undersea power — Greece will hire an external adviser to review costs for a stalled project to build one of the world’s largest undersea power cables, known as the Great Sea Interconnector, as it seeks new investment.
- The Greek transmission operator, IPTO ADMr.AT, is now overseeing the project after taking control in late 2023 from a Cyprus-based operator that had been involved for nearly a decade.
The project aims to link mainland Europe to Cyprus, boasting a planned capacity of 1,000 megawatts. It has a budget of €1.9 billion (approximately $2.26 billion), with partial funding from the European Union. However, delays have plagued the initiative due to geopolitical tensions in the eastern Mediterranean. Cyprus has sought clarity on the total cost, viability, and potential liabilities associated with unforeseen delays.
The Greek transmission operator, IPTO ADMr.AT, is now overseeing the project after taking control in late 2023 from a Cyprus-based operator that had been involved for nearly a decade.
Undersea power: Commitment from Both Nations
In recent months, both Greece and Cyprus have reiterated their commitment to the undersea cable project. Cyprus has even approached the United Arab Emirates to explore potential cooperation, aiming to strengthen the project’s development.
Seeking New Investment
Energy Minister Stavros Papastavrou announced the decision to move forward on Greek Open television, stating, “The decision by Greece and Cyprus is that we move ahead, that there will be updated numbers by a house, one of the most renowned ones in the world, and with that, to attract investors either from the Middle East or the Americas.” He expressed hope that this would mark a fresh start and that a larger pool of investors would facilitate the implementation of the scheme.
Renegotiations with Cable Supplier
French cable manufacturer Nexans, which has secured a €1.4 billion contract to supply the cable, has acknowledged the delays and is currently renegotiating the delivery schedule. This acknowledgment highlights the challenges faced in the project’s timeline and underscores the importance of the upcoming cost review.
