Undersea surveys are progressing on the Cyprus-Greece Interconnector project, according to the chairman and CEO of the Greek Independent Power Transmission Operator (Admie) Manos Manousakis.
Speaking at the Athens Investment Forum on Wednesday, Manousakis added that further developments on the project’s €1.9 billion investment aspect are expected by the end of the year.
He said that the project is “advancing smoothly”, with undersea surveys underway within the territorial waters of both countries.
Regarding the Cyprus-Israel Interconnector project, Manousakis revealed that a cost-benefit analysis has been commissioned and is set to be completed in the first quarter of 2025.
On regulatory issues related to the Cyprus-Greece link, he then said that these are expected to be resolved soon, given the existing intergovernmental agreement, adding that the Cypriot government “is on track to make an investment decision on its participation in the project by the end of November”.
Last month, officials of Cyprus and Greece held key talks with representatives of Admie to discuss proposal for the project’s expenditures going forward.
According to the Cyprus News Agency (CNA), these related to Admie’s capital expenditures and its operating costs for the years 2024 and 2025.
Energy Minister George Papanastasiou said the talks were part and parcel of the standard process, rather than “tying up loose ends”.
The minister also specified that, contrary to media speculation, the discussions did not directly concern the “final full notice to proceed” to Nexans, the cable manufacturers.
Since the interconnector is a regulated project, any expenditures the promoter makes need to get the nod from the energy regulators in the countries involved, Cyprus and Greece.
