OEB's energy sector members come forward on the GSI-The cable must not be created 'at any cost'

An announcement through which they differentiate their position from the officially expressed position of the OEB on the Cyprus-Greece (Crete) electrical interconnection known as the Great Sea Interconnector (GSI), and confirming the recent publication of InBusinessNews , has been issued by the five energy associations that are members of the Federation.

The five are the Electricity Market Association (EMA), the Cyprus Energy Saving Association (CESA), the Cyprus Renewable Energy Companies Association (CRECA), the Wind Energy Alliance, and the Cyprus Hydrogen Association (CHA).

OEB had on 7 August come out stronly in favour of the project.

As they typically state, "while we agree with some of the points mentioned in the OEB memorandum, we want to differentiate our position that the cable must be created ``at any cost'' and re-emphasize our main concerns, some of which have been partially adopted in the OEB memorandum".

"We consider that the way in which the implementation of the project is being promoted, carries serious risks and heaps of problems, which we cannot ignore, on the contrary, we must point them out", they add, quoting at length their concerns and positions.

Among other things, EMA, CESA, CRECA, Wind Energy Alliance and CHA indicate:

• The risk and the burden of the effects arising from any modifications in the implementation of the project and any technical and geopolitical risks should be borne by the private investor and not by the consumer.
• The Cypriot consumer cannot shoulder the huge and uncontrollable costs of this usage.
• Any promised benefits to consumers must be clear and measurable.
• Before the decision is taken on the participation of the Government with a capital of €100 million, the very important uncertainties of the project regarding the total cost, the time horizon of completion, the benefit for the Cypriot consumer and the risks of burdening the public debt in failure or delays must be evaluated.
• The sharing of costs, 63% burden for Cyprus and 37% for Greece, is unfair and unjustified.
• The implementation and uncontrolled operation of the Great Sea Interconnector project pose serious risks to the energy self-sufficiency and security of Cyprus and at the same time endangers the viability of many investments that have been made so far in Cyprus.

"The concerns we express are not intended to hinder the development or interconnection of Cyprus with Europe, but to ensure that this development will be done in a way that protects the interests of citizens and the domestic market", the members underline, stressing that "Cyprus cannot afford another project that will bring about inequalities and create financial burdens for consumers."

(Source: InBusinessNews)