Cyprus government backs Great Sea Interconnector with caution over costs and consumer impact
The Cyprus government supports the Great Sea Interconnector (GSI) project but remains vigilant about its economic viability and effects on electricity prices, Energy Minister Michalis Damianos announced. Initial calculations indicate the project could raise electricity costs per kilowatt hour, prompting the government to consider seeking additional funding from European or other sources if expenses escalate.
Damianos emphasized that Cyprus's participation in the project’s share capital is not guaranteed to influence decision-making significantly and that alternative measures, such as modifying the cost payback period, are being explored to ease the financial burden on consumers. The interconnector is valued for securing Cyprus's electricity supply and its geopolitical importance, linking Cyprus to Crete and Israel as part of the India Middle East Europe corridor.
An updated technical and economic study by the European Investment Bank is expected by year-end to clarify the final cost. The government will decide on capital participation after this assessment. The Energy Minister also noted that the overall electricity price depends on multiple factors, including the Vasiliko project, natural gas imports, and energy storage improvements. Maritime surveys are slated to resume soon, with French support expected to mitigate geopolitical risks.
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