Cyprus closer to Great Sea Interconnector implementation, president says

Nicosia, Cyprus. President Nikos Christodoulides said Cyprus was closer than ever to seeing the Great Sea Interconnector (GSI) move towards implementation following an agreement with Greece and the entry of French investment company Meridiam.

He said the developments marked the first substantial progress on the project since the issue first arose in 2012.

Agreement with Greece and French involvement

Christodoulides said Meridiam’s involvement was decisive for both the financial and geopolitical aspects of the project. He said progress was based on a full agreement with Greek Prime Minister Kyriakos Mitsotakis.

The matter was discussed during Christodoulides’ visit to El-Alamein on Tuesday, while his diplomatic office met the French embassy in Nicosia on Wednesday specifically regarding the interconnector.

Mitsotakis was also due to discuss the project with French President Emmanuel Macron in Paris, Christodoulides said.

Cost and electricity price concerns

The comments came a day after Finance Minister Makis Keravnos told MPs that the GSI could cost considerably more than the widely cited €1.9 billion figure.

The €1.9 billion estimate covers the subsea cable itself but excludes other expenses, including insurance, storage and maintenance.

Keravnos also questioned whether the project would reduce electricity prices, saying that it was not certain energy prices would fall with the GSI.

Energy security

Energy Minister Michalis Damianos has said the interconnector should primarily be viewed as a project for energy adequacy and security rather than for lowering electricity prices.