great sea — The Great Sea Interconnector (GSI) continues to spark debate within the Cypriot political landscape, with Finance Minister Makis Keravnos recently refuting claims of internal division on the government’s stance regarding the ambitious project.
Keravnos responded to accusations from Diko party leader Nicholas Papadopoulos, who suggested that the government was exhibiting ‘double-speak’ concerning the GSI, a €1.9 billion initiative aimed at linking the electricity grids of Cyprus and Greece through a subsea cable. Papadopoulos stated that the government’s contradictory statements on the project raised concerns about its commitment.
In his remarks, Keravnos affirmed that his position aligns with both the Cypriot and Greek governments. He cited the need for an update on specific technical and economic parameters related to the GSI, a viewpoint echoed by President Nikos Christodoulides and the Greek Prime Minister.
Discussions in early November between Nicosia and Athens led to an agreement on the necessity of updating the GSI’s economic and technical parameters, effectively calling for a new cost-benefit analysis of the project.
Adding to the dialogue, EU Energy Commissioner Dan Jorgensen recently indicated that no new study was necessary, reinforcing the strategic importance of the GSI for the European Union. He asserted that the advantages of the interconnector surpass its costs, referencing a 2016 study that supports this view.
When queried about Jorgensen’s comments, Keravnos opted not to elaborate, stating, “I won’t comment on anyone else’s statements. I comment on the government’s views, repeated by the president yesterday.”
President Christodoulides has been vocal in asserting that there are no internal disagreements within the government regarding the GSI, declaring, “There never were. This government supports the strategic goal, which is the electrical interconnector between Greece and Cyprus.” He further noted that the idea for an updated study originated from the Greek Prime Minister.
In a discussion about the project’s viability, Keravnos clarified, “It is not I who thinks the project not viable. Studies are done for every project. There is now the understanding that an update is necessary. A large amount of time has passed since the EU approved the amount, it’s been a decade.”
Keravnos was likely referring to the European Commission’s decision to allocate €657 million in grants for the interconnector, a decision made in January 2022, though it’s unclear if Keravnos misspoke regarding the timeline.
Regarding the allocation of €25 million for the GSI in the current budget year—an amount requested by the project promoter—Keravnos was non-committal, stating, “Once the conditions are met, the funds are available in the budget.”
