Cyprus Energy Regulatory Authority

The Greek parliament is set to ratify, through legislation, the amendment of the agreement concerning the geopolitical risk distribution for the Crete-Cyprus electric cable project, raising Greece’s share of the risk to 50%.

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).

The Council of Ministers of Cyprus gave the green light to the proposal submitted by the Ministry of Energy for changes to the regulatory framework governing the Cyprus-Crete electricity interconnection.

It is noted that the Cypriot presidency has announced that statements are expected at 6 p.m. by the Minister of Energy, Giorgos Papanastasiou, at the Presidential Palace.

Cyprus' political leadership is poised to make pivotal energy decisions in a meeting at the Presidential Palace on Tuesday. The gathering is expected to address and resolve several critical issues regarding Cyprus' electrical interconnection with European grids via Greece.

Tuesday’s (3/9) session at the Athens Stock Exchange turned into a derby between buyers and sellers. The General Index was limited to a range of about 6 points, changing sign continuously.

Important decisions concerning the Great Sea Interconnector, an electric cable linking Cyprus and Greece, are anticipated in August.

Following a recent visit of the CEO of Greece's ADMIE, the project's implementing body, to Nicosia and the presentation of the cost-benefit study, Cyprus is expected to address the outstanding issues.

The Independent Power Transmission Operator of Greece (ADMIE) has been invited to the Cyprus Energy Regulatory Authority (RAEK) next Monday in connection with new evidence on the basis of which it has requested a review of the Cypriot regulator's decision not to allow Cypriot consumers to be charged before the implementation of the Great Sea Interconnector project, a subsea electric cable plann

Cyprus' Energy Minister George Papanastasiou expressed concerns over the potential withdrawal of a 657-million-euro subsidy by the European Commission for the electricity interconnection between Cyprus and Greece, known as the Great Sea Interconnector (GSI).

Developments surrounding the construction of the 1.9 billion Crete-Cyprus-Israel power cable are dramatic, and even at the top government level, after the Cypriots refused to approve the project’s payment framework, which takes the Great Sea Interconnector project’s course in a new direction.

The Republic of Cyprus is poised to enter the shareholding structure of one of the largest energy projects in the Eastern Mediterranean. This decision, expected to be finalized in the coming week, follows a study presented to the president last week, which green-lights Cyprus' participation in the Israel-Cyprus-Crete electric interconnection project.