Cyprus Energy Minister on Electricity Interconnection: Adequate Supply Expected but Prices May Rise
The implementation of the Cyprus-Greece electrical interconnection project is expected to ensure sufficient electricity supply on the island, Energy Minister Michalis Damianou announced. However, he cautioned that this does not necessarily mean electricity prices will decrease, as they could potentially rise.
Damianou highlighted the involvement of the French investment group Meridiam as the majority shareholder in the Great Sea Interconnector (GSI), describing the project as geopolitical and emphasizing that French participation adds assurance to its completion. The Greek power operator ADMIE will remain a shareholder and manage the project. The Cypriot government’s decision to participate as a shareholder will depend on the outcome of a due diligence study conducted by the European Investment Bank.
Addressing Turkish threats, the minister assured that Cyprus and Greece will safeguard their rights by acting strictly within the framework of international law.
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