CYPRadar 🇨🇾⚡ Cyprus Energy Minister Affirms Strategic Priority of Cyprus-Greece Sea Interconnector Project
Cyprus Energy Minister Michalis Damianos confirmed on Tuesday that the Cyprus-Greece great sea interconnector project (GSI) remains a strategic priority and has not been suspended. The government plans to make future decisions based on updated economic data expected later this year. The GSI is crucial for Cyprus' energy security as it is currently the only EU member state without an electricity link to another country, ensuring continued access to power when needed.
A due diligence study commissioned by the project promoter and submitted to the European Commission is expected to be completed by year-end to establish the project's actual cost and economic viability. Initially estimated at €1.9 billion, with €658 million supported by EU funding, Cyprus is expected to bear 63% of the remaining cost. However, questions about the final cost and its impact on electricity bills remain.
Damianos emphasized the need for sober decisions based on updated data, while highlighting discussions between Cyprus and Greece's leadership. Former energy minister George Papanastasiou stressed the interconnector's importance for Cyprus' energy autonomy and meeting EU commitments, arguing the project is vital for energy survival rather than just commercial viability.
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