great sea — The Cyprus energy regulatory authority (Cera) has confirmed receipt of a letter from Greece’s independent transmission system operator (Admie) concerning the Great Sea Interconnector. Panayiotis Keliris, director of Cera, stated on Monday that the letter included an objection related to Cera’s earlier decision.
- Finance Minister Makis Keravnos also weighed in, indicating that his position on the payment might change if the project were currently in full implementation and at an advanced stage.
Keliris explained, “We confirm that a letter was sent and an objection was submitted, as provided for in the legislation. Someone can submit an objection and request a review of a Cera decision. We have this objection before us, which we are examining.”
The objection pertains specifically to Cera’s decision 280/25, made on July 31, which verified that Admie had invested €82 million in the interconnector project. This decision subsequently approved a €25 million payment that Admie had requested from the Cypriot government.
However, Admie contends that its actual investment in the project amounts to €251 million, significantly higher than the figure verified by Cera. Reports indicate that Admie is seeking to overturn the original decision to have all of its investments recognised before the project’s completion.
In a recent article by Phileleftheros, it was claimed that Admie aims to revise the framework agreement established last year, which stipulates that Cyprus will pay Admie €25 million annually for five years until the interconnector is completed. The report highlighted Admie’s view that the regulatory practices employed by Cera—specifically the decision to pay only a fraction of the total costs upfront—may be incorrect or even illegal.
Admie has since categorically denied these claims, asserting that its letter’s intent was solely to object to the €82 million verification, a figure it believes does not reflect its actual expenditures. Following the letter’s submission, President Nikos Christodoulides remarked on Sunday that Cyprus “will not be blackmailed by any head of Admie.”
Despite Cera’s approval for the €25 million payment, the Cypriot government has withheld this amount, citing insufficient progress on the interconnector project and differing opinions on funding sources. Energy Minister George Papanastasiou previously stated that Cyprus would only release the first €25 million instalment when the project is “implemented in its entirety,” emphasising that merely constructing the cables is not sufficient to meet this requirement.
Finance Minister Makis Keravnos also weighed in, indicating that his position on the payment might change if the project were currently in full implementation and at an advanced stage.
