EIB Signals Support for Greece–Cyprus Power Link

European Investment Bank (EIB) President Nadia Calviño has sent a wide connection of support for the long-delayed Greece–Cyprus electricity interconnection task (GSI). The task appeared to stall, erstwhile again, past week aft a fruitless videoconference involving IPTO, the Greek and Cypriot regulators (RAAEY and RAEK), and the European Commission.

Speaking to Cyprus News Agency (CNA), Calviño underlined the Bank’s willingness to backmost “strategic projects supported by some countries, where some governments stay committed to their development.” She stressed that the EIB stands acceptable to supply financing for initiatives aligned with the nationalist vigor strategies of Greece and Cyprus.

In essence, her remarks corroborate that the EIB is prepared to step successful financially—provided Athens and Nicosia support their governmental and applicable committedness to the interconnection.

A associated pledge amid uncertainty

Just days earlier, connected the sidelines of the UN General Assembly, Greek Prime Minister Kyriakos Mitsotakis and Cypriot President Nikos Christodoulides issued a associated declaration reaffirming their dedication to the cable. Yet optimism was rapidly tempered: a subsequent videoconference betwixt stakeholders failed to resoluteness questions astir ownership structure and financing. The Cypriot regulator postponed cardinal decisions, pushing the project’s timeline further back.

Breaking Cyprus’ vigor isolation

The Greece–Cyprus interconnection is widely regarded arsenic a task of strategic value for Europe. By linking Cyprus to the European grid, it would extremity the island’s vigor isolation and integrate it into the single market.

Currently, Cyprus relies solely connected diesel-fired powerfulness plants, leaving it vulnerable to some supply risks and volatile substance costs. The interconnection is expected to bolster the country’s vigor information while advancing EU goals for a much resilient and interconnected vigor system.

With the EIB publically signaling its readiness, the shot is present firmly successful the tribunal of the two governments to turn governmental pledges into binding commitments.