The Cyprus Chamber of Commerce and Industry (Keve) this week released a statement emphasising the strategic importance of the Cyprus-Europe electricity interconnection through Greece, highlighting its significance both for Cyprus and the European Union.
“This project is crucial not only for geopolitical reasons but also to end the energy isolation of our country by integrating it into the energy networks promoted by the Union and the wider region,” the chamber stated.
Moreover, Keve underscored the necessity of transitioning away from polluting energy sources and replacing them with renewable energy sources (RES), which is in line with Cyprus’ commitments to the green transition.
“As a country, we must make the right and responsible decisions that ensure the most advantageous and efficient solutions,” Keve said.
These solutions, it added, should guarantee “stability and adequacy in energy supply for the current and future needs of the country, a reduction in the final price of electricity paid by businesses and citizens, and the sustainability of investments in domestic energy production”.
Addressing the cost concerns of the project, Keve asserted, “Cyprus should not innovate in this regard but rather follow international practices”.
In addition, the Chamber acknowledged the project’s technical complexities and high construction costs, calling for thorough study and evaluation by experts.
The announcement also pointed out that Keve expects the involved parties, particularly the Energy Ministry and the Cyprus Energy Regulatory Authority (CERA), “to approach the project with professionalism”.
“It is their responsibility and obligation to include the necessary safeguards and mechanisms,” Keve stated, stressing the importance of ensuring that the project is completed smoothly, within the proposed timelines and budget, should it be approved.
It should be noted that earlier this week, the chairman of the House energy committee, Kyriacos Hadjiyiannis, raised significant concerns over the Great Sea Interconnector (GSI) project, directing tough questions to Energy Minister George Papanastasiou.
Hadjiyiannis questioned the project’s feasibility and suggested that aspects of the endeavour should be investigated by the European Public Prosecutor’s Office.
He challenged the reliability of a cost-benefit analysis conducted by Exergia on behalf of Greece’s independent power transmission operator, Admie, noting that the same company previously deemed the project unviable.
Moreover, he also criticised the tender process, pointing out that only one company, DNV, submitted a bid, questioning the lack of competition for such a crucial project.
Hadjiyiannis also stressed the need for detailed documentation, binding delivery times, and final cost estimates from manufacturers and contractors before the project can be properly evaluated.
The GSI project, previously known as the EuroAsia Interconnector, has received significant funding from the European Commission and the Cyprus Recovery and Resilience Plan.
Elsewhere, the Cyprus Employers and Industrialists Federation (Oev) endorsed the project, highlighting its potential benefits for Cyprus.
