Cypriot government

Despite the cautious optimism generated by the approval by the Cypriot government’s cabinet of the recovery of the investment cost of 125 million euros in total, Greece is keeping a low profile in the thriller negotiation for the major electricity interconnection.

Athens is cautiously confident about reaching a final agreement on the Crete-Cyprus electricity interconnection following the Cypriot government's commitment to invest €125 million over the next five years in the project.

Cyprus has given the green light for construction of a 1.9 billion euro ($2.1 billion) undersea electricity cable linking its grid with Greece's, aiming to sharply reduce electricity bills and end its energy isolation, the country's energy minister said Tuesday.

Cyprus has yet to decide whether it will remain the last energy-isolated country in the EU or gain access to the European electricity market through Greece.

Bringing an end to the summer impasse, the Cypriot government is expected to approve Monday's agreement of all parties involved in the planned power interconnection linking Greece with Cyprus at a cabinet meeting on Wednesday.

Τhe parties involved in the electricity interconnection project between Crete and Cyprus reached an agreement in principle to end the impasse that has arisen on how to cover its funding gap,  according to Cypriot media. 

The Crete-Cyprus electricity interconnection project is a project of major economic, political and strategic importance.

Cyprus has named Costas Kadis, a scientist who held several cabinet posts in previous administrations, as its nominee for a post in the European Commission.

If the EU's parliament confirms the 57-year-old in the role, he will replace Cyprus's Stella Kyriakidou, who holds the health portfolio. Kadis had not been among those rumoured for the post.

Cyprus' government on Friday refuted reports widely circulated on social media that Cyprus is allowing countries involved in the Middle East conflict access to its military facilities.

Cyprus has reported a substantial budget surplus of 424.5 million euros for the first half of 2024, a huge increase from the €62 million surplus during the same period last year. This improvement is mainly thanks to a significant rise in government revenue, according to the Statistical Service of Cyprus (CyStat).