Minister of Energy, Trade and Industry George Papanastasiou received on Thursday the comprehensive cost-benefit study for the Cyprus-Greece (Crete) electricity interconnection, the Great Sea Interconnector (GSI), by the project's implementing body, the Independent Power Transmission Operator S.A. (ADMIE).

In statements to the Cyprus News Agency the Minister that the preliminary positions of the agencies that will assess the study will be given in about two months.

The Minister of Energy said that during the meeting it was confirmed by ADMIE that the cost for the Cypriot consumer, during the construction of the project, will start on January 1, 2025 and will be 0.6 cents per kilowatt hour, while he noted that without electricity interconnection the overproduction in the next years from Renewable Energy Sources will be rejected as it will not be able to be consumed within the country, even if there is storage, the cost of which is very high. 

"Today we received the comprehensive cost-benefit study the content of which we have not seen yet", Papanastasiou told CNA after the meeting he held with the leadership of ADMIE at the Ministry. He added that the study, which was given both in paper form as well as in electronic form, "focuses on the Cypriot electricity energy consumer."

The Minister said that now they will be awaiting for the evaluation of the study by the agencies to which it will be sent and expressed the belief that in the next two months they will likely have a preliminary position so that the Republic of Cyprus can take it into account when making its decisions.

He pointed out that the schedules are tight because there are pressing issues for the implementing body for disbursements for the construction, among other things, of the cables.

This, he pointed out, does not mean that because there is an obligation, work should be done in a hurry and added that "it is a big project at a serious cost and any decision we make today should be for an operating horizon for the project of the next 30 - 40 years".

He also said that the Cyprus Energy Regulatory Authority (RAEK) has a separate meeting with ADMIE next Monday. Asked whether it is likely that RAEK will change a decision it took for Cypriot consumers not be charged before the project's implementation Papanastasiou said that "RAEK takes its decisions on the basis of the data it has before it", adding that if the data it had before it were different or incomplete then if it has before it new data RAEK will take a new decision.

"However, the implementing body should present data in support of what it says and they should be enough to persuade the regulator, who until today does not appear to have been convinced," he noted.

The European Commission is financing the project with €657 million.