Consultations over financial support to Great Sea Interconnector continue

Consultations regarding the Great Sea Interconnector, the electricity interconnection of Cyprus, Greece and Israel, continue in a bid to secure financial support for the project worth pound 1.9 billion without resorting to the Cypriot electricity consumers.

Sources told CNA that consultations between Cyprus, Greece and the EU were held over the weekend and on Monday aiming to secure financial injections to the project so that it would maintain a positive net present value, with no additional costs to Cypriot consumers.

The Cyprus Regulating Authority has rejected a request by the project manager, the Greek IPTO, for the commencement of a surcharge to electricity bills in Cyprus starting from January 1 2025, stating that the charge could begin following the completion of the project. IPTO said that without the charge, the project would not be viable.

Source: Cyprus News Agency