Decisive Steps Towards the Great Sea Interconnector Project: A Look into Cyprus and Greece's Energy Partnership
The Great Sea Interconnector project, an electric cable linking Cyprus and Greece, is on the brink of significant developments as key decisions are expected in August. The recent visit of the CEO of Greece's ADMIE, the implementing body of the project, to Nicosia has set the stage for pivotal discussions following the presentation of a cost-benefit study. Cyprus is now poised to address the remaining issues surrounding the project.
In addition to the domestic considerations, concerns raised by ADMIE regarding delays have also reverberated in Brussels. Officials expressed their displeasure with the Cyprus Energy Regulatory Authority's (CERA) decision to deny cost recovery starting from January 1. However, following positive feedback on ADMIE's study, the European Commission has exerted pressure on Nicosia to provide clarity on the situation.
A crucial teleconference was convened on Tuesday, bringing together representatives from the European Commission, Cyprus and Greece's energy ministries, ADMIE, and both countries' regulatory authorities. This meeting resulted in two pivotal decisions - CERA will undertake a review of ADMIE's study and subsequently make a regulatory decision. In addition, plans were set for a follow-up meeting to determine Cyprus's role in the equity structure of the project.
Looking ahead, a decisive follow-up meeting with the European Commission is scheduled for August 12. By this time, Nicosia is expected to have finalized its stance on participation in the project, marking a crucial juncture in the advancement of the Great Sea Interconnector project.
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