Cyprus energy minister discusses key infrastructure projects and electricity costs

Cyprus Minister of Energy George Papanastasiou, speaking on the Philenews 'Economy' vidcast, outlined significant developments regarding the island's energy infrastructure. Following recent discussions in Athens, it is expected that Greek authorities will issue a NAVTEX by the end of October to resume surveying for the Great Sea Interconnector electricity link. Upon this issuance, the Cypriot government will proceed to release the initial 25 million euro installment to the Independent Power Transmission Operator (ADMIE).

Additionally, the Ministry is addressing the stalled Vasiliko liquefied natural gas (LNG) terminal project. The deadline for contractor consortia to submit interest for the completion of the facility, estimated to cost 180 million euros, expires on October 9. Minister Damianou emphasized that the arrival of natural gas is essential for reducing domestic electricity costs and ensuring supply stability.

These initiatives come amidst public frustration over high energy prices and economic pressure on households and businesses. While the government has implemented recent cost-of-living support measures, the Minister noted that the current competitive electricity market model has not yet yielded the anticipated reductions in utility bills.