Power link to cut costs for Cypriots
The Great Sea Interconnector, a 1.9 billion-euro subsea cable linking the electricity grids of Cyprus and Greece, promises significant savings for Cypriot households.
Manousos Manousakis, chairman of Greece’s Independent Power Transmission Operator (ADMIE), said that the project could reduce annual electricity bills by €400 for an average household. He and other ADMIE officials on Tuesday presented an updated cost and benefit analysis (CBA) to Cypriot Energy Minister George Papanastasiou and technocrats from the ministries of Energy and Finance. The Cypriot government is considering a €100 million equity investment in the project.
Minister Papanastasiou stated that an independent advisory firm would review the complete study, conducted by Exergia and the Athens Technical University, before making a final investment decision. The ministry plans to launch a tender for this advisory firm.
The CBA explored two scenarios: with and without the interconnector. Manousakis emphasized that with the link an average household consuming 5 megawatt-hours annually would save at least €400. Consumers will incur a €30 annual charge in 2025-2029 to cover construction costs, totaling €150.
