A step forward for the Greece Cyprus electricity cable against the backdrop

Despite the cautious optimism generated by the approval by the Cypriot government’s cabinet of the recovery of the investment cost of 125 million euros in total, Greece is keeping a low profile in the thriller negotiation for the major electricity interconnection.

“No comment” was the response yesterday from government officials, while on the part of the ADMIE, they were waiting for the decision to be signed into law to judge whether the uncertainties are lifted so that the implementation of the project can continue in an uninterrupted manner.

Against the backdrop of tomorrow’s meeting between the President of the Republic of Cyprus Mr. Nikos Christodoulides and the Prime Minister, which is expected to ratify the agreement, the official statements of the Cypriot Energy Minister Mr. George Papanastasiou confirmed Cyprus’ participation with 25 million euros per year to recover the costs of the interconnection during the construction period running from January 2025 to December 2029.

This is an amount that, after tough negotiations, will not ultimately be borne by Cypriot consumers but will come from the emission rights fund.