 2 Comments

Bank Customers To Share Pain Of Cyprus Bail-Out

The Eurozone and the IMF have agreed a deal to bail out Cyprus to the tune of €10 billion, as is reported here on the BBC.

What is different though in this bail-out, is that bank depositors will also have to take some of the pain. The comment from the BBC correspondent; Andrew Walker is as follows.

It has been a long and difficult negotiation, partly because of the reluctance of other Eurozone countries to use taxpayers’ money to help foreign customers of Cypriot banks. Many of them are wealthy Russians.

There are concerns around Europe about whether all that money was legitimately acquired and also about how effective Cyprus is in dealing with money laundering.

The deal involves a levy on bank deposits intended to ensure those investors contribute to the bailout. But it will apply to all deposits – at a higher rate on amounts above 100,000 euros.

I’m personally not that sorry, that laundered money will be effectively taxed, but it does strike me, that this crisis could get a lot bigger, if the Russians get annoyed.

March 16, 2013 Posted by | Finance | , , , | 14 Comments