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Cypriot Government Weighs €25 Million Payment for Strategic Energy Interconnector Amid Viability Concerns

by THEFUTURE.TEAM

August 28, 2025

Government Weighs Financial Commitment

The Cypriot government is currently evaluating the prospect of channeling a €25-million payment to Greece’s independent transmission system operator, Admie, as part of the financial framework for the Great Sea Interconnector project. This ambitious initiative aims to eventually link the energy grids of Cyprus, Greece, and Israel, a move that could significantly reshape regional energy dynamics.

Balancing Financial Viability With Strategic Ambition

Finance Minister Makis Keravnos emphasized that while the financial commitment under consideration could pave the way for reduced energy prices in the long term, the project’s financial viability remains under close scrutiny. “Many aspects of the issue must be ensured,” Keravnos stated, stressing that the project must secure its financial fundamentals before any significant financial obligations are undertaken.

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Technical and Strategic Hurdles

Despite the Cyprus Energy Regulatory Authority’s (Cera) preliminary approval of the €25-million arrangement—the first of five annual payments—Keravnos noted that the decision is still mired in uncertainties. Other governmental departments are currently addressing the technical issues that could impact the project’s overall implementation, including incomplete seabed surveys crucial for determining the optimal routing and costs associated with laying submarine cables.

Consumer Impact and the State Aid Conundrum

Keravnos expressed concerns about transferring costs to taxpayers and consumers alike. The initial plan was to use funds from the European Union’s Emissions Trading System (ETS) to finance the payments. However, Admie raised alarms that such an approach might contravene EU state aid regulations, potentially forcing the energy regulatory body to shift the burden onto consumers. “Taxpayers’ money will be paid so that consumers do not have to pay, but all taxpayers are also consumers,” Keravnos remarked, highlighting the inherent complexities of the proposal.

Next Steps and the Road Ahead

Ultimately, the government’s stance hinges on tangible progress in project implementation. Should the Great Sea Interconnector move forward with more definitive technical milestones, the government might reconsider its current caution. Until the essential surveys and subsequent assessments provide clear cost projections, policymakers remain hesitant to fully endorse the proposed financial arrangement.

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Cyprus Tourism Shows Strength As Clean Monday Hotel Bookings Surge

by THEFUTURE.TEAM

February 18, 2026

Hotels Embrace A Bright Outlook

Recent figures point to growing momentum in hotel reservations ahead of the Clean Monday weekend, signaling renewed confidence in Cyprus’ tourism sector. Christos Angelides, Director of PASYXE, emphasized the positive trend while also underscoring the need to gradually extend the tourism season beyond traditional peak months.

Favorable Conditions And Festive Spirit

Angelides noted that bookings recorded during the past weekend reached encouraging levels, a development attributed to multiple converging factors. The return of sunny weather after prolonged rainfall, coupled with the festive aura of carnival events and children’s parades in cities such as Nicosia, Limassol, and Paphos, has motivated many to opt for short getaways. This seasonal momentum is further boosted by the strategic initiatives of local hotels, many of which are curating special menus for Clean Monday events, offering guests an enhanced stay experience by keeping them on-premise.

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Positioning For The Off-Season

Despite the positive indicators, Angelides cautioned that average occupancy rates of 25%–30% highlight the need for continued innovation rather than complacency. He described the current period as part of a longer process of building winter tourism and pointed to opportunities in conferences, corporate events and niche travel segments as potential drivers of year-round demand.

Expanding Air Connectivity and Collective Ecosystem

Industry expectations are further supported by expanded air connections from established markets such as the United Kingdom and Israel, alongside increased routes from Armenia, Romania, Bulgaria, Latvia and Poland. While recovery in the German market remains gradual, broader improvements in connectivity continue to strengthen overall tourism prospects. Angelides added that sustainable year-round tourism depends on a wider ecosystem that extends beyond accommodation to include restaurants, museums, cultural venues and community events.

The Path Forward

Cyprus continues to benefit from strong competitive advantages in climate, accessibility and hospitality infrastructure. With coordinated planning across tourism stakeholders and consistent investment in diversified offerings, the sector is positioned to contribute more steadily to the national economy and support a more balanced, all-season travel model.