great sea — The Great Sea Interconnector (GSI) project, designed to connect the electricity grids of Cyprus and Greece, is still progressing according to Nexans CEO Julien Hueber. In a recent conference call addressing the company’s Q3 earnings, Hueber emphasised that there is “no Plan B” regarding the cable that has already been constructed.
Great sea: Commitment to Progress
Hueber reassured analysts and stakeholders that Nexans is committed to the GSI, stating, “The project is ongoing. Extremely good relationship and collaborative work with Ipto, our customer. For us, there is no plan B.”
Financial Milestones
As of now, Nexans has received €250 million in payments for the project, which is expected to total €1.4 billion. Hueber noted that discussions about the next steps and further payments are ongoing, hinting at the complexity of the financial arrangements involved.
Political Dynamics and Collaboration
In the Q&A segment of the call, Hueber addressed concerns about the potential cancellation of the interconnector. “First of all, the project is not canceled. We are still working on it,” he assured. He highlighted the importance of ongoing discussions not only with Ipto, Greece’s independent power transmission operator, but also on the political side, supported by the European Commission.
International Support and Stake
The European Union has a vested interest in the GSI, having pledged €657 million in grants towards the €1.9 billion project. This financial backing underscores the project’s significance in enhancing energy connectivity in the region.
Ongoing Discussions Between Cyprus and Greece
Recent tensions have arisen between Cyprus and Greece over a withheld €25 million payment for the year 2025 from Cyprus to Admie, the project promoter, which is 51% owned by the Greek state. However, both governments are keen to resolve these issues, as indicated in a joint statement following a teleconference between the energy ministers of Cyprus and Greece. They expressed their commitment to collaborate “in a spirit of unity and mutual trust.”
Looking Ahead
Hueber concluded by acknowledging the collaborative efforts with Ipto and the ongoing discussions regarding the project’s political aspects. He expressed optimism for the future of the GSI, reinforcing Nexans’ dedication to delivering the project. As the teams continue to work closely, the outcome of these discussions will likely shape the next steps for the interconnector.
