Cyprus Government Divided Over Great Sea Interconnector Project Viability
The Cyprus government's stance on the Great Sea Interconnector (GSI) project has revealed internal divisions, with Finance Minister Makis Keravnos expressing doubts about its viability. Keravnos criticized the estimated €1.9 billion cost, pointing out it only includes the subsea cable and excludes additional expenses like insurance and maintenance. He also referenced studies highlighting significant financial risks and potential consumer cost increases.
In contrast, Energy Minister Michael Damianos emphasized the project's importance for energy security and its geopolitical significance for Cyprus, Greece, and Israel. Damianos suggested that if costs are too high, alternative investments could be sought. This disagreement exposes a lack of a unified government position, despite President Christodoulides's previous endorsement and the involvement of major investor Meridiam.
The conflicting messages from ministers raise questions about the government's decision-making process on the GSI. With the viability study still pending, critics argue that a cohesive stance should wait for the report's completion before making public declarations, to avoid undermining confidence in the project and its potential benefits.
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