Cyprus-Greece electricity interconnector project costs expected to exceed €1.9 billion
Officials informed the Cyprus Energy Committee that the Cyprus-Greece electricity interconnector, part of the Great Sea Interconnector project, will cost significantly more than the initially estimated €1.9 billion. Finance Minister Makis Keravnos explained that while the €1.9 billion primarily covers the cable cost, additional expenses such as construction work, insurance, storage, and maintenance will substantially raise the final cost. The European Investment Bank (EIB) is updating the project's viability study, expected by the end of the year, which will clarify the revised costs.
Meanwhile, recent developments include the French investment group Meridiam acquiring a majority stake—approximately 66%—in the project, making it a French-led venture. Greek grid operator IPTO retains a 34% stake and the technical leadership. Energy Minister Michalis Damianos stated the government will decide on Cyprus's involvement after the viability study is updated. Concerns remain about Cyprus's ownership share and control, with some officials warning that local management and influence may be limited under the new ownership structure.
The interconnector is expected to enter operation around 2031 and is considered strategically important for Cyprus and European energy security. However, questions remain about its impact on electricity prices in Cyprus, with experts suggesting the investment may not reduce costs for consumers.
No news yet
CYPRadar is a state-of-the-art, AI-powered Cyprus news aggregator that automatically crawls, filters, and translates local updates in real time. By continuously scanning a wide range of trusted Cypriot media outlets, blogs, and official RSS feeds, the platform identifies original stories and uses advanced language models to filter out duplicate coverage. The service then generates concise, objective summaries, ensuring that readers get a quick and clear understanding of every significant event without information overload.
The primary mission of CYPRadar is to provide comprehensive, multi-language coverage of Cyprus news to keep both residents and international visitors well-informed. The platform covers key events across all major cities and districts, including Nicosia, Limassol, Larnaca, Paphos, and Famagusta. By offering all updates simultaneously in five languages — English, Russian, Greek, Ukrainian, and Turkish — CYPRadar bridges communication gaps and ensures that everyone has equal access to critical local information, from policy changes to community events.
Find essential updates on Cyprus's power grid, electricity supply, and energy sector. Stay informed about scheduled power cuts, grid maintenance, electricity price fluctuations, and the transition to renewable energy sources.