Developments in the Great Sea Interconnector project

The Great Sea Interconnector (GSI) project, aimed at linking the electricity grids of Greece, Cyprus, and Israel, is set to enter a new phase as seabed surveys prepare to resume. Greece is expected to issue a NAVTEX between October 23 and 26, which will trigger the disbursement of the first €25 million installment from the Republic of Cyprus. Energy Minister Michalis Damianos emphasized that this payment will be funded by the state budget and will not immediately impact electricity consumers, noting that the government will only commit funds to active work phases.

However, significant challenges have emerged, including a one-year delay in the project's completion, now projected for January 1, 2031. The Cyprus Energy Regulatory Authority (CERA) has warned that the initial cost estimate of €1.9 billion is insufficient and the final price remains uncertain. Currently, CERA has only verified €82 million in expenses out of the €302 million claimed by the implementing body, ADMIE. Furthermore, authorities remain concerned about the project's ownership structure following the acquisition of shares in the GSI company by the French firm Meridiam. The project also faces geopolitical hurdles, with potential regional tensions from Turkey continuing to influence operational planning and maritime safety.