Athens and Nicosia Push to Revive Greece–Cyprus Power Cable

The illness of the meeting between Greece’s Prime Minister Kyriakos Mitsotakis and Turkish President Recep Tayyip Erdogan and Ankara’s warning astatine the UN that “nothing successful the Eastern Mediterranean happens without Turkey” has enactment the Greece–Cyprus energy interconnector (GSI) backmost successful the spotlight. Athens and Nicosia are present seeking to revive the stalled project, which has faced repeated delays, governmental friction, and fiscal disputes.

According to sources, a videoconference was carried retired betwixt the European Commission, Greece’s Independent Power Transmission Operator (IPTO), and the vigor regulators of some Greece (RAAEY) and Cyprus (RAEK), connected Friday, Sept. 26. The purpose is to restart talks aft a summertime of failed meetings and nationalist disapproval from Cyprus’ Finance Minister.

Political backing astatine the UN

On the sidelines of the UN General Assembly, the Greek premier curate and Cypriot President Nikos Christodoulides sought to supply governmental screen for the project. In a associated statement, they reaffirmed their committedness to the interconnector, pointing to the European Union’s endorsement arsenic a important constituent of support.

Still, the task has suffered repeated “short circuits”—first from interior disputes successful Cyprus implicit its viability, and present from broader geopolitical tensions with Turkey.

Financial and regulatory roadblocks

The biggest obstacle lies successful Cyprus. RAEK has yet to activate its determination requiring yearly payments of 25 cardinal euros to support the project, while disagreements stay implicit ownership. IPTO insists it should clasp power arsenic the project’s implementing body.

Equally pressing is simply a 220 cardinal euros backing spread retired of a total 302 cardinal euros budget—costs that Cyprus does not admit arsenic recoverable.

Nexans sounds the alarm

The contractor, Nexans, has warned it whitethorn suspend work unless the fiscal and regulatory model is clarified. Such a determination would deed IPTO, which successful turn could request compensation.
The Greece–Cyprus cable, designed to heighten vigor information and determination connectivity, remains astatine a crossroads: a task too important to abandon, but still struggling to flooded authorities and financing.