Nicosia: There is a full understanding and a framework agreement between Greece and Cyprus regarding the electricity connection project (GSI), President of the Republic, Nikos Christodoulides, said on Sunday, stressing, also, the recent agreement between himself and the Prime Minister of Greece, Kyriakos Mitsotakis, on how to proceed on this issue.
According to Cyprus News Agency, the President commented on a local newspaper publication which claimed that the Greek Independent Power Transmission Operator (IPTO) filed an objection against a decision made by the Cyprus Energy Regulatory Authority (CERA). The President emphasized that the government is committed to supporting the interests of the Cypriot people and resists any attempts at coercion via “letters of paid notices.”
The President highlighted that there is a mutual understanding and an established framework between the Greek and Cypriot governments concerning the project. He mentioned that a concrete plan on proceeding with the project was agreed upon with the Greek Prime Minister during a recent meeting in New York, followed by a related announcement.
Addressing concerns about the IPTO’s major shareholder being the Greek Government, the President clarified that the Greek Government does not influence the letters issued by IPTO. He reiterated the existence of an agreed framework that outlines the responsibilities of each party, referencing the joint announcement made with the Greek Prime Minister.
Following the President’s remarks, IPTO released a press statement refuting the information published by “Phileleftheros” newspaper. The statement asserted that IPTO only recognizes the agreed first installment of pound 25 million for 2025 and not the alleged immediate claim of pound 251 million from the project’s total pound 1.9 billion. The claim is expected to be recovered over a 35-year regulatory depreciation period.
The press release also explained that IPTO’s request for a revision of the regulator’s decision was due to CERA’s failure to acknowledge expenses incurred by the Operator, despite evidence and acknowledgment by the Greek regulatory authority. Specifically, CERA recognized only pound 82 million, whereas IPTO claims verified investment expenditures amount to approximately pound 251 million.