Status of the Cyprus-Greece electricity interconnector project

The Great Sea Interconnector (GSI) between Cyprus and Greece remains a subject of intense debate due to its massive scale and financial risks. As of September 2026, the project is being scrutinized primarily through the lens of economic viability, a stance consistently championed by Cypriot Finance Minister Makis Keravnos.

Since the inception of the project, Minister Keravnos has argued that sufficient studies were lacking to justify the substantial financial exposure for the Republic of Cyprus. Despite facing criticism and political pressure for his cautious approach, his concerns led to the project being temporarily shelved. Both the Cypriot and Greek governments have since reached a consensus on the necessity of conducting updated, comprehensive economic assessments before proceeding.

This development highlights the ongoing tension between the project's perceived strategic and geopolitical importance and the tangible risks associated with its implementation. The current status confirms that the project is subject to rigorous economic evaluation to ensure the Republic of Cyprus can adequately manage the associated liabilities if project challenges arise.