Independent Power Transmission Operator

The deal concerning the Greece-Cyprus power link, between Greece's Independent Power Transmission Operator (ADMIE) and French investment fund Meridiam, reported by Bloomberg on Thursday, was on Friday confirmed by Kathimerini, citing sources from Paris. However, neither party has officially announced the agreement yet.

French company Meridiam SAS has agreed to purchase a stake in the €1.9 billion ($1.98 billion) project that aims to connect Greece’s electricity grid with those of Cyprus and Israel via subsea cables in the Eastern Mediterranean, according to a Bloomberg report.

French investment firm Meridiam has agreed to acquire a 49.9% stake in the Great Sea Interconnector consortium, seeking to link the transmission networks of Greece, Cyprus and eventually Israel, according to Bloomberg. 

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.

The Independent Power Transmission Operator (ADMIE) signed an agreement for the sale of a 20% stake in its subsidiary Ariadne Interconnection to State Grid International Development (SGID) of China on Thursday.

Ariadne Interconnection is the implementation agent for the linking of the Crete and Attica power grids.

Grid operator ADMIE is launching a key 1.42-billion-euro project for the integration of the Dodecanese into the continental high-voltage network, with the proclamation of the tender for the Corinth-Kos electrical interconnection.

Greece is at a critical juncture regarding the penetration of renewable energy sources in the energy mix, a senior executive at the Independent Power Transmission Operator (ADMIE), Ioannis Margaris, said on Friday.

Cyprus will reach a decision this month on whether the Cypriot state will join a subsidiary formed by Greece's Independent Power Transmission Operator (ADMIE) for the development of an electrical grid interconnection linking Crete and Cyprus, according to a leading Cypriot government official.  

The Independent Power Transmission Operator (ADMIE) Chairman and CEO Manos Manousakis emphasized that expanding electrical networks is essential for integrating more renewable energy sources (RES) which will provide more affordable electricity.

In an interview with Mega TV, Vasilis Kikilias, Minister of Climate Crisis and Civil Protection, spoke about the ongoing fire season, noting that while firefighters are still battling fires, they are also dealing with simultaneous floods.