Israel to Generate 70% of its Electricity from Natural Gas by 2016, but Policymakers Lag Behind
Recent news of a massive natural gas well have turned eyes on Israel’s struggle to adopt an energy policy in the wake of its first-time gas wealth. Trying to measure the value of energy independence against short-term profits, Israel has shown that its unexpected blessing comes with a price.
In 2009, Tamar, located approximately 80 kilometers off the coast of Haifa, was the world’s largest natural gas discovery, endowing Israel with over 9 trillion cubic feet of natural gas. The confetti had barely settled when Leviathan, 40 kilometers farther offshore, shocked the nation and the world with a payload double that of Tamar, and the esteemed honor of being the largest offshore natural gas discovery in the world in over ten years, and totally a grandiose 700 billion cubic metres (24.7 trillion cubic feet).
Financial and energy analysts could barely contain themselves. Joyful predictions of long-coveted but previously inconceivable energy independence were raised, alongside the gleeful shouts of financial analysts who anticipated massive income from the export of gas.
http://www.jewishpress.com/news/israeli-natural-gas-lottery-win-a-challenge-for-policy-makers/2012/07/26/