On the evening of Monday, September 2, the authorities of Cyprus and Greece agreed on financing the GreatSeaInterconnector(G.S.I.), which involves laying an electric cable along the bottom of the Mediterranean Sea. Bydatastate broadcaster RIK, the missing amount will be paid in installments from the fund of the Republic of Cyprus, which receives fines for emissions of pollutants into the atmosphere during electricity production.
The negotiations were attended by the governments of Cyprus and Greece, as well as representatives of the European Commission and the European Investment Bank. According to preliminary agreements, Cyprus will pay from the fund25 million euros eachper year from 2025 to 2030 to cover the amount missing for the implementation of the project. An official announcement is expected to be made after a meeting of the Cabinet of Ministers of the Republic of Cyprus on Wednesday, September 4.
Previously, the Cypriot authorities considered ADMIE’s proposal to shift the payment of the missing amount to the shoulders of Cypriot consumers,by raising tariffsfor electricity by 0.6 cents per kilowatt-hour from January 1, 2025.On Monday, September 2, during a visit to the Technological University of Cyprus (TEPAC) in Limassol, the President of the Republic of Cyprus, Nikos Christodoulides, recalled that Cyprus will participate in the implementation of the GSI project only if, after its commissioning, the cost of electricity for Cypriot consumers is reduced. At the moment, tariffs for electricity consumption in Cyprus are higher than in other EU countries.
According to experts from the Greek Independent Electricity Supply Operator (ADMIE), which is responsible for implementing the project, the socio-economic benefits for Cyprus will befrom 7.2 to 8.2 billion eurosover the next 25 years, provided that Cyprus connects its electricity grid to the EU rather than remaining the only EU member isolated from the overall EU grid.Photo: rorozoa
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