Cyprus expects competent agency to implement GSI, Energy Minister says

Minister of Energy, Commerce and Industry, George Papanastasiou, has said that the government expects the implementing agency to carry through the Cyprus-Greece electricity interconnection (Great Sea Interconnector (GSI) project, noting that, at a political level, Athens was handling the issue diplomatically.

Invited to comment on the project implementation progress, Papanastasiou told CNA that the project is of common European interest and that “the European Commission should take a clear stand”.

He said that the Republic of Cyprus has done what it agreed to do in the framework of the understanding, which was signed between the two states, while also referring to the “cross-border cost allocation”, regulatory tool aimed to facilitate the implementation of projects of common interest and that both regulators were monitoring its implementation.

Based on information the government has received, the Minister noted, it is being handled at the political level, by Athens, “which is in diplomatic consultations with the country that may object, but more so with other states,” he said, mainly European. He added that there were also discussions probably with investment funds, which influence the countries to which they belong.

“However, we will have to see how this unfolds,” he said, noting that now the Republic of Cyprus expects the implementing agency to implement the project.

Asked if there would be any delay in relation to the initial timeframes, the Minister said that the project should be completed by the end of 2029 and that the Republic of Cyprus’ National Energy and Climate Plan (NECP) considered the operation of an electricity interconnection from 2030 onwards.

He noted that the goal was to increase the electricity mix from renewable energy sources and this is related to both storage and natural gas imports and the completion of the Vasilikos LNG terminal, in addition to the electricity interconnection. “All of these are interrelated and depend on each other,” he said.

(Source: CNA)