Executive Overview
In what proved to be one of the most relaxed teleconferences in recent memory, the General Directorate of Energy hosted a strategic discussion with regulators from Cyprus and Greece, alongside ADMIE, the body tasked with executing the Cyprus-Greece electricity interconnector project. Notably, the dialogue moved beyond the contentious issue of the €25 million owed by the Republic of Cyprus to ADMIE—a matter that has now transitioned to the purview of the Cypriot Government following a recent disbursement approval by RAEK.
Regulatory Milestones And Project Oversight
The session clarified that RAEK has secured two pivotal decisions: the awarding of both the ownership and management licenses for the interconnector, now designated as the Great Sea Interconnector. Until this point, ADMIE maintained exclusive ownership. With the forthcoming publication of these decisions in the Official Gazette, ADMIE will formally assume dual roles as the owner and administrator through the GSI, marking a significant turn in the project’s governance.
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Fiscal And Operational Implications
Further details emerged from ADMIE CEO Manos Manousakis, who confirmed that payments to Nexans—integral to the cable construction—have been suspended since the summer. This pause is directly related to the unsettled €25 million installment from the Cypriot state. Additionally, such delays are compounded by the Hellenic Government’s repeated postponements in issuing navtex permits essential for conducting maritime research in international waters between Crete and Cyprus, underscoring broader challenges that may impact the region’s energy and infrastructural initiatives.
