Greece-Cyprus linkup clears hurdles, as framework is signed

The power interconnection of Greece and Cyprus, with the prospect of an extension to Israel, is now back in track after the memorandum of understanding signed on Friday by the two countries' energy ministers and the Cypriot energy watchdog approved the 125-million-euro investment in the Great Sea Interconnector (GSI).

Early on Friday the Cyprus Energy Regulatory Authority (CERA) approved an annual investment recovery of €25 million for GSI that is co-funded by the European Union, covering the period from January 1, 2025, to December 31, 2029. 

CERA also set a regulatory period of 17 years, beginning January 1, 2025, for a weighted average cost of capital (WACC) premium of 3.7% on the capital invested in the project.

In addition, CERA rejected a request from Greece's Independent Power Transmission Operator (ADMIE) that is the project's implementing party, to...