Great Sea Interconnector project costs may exceed €1.9 billion, finance minister warns
The Great Sea Interconnector (GSI) project could cost significantly more than the latest estimate of €1.9 billion, according to Finance Minister Makis Keravnos. He emphasized that this figure only accounts for the subsea cable, excluding additional expenses like insurance, maintenance, and warehousing. These extra costs must be considered in the final budget.
Keravnos expressed uncertainty over whether the interconnector would reduce electricity prices as previously claimed. He referenced a 2017 estimate from Cyprus’ energy regulator suggesting a cost to consumers of 3.7 euro cents per kilowatt-hour if the GSI becomes operational. The minister also recalled an earlier feasibility study conducted by an American firm that yielded discouraging results. As a result, the government has requested an updated study, whose findings are still pending.
Without current financial data and a clear assessment of viability, the government is reluctant to commit public funds as an equity investor. The project’s substantial investment would affect public finances and EU expenditure margins. If the state opts out, the project’s costs would fall on consumers.
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