Nicosia: Cyprus’ Minister of Energy, Commerce and Industry, George Papanastasiou, has expressed the government’s expectation that the competent agency will proceed with the implementation of the Cyprus-Greece electricity interconnection, known as the Great Sea Interconnector (GSI) project. During a statement to CNA, he highlighted that Athens is diplomatically addressing the issue at a political level.
According to Cyprus News Agency, Papanastasiou emphasized the project’s importance as a matter of common European interest, urging the European Commission to take a definitive stance. The Minister noted that Cyprus has fulfilled its obligations under the agreement signed with Greece. He mentioned the ‘cross-border cost allocation’ as a regulatory tool designed to facilitate projects of common interest, with both regulatory bodies actively monitoring its progress.
Papanastasiou further elaborated that the matter is being managed politically by Athens, which is engaging in diplomatic talks with potentially opposing nations as well as with other European countries. He indicated that discussions might also involve investment funds that have influence over their respective countries.
The Minister expressed cautious anticipation regarding the project’s development, stating that Cyprus now expects the agency to execute the project. In response to inquiries about potential delays, he reassured that the project is expected to be completed by the end of 2029. He also mentioned that the Republic of Cyprus’ National Energy and Climate Plan (NECP) anticipates the electricity interconnection to be operational from 2030.
Papanastasiou highlighted the objective of diversifying the electricity mix with renewable energy sources, which involves considerations of storage solutions, natural gas imports, and the completion of the Vasilikos LNG terminal, alongside the electricity interconnection. He emphasized the interdependence of these components in realizing Cyprus’ energy goals.