AKEL questions financial and viability aspects of Cyprus-Greece Great Sea Interconnector project
AKEL General Secretary Stefanos Stefanou has raised serious questions to Finance Minister Makis Keravnos regarding the cost, funding, and viability of the Great Sea Interconnector (GSI), the planned electrical link between Cyprus and Greece. Following the involvement of Meridiam in the project implementation, Stefanou requested detailed explanations on the new terms with Greece’s power grid operator, IPTO, and sought clarity on key financial and operational issues.
Stefanou referred to previous statements by Keravnos indicating that two independent studies had found the project non-viable under existing terms and emphasized the need for assurance that the interconnector will reduce electricity prices for Cypriot consumers. AKEL demands answers concerning the total project cost, ownership, control during construction and operation, possible changes in Cyprus’s financial commitments, and updated viability studies.
Highlighting the strategic importance of the interconnector for ending Cyprus’s energy isolation, Stefanou underlined the necessity of proceeding only under terms that ensure secure energy supply, safeguard public finances, and deliver affordable electricity. A copy of the letter questioning the project's details was also sent to the Energy Minister Michalis Damianos, with AKEL urging prompt governmental transparency for forthcoming major decisions.
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