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Cabinet gives the “green light” for Great Sea Interconnector with Greece

by THEFUTURE.TEAM

The Council of Ministers approved on Tuesday a proposal by the Energy Ministry regarding the electricity interconnection between Cyprus and Crete (Great Sea Interconnector – GSI), the competent Minister George Papanastasiou has announced.

In statements to the media on Tuesday afternoon, the Minister said that the Republic of Cyprus will pay €25 million per year for five years, strictly, to subsidize a possible increase in electricity bills, from 1/1/2025-31/12/2029 so that consumers will not bear the burden of this increase.

Papanastasiou noted that the project will contribute to lifting Cyprus’ energy isolation, as it will connect the national electric energy system with the respective electricity systems and will increase energy security.

He went on to say that the project is particularly significant for growth and the prosperity of the inhabitants of the island, noting that the aim is to reduce the cost of electricity, through the electricity interconnection, by importing natural gas and via the use of renewable energy sources.

Moreover, he said that the project’s significance is verified by the fact that the EU approved its financing through the Connecting Europe Facility with the record amount of 657 Euros.

According to the Minister of Energy, the Council of Ministers decided that the Republic of Cyprus will pay €25 million per year strictly, for 5 years, to subsidize the increase that may occur in electricity bills for the right to recover costs during the construction period interconnection, i.e. from 1/1/2025-31/12/2029, so that consumers do not bear the burden of the increase.

This money will come from the Consolidated Fund of the Republic of Cyprus and more concretely from the pollution rights auction system and the first installment will be included in a supplementary budget.

“Today’s decision of the Council of Ministers is the culmination of many consultations with all the stakeholders and the clarifications that have been given so that the Republic of Cyprus has before it real data regarding the financial, technical and legal aspects of the project”, Papanastasiou pointed out.

He added that the Government demonstrated “the necessary responsibility and due diligence that should characterize the decision-making regarding projects of such scope, with the sole aim of serving the interests of the Cypriot people, to whom we are accountable.”

The Minister noted that in the immediate future, and based on the road map that has been drawn up, the Government will be in constant communication, both with Greece and with the European Commission, for the further progress of the implementation of the project, but also with parties that have already shown a real interest in participating in the project.

A meeting of all GSI stakeholders took place a week ago, at the Presidential Palace, under Cyprus President Nikos Christodoulides, to discuss the GSI issue.

EU Farm Output Prices Decline For The First Time In Nine Months

by THEFUTURE.TEAM

EU Market Adjustments Signal New Price Trends

Agricultural output prices across the European Union declined in the fourth quarter of 2025, marking a shift after several quarters of increases. Data from Eurostat shows that farm gate prices fell by 1.9% compared with the same period in 2024.

Crisis of Declining Prices In Select Markets

Cyprus recorded one of the more notable decreases in agricultural input costs among EU member states, with prices falling by 2.6% compared with Q4 2024. The reduction eased cost pressures for the local agricultural sector following periods of higher prices earlier in 2025. Across the EU, prices for goods and services consumed in agriculture remained relatively stable. Non-investment inputs such as energy, fertilisers and feedingstuffs showed limited overall changes during the quarter.

Country-Specific Divergence In Price Movements

Eurostat data highlights considerable variation across member states. Fifteen EU countries recorded declines in agricultural output prices. Belgium registered the largest decrease at 12.9%, followed by Lithuania (8.2%) and Germany (6.0%). At the same time, twelve countries reported increases in output prices. Ireland recorded the strongest rise at 6.8%, followed by Slovenia (5.6%) and Malta (4.2%).

Stability In Agricultural Inputs Amid Commodity Shifts

Agricultural input prices also showed mixed developments. Eleven member states recorded declines, including Cyprus (2.6%), Belgium (2.1%) and Sweden (2.0%). Other countries experienced moderate increases, including Lithuania (4.2%), Ireland (3.3%) and Romania (2.5%). Among major agricultural commodities, milk prices declined by 4.1% while cereal prices fell by 8.9% across the EU. In contrast, fertilisers and soil improvers increased by 7.9%, reflecting continued volatility in input markets.

Outlook For EU Agriculture

The latest Eurostat data points to uneven price developments across the EU agricultural sector. While input prices remained broadly stable in many markets, movements in output prices varied significantly between member states. These trends highlight the need for farmers and policymakers to adapt to shifting commodity prices and changing cost structures across the European agricultural market.

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