The final decision is expected upon completion of the consultation before the end of May and is – as the Administrator states – the first of the steps required in order to complete the regulatory framework
As a positive development for the electrical interconnection of Greece – Cyprus (Great Sea Interconnector – GSI), ADMIE characterizes the position taken in the previous days by the Plenary Assembly of the Regulatory Authority of Waste Energy and Water (RAAEF) on the interconnection input methodology, pointing out that in the way this fulfills an important milestone for the smooth implementation of the project.
The final decision is expected upon completion of the consultation before the end of May and is – as the Administrator states – the first of the steps required in order to complete the regulatory framework.
“Without an integrated regulatory framework, it will not be possible to secure financing for the project from commercial banks and international organizations, nor to mature discussions with interested investors for equity participation in the project. For the project to be sustainable, the remaining regulatory decisions pending from the regulatory authorities of both Greece and Cyprus need to be taken immediately. Any additional delay will burden the electricity consumers of both countries,” he says.
It is recalled that ADMIE assumed the GSI Implementation Agency in October 2023, with the agreement of both the European Commission and the governments of Greece and Cyprus, and immediately requested the settlement of the pending regulatory issues in order to proceed with the implementation of the project.
In addition, the Implementation Agency is rapidly proceeding with the preparation of the cost/benefit study requested by the Minister of Energy of Cyprus Mr. Papanastasiou in his letter dated 2/4/2024.
Responding to the request for information from the Ministry of Energy of Cyprus regarding the progress of the study, meetings of the Implementing Agency with officials of the Ministries of Energy and Finance of Cyprus, as well as the Cyprus Transmission System Operator, have been scheduled in the near future.
The first results of the study will be presented by the Implementing Agency to the Ministry of Energy of Cyprus in May.
Source: Skai
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