EastMed-Poseidon project

A European strategic project, confirmed technically feasible and economically competitive.
The strategic relevance: Project of Common Interest (PCI) since 2013 and now included in the RePowerEU Plan.
The most mature project in the area: today in the final authorisation and engineering phase with completion targeted by the end of 2022. Expected commercial operation date in 2027.
A strategic route: direct connection between Europe and Israeli sources avoiding transit risks.
Coherent with the energy transition: in line with Europe's mid-term strategy, the project leads the way for offshore hydrogen transportation.

Substantial gas volumes able to contribute effectively to the diversification of European imports.

Europe and Italy will have to replace Russian gas supplies respectively of 150 Bcm/year (33% of demand) and 30 Bcm/year (40%) and ensure system security during the whole energy transition period.
Since 2011, important interconnections with Russia have been realised for a total of ~140 bcm/year (Nordstream 1 & 2 110 bcm/y and TurkStream 32 bcm/y). Mediterranean area has seen, otherwise, a limited infrastructure development (TAP 10 bcm/y and MedGaz 10 bcm/y). The RePowerEU plan aims to establish long-term partnerships with reliable suppliers and diversify gas routes.

Feasibility confirmed by both leading industry companies and international certification entities.

The initiative is able to ensure stable long-term supplies with less exposure to global market price fluctuations.
Most efficient solution for transporting gas from the Mediterranean to European markets.
Total investment of 6 B€, lower than LNG chains with equal capacity (10 Bcm/y): liquefaction plant 5-6 B€ + regas terminal ~1 B€ + shipping.
Competitive transport tariff, optimised on distance between sources and markets, equal to 2,000 km (global LNG market > 6,000 km).
The project could also allow connected markets to diversify price signals (compared to global LNG market).
Financial support from the EU (as a PCI project) would further increase competitiveness.

In the current geopolitical scenario, EastMed-Poseidon is a key project for the diversification of national and European supplies.

The project represents an option of high strategic value for European energy security.
 
Europe and Italy, in addition to mitigating the short-term emergency, will have to implement medium and long-term solutions that ensure a stable substitution of Russian volumes.
The Eastern Mediterranean today does not have infrastructures capable of exporting all the volumes available in the area.
EastMed-Poseidon is an essential project not in competition with the LNG infrastructure in Egypt, today already exporting to global markets.
The infrastructure is a mature and feasible project within the same timeframe as other proposed supply solutions (2027).
EastMed-Poseidon is designed to transport hydrogen, a key element of Europe's energy transition.
Involved countries will benefit from a connection to close and stable gas sources, anchoring their energy markets to price signals not only dependent to global LNG dynamics.

Edison promotes the development of the EastMed-Poseidon Pipeline through the company IGI Poseidon, a 50-50 joint venture with the Greek DEPA International Projects. In addition, IGI Poseidon participates in the construction of the IGB gas pipeline that will come into operation in 2022 and will connect Greece and Bulgaria.