Brussels: Cyprus, Greece, and the European Commission have reached a consensus to update the economic and technical studies for the Great Sea Interconnector (GSI) project. This decision was made during a trilateral meeting at the European Commission headquarters, involving George Papanastasiou, Cyprus’ Minister of Energy, Commerce, and Industry; Stavros Papastavrou, Greece’s Minister of Environment and Energy; and Dan J¸rgensen, European Commissioner for Energy and Housing.
According to Cyprus News Agency, the GSI project, recognized as a Project of Common Interest by the European Commission, has secured £657 million in EU funding. This initiative is part of the broader “Energy Highways” program, aimed at increasing investor interest in the project. The discussions highlighted the necessity to eliminate reliance on Russian natural gas, aligning with a transition toward a more secure and sustainable energy system within the EU.
The recent meeting follows decisions made at the 3rd Cyprus-Greece Intergovernmental Summit in Athens. President Nikos Christodoulides of Cyprus and Greek Prime Minister Kyriakos Mitsotakis emphasized the need to update the project’s economic and technical parameters, reflecting current investment and sustainability considerations.
Minister Papanastasiou outlined the project’s goal to attract robust investors capable of overcoming financial and technical challenges. He reiterated Cyprus’ commitment to contributing to Europe’s energy priorities, especially with the upcoming Cypriot Presidency of the EU Council, which will focus on cross-border interconnections and supply security.
The Greek Minister, Stavros Papastavrou, highlighted Greece’s role as a key entry point for American gas, moving away from Russian natural gas. He underscored the importance of updating the Cyprus-Greece electrical interconnection project to stimulate potential investor interest and reduce energy costs across Europe.
Additionally, Papanastasiou met with Michael McGrath, Commissioner for Democracy, Justice, Rule of Law, and Consumers’ Rights, to discuss the upcoming Consumer Agenda and other legislative initiatives in preparation for the Cypriot Presidency.