In his first placement after the last week’s developments in terms of cable Greece and his CEO and its CEO proceeded today. ADMEManos Manousakis.
Speaking to the financial postman on the sidelines of the TIF, the head of the Great Sea Interconnector’s implementation body said that ADMIE continues to work properly for the time being. However, in order to continue paying the cable manufacturer, that is, French Nexans, appropriate regulatory decisions must be issued, Mr. Manousakis stressed.
“We thought this was certain and unfortunately we had this surprise in recent days, which has political characteristics and I can’t comment on it,” he said.
At a technical and economic level, without the decision, ADMIE cannot pay the next installment to the manufacturer and this creates a risk to the project.
In short, there is a decision on the total revenue already received by the Cypriot RAEK, but then needs another to provide for the sharing of money on consumer accounts. “This decision is not coming out, so there is no money,” the ADMIE leader explained.
What does the Greece-Cyprus agreement provide for payments
According to the Greek-Cyprus transnational agreement signed last year and published today by the “Liberal”, it is revealed that the Republic of Cyprus undertook to pay a total of 125 million to ADMIE, in five annual installments of 25 million, from 2025 to 2025.
Also, no condition for the disbursement of the amount linked to the project implementation stage was made in writing. It was not a prerequisite for the completion of the selves in the territorial waters of the two countries or in international waters between Cyprus and Crete. But there was 25 million as a basic condition to be approved by RAEK as real and justified expenses that ADMIE already made.
On 31/7/2025 the Cyprus RAEK Regulatory Authority, with its decision, approved an amount of EUR 82 million as (justified) recoverable expenses for the Cyprus -Crete electric interconnection institution and approved the payment to ADMIE 25 million for January – December 20. The year, since the additional decision referred to by ADMIE first comes out.
Tsafi: We are trying to understand the attitude of the Cypriot government
The Visual of the RIS was conveyed by Deputy Minister Nikos Tsafos, commenting today the latest developments and investigation by the European Public Prosecutor’s Office.
“There was a regulatory decision on the Cypriot side, which to say so simply recognized revenue. This means that there would be a payment on the Cypriot side for this great project under construction. At the same time we had some different statements by members of the Cypriot government, so we are currently trying to clarify the picture and understand exactly what the attitude of the Cypriot government is. “
Concerning the intervention of the European Public Prosecutor’s Office, the Deputy Minister of Energy reiterated that “we are all in an evaluation of these young people, we are all trying to understand exactly what is being investigated. I would say that we still do not have the complete picture of what has happened to be able to evaluate what this research has the impact, “he explained.
“Cyprus is one part of the European market, which is isolated from the rest of the system and if you think that we as a Greek government say that being at the end of Europe costs us, let alone think about what it has for a country that is not even interconnected with the European system. So there is a great deal of interest from the European Union, so that the internal market is completed and to fully integrate Cyprus into the European Electricity System, “he said.