In an interview published on Friday by the Turkish newspaper Sabah, Turkey’s Energy Minister Alparslan Bayraktar announced that Ankara is seeking to conduct offshore surveys for hydrocarbons in Libyan maritime zones.
ENERGY
The future of an electricity cable linking the power grids of Greece, Cyprus and Israel will be cleared up next month when a ruling is expected on whether Cypriot consumers would pick up the tab for the cable’s four-year construction costs, Cyprus’ energy minister said Thursday.
As high temperatures drive up energy demand in Cyprus, the island remains heavily reliant on oil for electricity production.
Foreign Minister George Gerapetritis, in an interview with Real FM on Thursday, refuted the Turkish claim that Athens has accepted Turkey’s expansionist demands in the southern Aegean following this week’s incident.
Some of the wholesale electricity price hikes may well, after all, be absorbed by the market in August.
Important decisions concerning the Great Sea Interconnector, an electric cable linking Cyprus and Greece, are anticipated in August.
The European Investment Bank (EIB) is lending Greek energy company DEPA Commercial a total of 390 million euros to build and operate solar-energy farms across the country.
The course of prices in the wholesale electricity market is being monitored day by day and hour by hour by officials at the Energy Ministry.
The Energy Ministry is facilitating the switching of electricity and natural gas providers.
Energean will invest about $1.2 billion to develop the Katlan project off Israel, the company said on Tuesday as it announced its final investment decision, with gas output expected to commence in the first half of 2027.
Efforts through diplomatic channels to reduce tensions in the Aegean are underway on Tuesday, as Turkey deployed warships in the maritime area of Kasos.
Regarding electricity tariffs and the government’s efforts to ease them, Deputy Minister to the Prime Minister Thanasis Kontogeorgis said that at the beginning of August when the prices will be announced, the fee and the subsidies will be determined in detail.
The deadline for applications in Cyprus for the second phase of the “Electrification at 1000” grant program has been extended by two months.
The termination of the contract for the construction of the Vasilikos natural gas terminal in Cyprus by Chinese group CPP-METRON Consortium (CMC) is “not bad news,” as it frees the Republic of Cyprus from a stalled agreement, according to the Cyprus News Agency, which cited sources familiar with the matter in Nicosia.
Government spokesperson Pavlos Marinakis said that initiatives against high electricity prices are meant to support citizens in August and made a detailed presentation of the measures, saying “the government acts proactively and strengthens policies to support citizens in emergency situations.”
The Ministry of Environment and Energy and the special adviser to the prime minister on energy matters, Nikos Tsafos, confirmed on Wednesday a series of extraordinary measures.
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