Greek IPTO presents new data on cost of Great Sea Interconnector

12:41 - 16 July 2024

Current Affairs

The Independent Power Transmission Operator (IPTO) of Greece has presented new data to the Cyprus Energy Regulatory Authority (CERA), regarding the comprehensive cost-benefit analysis of the Cyprus-Greece electrical interconnection project, known as the Great Sea Interconnector (GSI).

Citing sources, the Cyprus News Agency reported that IPTO has elaborated on the new findings to the regulator's leadership, requesting a re-evaluation of the Authority's prior decision.

On 2 July, CERA rejected IPTO’s proposal for the "recognition of reasonable return and revenue and recovery during the construction period" of the project, deeming it more appropriate to make such a decision only after the commencement of the interconnection's commercial operations.

Following the explanations provided by IPTO's Chairman Manos Manousakis, CERA must now decide, based on the new data, whether to amend its initial decision.

According to sources, IPTO needs to issue a final directive to the French company Nexans to proceed with the cable construction connecting Cyprus to Crete by the end of August. It is anticipated that CERA will make its decision before this deadline.

(Photo: Screenshot: IPTO)

Greek IPTO presents new data on cost of Great Sea Interconnector

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