A problematic picture arises in the last 24 hours in terms of the work of cable Greece – Cyprus Great Sea Interconnector and its prospects.
Earlier this week, a fruitless meeting was held between the Commission, the two regulatory authorities of Greece – Cyprus and ADMIE. Key issues such as approval of the first amount of EUR 25 million from Cyprus to ADMIE, but also the timing of the cable continued are not yet proceeding. Thus, it was decided to take a new meeting within the next few days.
To put things in a row, the primary issue for the interconnection is to continue the bottom of the EEZs, which Turkey interrupted last year in the area of Kassos. As a result, the Foreign Ministry has the first reason and Navtex will have to be issued in order to re -open the research vessels.
As diplomatic efforts are time, the question is what happens by then, because ADMIE has signed a contract with Nexans and needs to pay regular payments. The President and CEO, Manos Manousakis, reiterated this week that ADMIE cannot continue to pay, while the regulatory authority of Cyprus has not yet approved the gradual refund under last year’s transnational agreement.
“We have proven our insistence on the project, which I consider to be a national goal, already investing 250 million euros. From now on, regulatory authorities, in particular of Cyprus, should prove in practice that they support the project. Then we will continue the repayments, “said Mr. Manousakis.
Thus, we are in a situation where no one wants to keep the “hot potato” of the cost of the cable for a project that can ultimately be permanently canceled or freezing indefinitely.
In addition to the above, from what has happened in recent days with regard to the cable, we keep the following:
The Cypriot Minister of Energy, George Papanastasiou, spoke to a House Committee, responding to a “rain” of MPs’ questions. Among other things, he said that the 161 kilometers of cable already produced by the Nexans contractor still have value even if they are not finally trampled. That is, it is a scenario in which the project may not proceed.
“The contract comes from the past with production prices of the past, it is much more value today. It doesn’t worry me, it can be sold. ” On the contrary, he added, “if you say stop, when it starts it will be at today’s prices.”