September verdict for Cyprus power link

Cyprus’ Minister of Energy George Papanastasiou on Thursday received the comprehensive cost-benefit study for the Cyprus-Greece (Crete) electricity interconnection, the Great Sea Interconnector (GSI), by the project’s implementing body, Greece’s Independent Power Transmission Operator (ADMIE).

Papanastasiou stated that the preliminary positions of the agencies that will assess the study will be given in about two months.

He said that during the meeting ADMIE confirmed that the cost for the Cypriot consumer, during the construction of the project, will start on January 1, 2025 and will be 0.6 cents per kilowatt-hour, while he noted that without electricity interconnection the overproduction in the next years from renewable energy sources will be rejected as it will not be able to be consumed within the country, even if there is storage, the cost of which is very high. 

Papanastasiou said that now Nicosia will be waiting for the evaluation of the study by the agencies to which it will be sent and expressed the belief that they will likely have a preliminary position in the next two months so that Cyprus can take it into account when making its decisions.