Nexans Issues Ultimatum: ADΜIE Held Accountable For Cyprus-Greece Interconnector Delays

by THEFUTURE.TEAM

January 21, 2026

The ongoing dispute over the Cyprus-Greece power interconnector project has reached a critical juncture as the French contractor ADΜIE finds itself at the center of a contractual storm. While ADΜIE and local regulatory authorities have attributed the project’s delays to systemic challenges, reliable sources indicate that Nexans—the company responsible for manufacturing and laying the cable—now holds ADΜIE solely accountable for breaching fundamental contract terms, including critical timeline milestones.

Contractual Breaches and Formal Warnings

According to industry reports, Nexans has formally notified ADΜIE, following the recent agreement between Mitsotakis and Christodoulidis, that failing to issue the Full Notice to Proceed—the final approval required for the commencement of all project phases—by the first quarter of 2026 will release the contractor from all schedule-related obligations. Originally scheduled for August 2024, this delay not only invalidates the contractual timeframes but also nullifies penalty clauses that would otherwise compensate for project delays.

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Escalating Financial Liabilities

Further compounding the situation, Nexans has communicated in writing that, given the accumulated delays and halted cable payments since April 2025, ADΜIE could soon face liabilities amounting to approximately €250 million if the project is terminated prematurely by ADΜIE. This figure is likely to rise when combined with other overdue amounts and potential claims related to raw material orders or subsequent cancellations on similar electric cable projects.

Operational Progress and Critical Dependencies

Despite the mounting legal tensions, Nexans has already produced roughly 300 kilometers of cable conforming to diverse technical standards, leveraging its manufacturing facilities in Japan and Norway. However, the French firm’s willingness to extend deadline relaxation—with the latest extension expiring in December 2025—is contingent upon the imminent issuance of the Full Notice to Proceed. Failure to secure this approval by March 2026 may prompt Nexans to invoke contractual penalty clauses, effectively releasing them from further obligations.

Regional Implications and Future Steps

If Nexans’ conditions are not met, ADΜIE is poised to initiate compensation claims against regulatory authorities in both Cyprus and Greece, potentially implicating national governments and electricity consumers in the financial fallout. ADΜIE has already disbursed approximately €300 million to Nexans—funds which Nexans considers non-refundable. When combined with the aforementioned penalties, the overall cost of this venture, launched in the summer of 2023, could soar to nearly €550 million, excluding additional claims that might materialize.

Rescheduling Efforts and Strategic Impacts

On January 6, 2026, Nexans acknowledged the project’s delays in an official announcement, indicating that a reprogramming of activities was underway with its client. The revised delivery date, initially set for the close of 2029, may now be postponed by as much as one year—provided that no further disruptions occur, such as geopolitical instabilities in international waters between Crete and Cyprus. The contractor remains clear: should ADΜIE issue the Full Notice to Proceed within the stipulated timeframe, the delay in project completion will be limited to one year.

This unfolding scenario underscores not only the operational and financial challenges inherent in large-scale infrastructure projects but also the critical importance of timely decision-making at the governmental level. With both Nexans and ADΜIE now firmly entrenched in a high-stakes legal and financial battle, the resolution of this dispute will have far-reaching implications for regional energy policy and investor confidence in interstate infrastructure initiatives.

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EU Services Production Grows As Information And Communication Lead

by THEFUTURE.TEAM

November 10, 2026

Services production continued to expand across the European Union in August 2026, with information and communication recording the strongest annual growth. However, performance varied significantly between industries and member states, while Cyprus reported a mixed picture, with business services expanding and hospitality-related activities declining.

Information And Communication Leads Sector Growth

Compared with August 2025, services production increased by 5.9% in the euro area and 5.8% across the EU in information and communication. Transportation and storage also recorded growth, rising by 2.1% and 1.9%, respectively.

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Real estate activities increased by 1.6% in the euro area and 1.1% in the EU. Professional, scientific and technical activities grew by 1% in both areas, while administrative and support services advanced by 1.1% and 1.3%.

Accommodation and food services was the only major sector to record an annual decline, falling by 0.1% in both the euro area and the EU.

The monthly figures were more mixed. Information and communication remained the strongest performer, increasing by 1.2% in the euro area and 1% across the EU. Real estate activities rose by 0.4% and 0.9%, respectively, while transportation and storage edged up 0.1% in the euro area but declined by 0.2% in the EU.

Administrative and support services recorded modest gains of 0.2% in the euro area and 0.1% in the EU. Accommodation and food services fell by 0.3% and 0.4%, while professional, scientific and technical activities declined by 0.8% and 0.9%, respectively.

Slovakia And Greece Record Strongest Annual Growth

Romania recorded the largest monthly increase in services production, at 5.2%, followed by Malta at 1.8% and Portugal at 1.7%. Luxembourg experienced the steepest decline, with output falling by 5.1%, followed by Bulgaria at 2.3% and Denmark at 1.9%.

On an annual basis, Slovakia led with growth of 10%, followed by Greece at 9.3% and Malta at 7.5%. Hungary recorded the weakest performance, with services production declining by 5.6%. Denmark fell by 5.3%, while Italy recorded a smaller decrease of 0.3%.

Cyprus Sees Growth In Business Services But Weakness In Hospitality

Cyprus’ latest figures show a similar divide between expanding business services and weaker hospitality-related activities. According to the Statistical Service of Cyprus (Cystat), professional, scientific and technical activities recorded the strongest annual growth among the covered sectors in the second quarter of 2026, increasing by 3.4%.

Transportation and storage and information and communication both grew by 2.1%, while real estate activities rose by 1.6%. In contrast, accommodation and food services declined by 3.1% year on year, and administrative and support services fell by 2.2%.

First-half results were more favourable for several sectors. Between January and June, professional, scientific and technical activities grew by 3.5%, transportation and storage by 2.8%, real estate by 2.1% and information and communication by 1.3%.

Nevertheless, administrative and support services contracted by 1% over the six-month period, while accommodation and food services declined by 0.7%.

How Cyprus’ Figures Differ From Eurostat’s Data

The Eurostat and Cystat figures measure different aspects of economic activity and are not directly comparable. Eurostat’s services production index tracks changes in the volume of output, whereas Cystat’s Turnover Value Index for Services and Transport measures the value of sales at current prices.

The reporting periods also differ: Eurostat’s figures cover August, while the cited Cypriot data relate to the second quarter and first half of 2026.

Cystat transmits services production data to Eurostat but does not yet publish a separate national production index. Turnover figures therefore remain the main publicly available national indicator for the sector.

Taken together, the data point to continued growth in several of Cyprus’ business-oriented services, alongside persistent pressure on accommodation, food and administrative support activities.

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