EMC 2021 . 2021 SEPT 14-16 . NICOSIA
Sun May 28, 2017 | 2:13am EDT
Reporting by Ari Rabinovitch; Editing by Tova Cohen
Greece's Energean said on Sunday it signed contracts to supply up to 23 billion cubic meters of natural gas to private Israeli power stations from the Tanin and Karish gas fields offshore Israel.
The deals were signed with Dalia Power, which operates Israel's largest private power station, and Or Power, which is planning to build new power plants, Energean said in a statement.
Financial details of the deals were not disclosed.
Energean, a private exploration and production company in the eastern Mediterranean, bought the Karish and Tanin licenses from Israel's Delek Group in December 2016 for an upfront cost of $40 million and $108.5 million in contingent payments.
24 Jan, 2017 14:12
Nati Yefet
The Electric Corporation will save $1.34 million on its fuel costs.
Sources inform "Globes" that Israel Electric Corporation (IEC) (TASE: ELEC.B22) board of directors last Thursday approved a deal to buy surplus natural gas from Dalia Energies, owner of the Dalia power station, for 50 days at a price that will save the company at least $1 million. While IEC buys gas from the Tamar reservoir at $5.80 per mmbtu, it will pay less than $5 for the gas from Dalia. Dalia, the largest power station in Israel, has a 900 megawatt capacity, enabling it to supply 7% of Israel's electricity.
The IEC decision followed the start of a two-month shutdown of one of Dalia's two turbines earlier this month, shortly after the other turbine ended a two-month shutdown. As reported to "Globes," each turbine generates NIS 32 million a month in revenue, meaning that the four-month shutdown of one turbine will reduce Dalia's revenue by nearly NIS 130 million. Adding several million dollars for repairing each turbine brings the projected damage suffered by Dalia to NIS 150 million. A malfunctioning turbine is not a rare event; IEC combined cycle turbines are shut down an average of 29 days.
