Mitsotakis and Macron discuss Great Sea Interconnector in Paris

Paris, France. Greek Prime Minister Kyriakos Mitsotakis and French President Emmanuel Macron discussed the Great Sea Interconnector on Wednesday, with the Greece-Cyprus electricity link among the main issues raised during their meeting.

The leaders also discussed developments in the Levant, Iran and the wider Middle East.

Interconnector next steps

Particular attention was given to the next steps for the Greece-Cyprus electricity interconnection, following an agreement for French company Meridiam to become the majority shareholder in Great Sea Interconnector.

Mitsotakis also briefed Macron on the trilateral meeting between Greece, Cyprus and Egypt held in El Alamein on Tuesday.

Cyprus government comments

The meeting followed comments by President Nikos Christodoulides that Cyprus had seen “substantial developments” towards implementation of the GSI.

“For the first time since 2012, when the issue of the GSI began, we have substantial developments towards the implementation of this specific project,” he said.

Christodoulides described Meridiam’s involvement as “decisive” for the project’s financial and geopolitical aspects.

Cost and energy concerns

Finance Minister Makis Keravnos told MPs on Tuesday that the GSI could cost considerably more than the widely cited €1.9 billion figure, which excludes expenses including insurance, storage and maintenance.

Keravnos also said, “we’re not sure that the price of energy would come down” as a result of the project.

Energy Minister Michalis Damianos has said the interconnector should primarily be viewed as a project for energy security.