Developments in the Cyprus-Greece electricity interconnection project

The Cyprus-Greece electricity interconnection project, known as the Great Sea Interconnector (GSI), continues to face internal political scrutiny. President Nikos Christodoulides reaffirmed that the Cyprus government will release €25 million in funding to the project implementer once Greece issues the mandatory NAVTEX for the continuation of seabed surveys and cable laying operations. The President emphasized that there is no diplomatic friction with Greece regarding the project, attributing recent confusion to internal disagreements within Nicosia.

Finance Minister Makis Keravnos has faced criticism for his public reservations regarding the economic viability of the project and the potential cost to consumers. Despite these internal tensions and reports suggesting calls for his resignation from political factions, President Christodoulides has publicly defended the Minister. The government currently awaits an updated feasibility study to finalize its position on the project's financial impact.

The project remains in a state of pending activity while stakeholders await the official data update and the issuance of the NAVTEX. The political leadership aims to resolve conflicting internal stances, while the government maintains that the project is moving forward under the agreed-upon framework.