Nicosia: Following the decision of the Cyprus Energy Regulatory Authority (CERA), the issue of the payment of pound 25 million for the Cyprus-Greece electricity interconnection is a matter currently under review by the Government, Finance Minister Makis Keravnos said. Asked about the matter after Wednesday’s Cabinet meeting, the Minister emphasized that many aspects of the issue must be examined, particularly the financial viability, and it must be ensured that entering into this project will result in a reduction in electricity prices when the Government makes its decision.
According to Cyprus News Agency, responding to comments about the prolonged process, the Minister referred to a similar issue between Greece’s Regulatory Authority IPTO and Italy, highlighting that the Italian regulator holds very strong views, and discussions are ongoing. He noted that such projects are large and costly, requiring significant caution to avoid creating problems instead of solving them.
When asked about the timeframe for a decision, Keravnos stated that the matter is not solely being examined by the Ministry of Finance, which primarily focuses on the economic aspect. He mentioned that technical issues are being addressed by other Ministries, and a discussion at the Government level will occur at the appropriate time.