Cyprus is on high alert over the uncertain future of the ambitious EuroAsia interconnector project’s delayed implementation which has annoyed the European Commission – the financial backers.
In fact, the EU has warned Cyprus it will revoke the 2016 decision of the European Connecting Europe Facility (CEF) to fund the project with €657 million if prompt action is not taken.
Pending are issues surrounding the crucially important for electricity generation in Cyprus and especially for the green transition interconnection with Crete, Greece.
Insiders told Phileleftheros the ministers of Finance and Energy, Makis Kerynos and George Papanastasiou, respectively, on Sunday had a long meeting focusing on how to rescue the project.
This probably implies financial assistance from the state but also an active involvement in its management.
One also said time is very tight and that very important decisions have to be taken within the week.
Ten days ago, President Nikos Christdpoulides met with EuroAsia Interconnector Chairman and CEO Nasos Ktorides as well as with the Energy Minister to demand an explanation behind the private developer’s delays.
The EuroAsia Interconnector is a European project of common interest labelled as an EU ‘electricity highway’ connecting the national electricity grids of Israel, Cyprus and Greece through a 1,208 km subsea HVDC cable, considered to be the longest in the world.