Minister of Energy, Commerce and Industry Giorgos Papanastasiou has said that the Republic of Cyprus will decide on the Israel-Cyprus-Greece electricity interconnection (Great Sea Interconnector), after first receiving and evaluating the cost-benefit study from the implementing body, which is the Independent Power Transmission Operator S.A. (IPTO) that is expected to deliver the study at the end of June - beginning of July.

He added that the Government's assessment and what has recently been presented by IPTO is that "the charge will be much lower than the benefit for the Cypriot consumers". Papanastasiou said that until today the Cypriot consumer has not borne any expenses and has not paid anything for the project.

The Energy Minister, who was speaking at the House of Representatives Committee on Energy that discussed the Cyprus-Greece-Israel electricity interconnection via the Great Sea Interconnector undersea cable, said that the project "is an infrastructure project, private, with supervisory authorities, two regulators" of Cyprus and Greece.

The Minister said that the Republic of Cyprus has taken an official political position from Israel that the Cyprus-Israel electricity interconnection project should proceed quickly, and he underlined that there are investment funds for the specific part of the interconnection which were interested to invest in order to connect Israel through Cyprus with Europe.

Replying to questions by MPs, the Minister of Energy said that if the Republic of Cyprus takes the final investment decision, the 100 million euro will be used as equity capital. He noted that the Government does not rely on the presentation made by the Independent Power Transmission Operator S.A. (IPTO) but will wait for the study to see the goals it sets for 2030 and 2040.

The project, which concerns a private implementing body, which is IPTO, has received funding of 657 million euro.

"The project is on track to be implemented and is a European one", he said and added that about 145 million has already been disbursed for the construction of the cable and to date 50 kilometers of cable have been built.

The project, he said, will be fully implemented by the middle of 2029, according to the implementing body.

"From 2029 onwards, the Cypriot and Greek consumer will see the benefits", he noted.

Replying to questions by reporters after the Committee meeting, he said that the 657 million funding from the European Commission, is an amount that the Commission has never given before to any other country.

Invited to comment on information that Turkey is trying to legalize through the EU, its electricity interconnection with the Turkish occupied areas of Cyprus by using the "Turkish Cypriot observer status" in the EU, Papanastasiou said that the government has indeed such information which they are monitoring very carefully. He added that Turkey has repeatedly made efforts to connect the occupied areas in various ways.

"So, you understand that this interconnection of Cyprus with Crete is very important to develop because the Republic of Cyprus cannot remain in isolation as regards energy", he said. 

Papanastasiou added that there is already a political decision of the Council of Ministers that supports the project, noting that what remains is the decision to enter as a shareholder in the project.