Energy expert urges caution amid questions on Great Sea Interconnector project viability
Energy expert Constantinos Hadjistassou has called for a reality check on the Great Sea Interconnector (GSI) project following French asset management firm Meridiam's acquisition of a 66% stake. Despite the recent hype, Hadjistassou highlighted unresolved issues regarding the technical feasibility, final costs, and project governance, noting that Admie appears to remain the dominant player. The exact route of the cable and the readiness of technology to lay cables at depths of up to 3,000 metres remain uncertain.
Hadjistassou also questioned the realism of previous studies on benefits to Cypriot consumers, pointing to assumptions that may not hold. Additionally, he raised concerns about the capacity of Greek wind energy, which the GSI aims to import to Cyprus, given Greece's own energy demands. The project is backed by a €657 million pledge from the European Commission, but only about €15 million has been disbursed so far, mainly for preliminary seabed mapping.
While not opposing the project, Hadjistassou stressed the need for transparency and clear answers about governance, costs, technical challenges, and energy supply timing before moving forward. Cyprus has yet to make funding payments until Greece authorizes seabed surveys, and discussions continue on possible equity participation and cost-sharing by Cyprus in exchange for future profits.
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