great sea — Nexans has confirmed that the delivery schedule for the Great Sea Interconnector (GSI), which links the power supplies of Greece and Cyprus, is undergoing significant changes. This adjustment means that the project will now be completed later than initially planned.
Great sea: Negotiations with Admie Underway
The French cable manufacturer announced on Tuesday that it is in active discussions with Greece’s independent power transmission operator, Admie, to renegotiate the timing of the project. The completion date, originally set for late 2029 or early 2030, will be postponed as a result of these negotiations.
Commitment to Project Despite Delays
Despite the impending delays, Nexans reassured stakeholders that its commitment to the GSI remains steadfast. The company emphasised that these changes will not affect its financial forecasts for 2028.
Changes to Project Design and Execution
In light of the adjustments, Nexans has withdrawn tenders and informed subcontractors about alterations to the project’s design and execution timetable. The company is currently working in line with obligations set until 2023 and is evaluating the best available options for a revised schedule.
Addressing Financial Implications
Although the delivery will be impacted, Nexans indicated that it has a robust order backlog and has implemented mitigation measures since 2026 to offset any potential financial effects stemming from these delays. CEO Julien Hueber stated that the company’s disciplined and collaborative approach is crucial as they navigate external and political developments affecting the project.
Collaboration with Greek Authorities
During a recent conference call with analysts, Hueber clarified that the GSI project has not been cancelled, contrary to some speculation. He noted that Nexans is maintaining a close working relationship with Admie, with ongoing discussions about next steps, payments, and necessary political support.
Funding and Regional Dynamics
Nexans has received €250 million in tranches towards the total €1.4 billion contract for the cable. However, tensions have arisen as Cyprus has withheld a €25 million payment to Admie for 2025, which has contributed to friction between Nicosia and Athens. This situation highlights the complexities of the interconnector’s funding and its implications for regional collaboration.
Strategic Importance of the Interconnector
Both President Nikos Christodoulides of Cyprus and Greek Prime Minister Kyriakos Mitsotakis have recently agreed on the need to update technical parameters to attract potential investors. They reiterated that the GSI remains a priority for enhancing regional security and energy resilience, indicating its vital role in the energy landscape of the area.
