The Great Sea Interconnector has become a focal point for Cyprus and Greece as both nations move forward with plans to link their electricity grids. Energy ministers from both countries reaffirmed their commitment to the project during discussions in Athens on Thursday.
Energy Minister George Papanastasiou of Cyprus met with his Greek counterpart, Stavros Papastavrou, to discuss the technical and institutional consultations necessary for the interconnector. Unnamed Greek government sources revealed that discussions primarily revolved around the interconnector, which has previously been a source of tension between the two nations.
Following their meeting, the ministers agreed to continue advancing the necessary procedures to initiate the next phases of the Great Sea Interconnector project. This commitment comes at a time when President Nikos Christodoulides of Cyprus insisted that there is “no crisis” between the two countries over the GSI.
President Christodoulides expressed confidence in the project’s future, stating that it will “of course” be built and that both nations are actively working towards that goal. His remarks followed some critical comments regarding the project’s promoter, Greece’s independent transmission system operator, Admie.
Christodoulides had previously asserted that the Cypriot government would not be “blackmailed” by Admie, particularly after reports surfaced indicating that the operator is contesting a decision made by Cyprus’ energy regulator. This regulator has documented that Admie has incurred €82 million in capital expenditures for the interconnector, while Admie claims the number is significantly higher at €251 million.
According to the agreement between Cyprus and Greece, Cyprus is responsible for 63 per cent of the costs, while Greece will cover 37 per cent. The total estimated cost of the interconnector stands at around €1.9 billion, with expectations for the project to be operational by 2030.
