Cyprus reluctance stalls power link with Greece

Plans for the Greece-Cyprus power link, the ambitious GSI cable project, face mounting delays as undersea mapping near Crete and Kasos yields minimal progress.

While the vessel conducting surveys operates within Greek waters to avoid legal disputes, financing pressures from stakeholders, particularly French company Nexans, are intensifying.

Cyprus' hesitancy complicates the project. Despite earlier commitments, Nicosia has yet to finalize its equity participation, pending a due diligence review by a US consultancy. The Cyprus Energy Regulatory Authority's refusal to recognize €36 million paid by Greece's Independent Power Transmission Operator (ADMIE) for the EuroAsia Interconnector project to link the power grids of Greece, Cyprus and Israel further stalls regulatory alignment.

Tensions surrounding the project extend to diplomatic concerns, with the cable's...