Energy Ministry Michael Damianos and Greece's Minister of Environment and Energy, Stavros Papastavrou have sent a joint letter to the European Investment Bank (EIB), regarding the financing the Cyprus-Greece electricity interconnection project (Great Sea Interconnector-GSI), following a due diligence study.
In their letter, the two Ministers gave assurances that both member states have included the GSI in their National Energy and Climate Plans, underlining that in September 2024 Athens and Nicosia signed a Memorandum of Understanding regarding the further course of the project.
Furthermore, both Ministers underlined that the EIB's involvement at this stage is extremely important, as it could also provide particularly useful assessments regarding the impacts of interconnection on the dynamics of the electricity market, but also on the overall functioning of the system.
The joint letter also emphasises that it is crucial to ensure consistency with the most recent National Energy and Climate Plans, the ENTSO-E Ten-Year Network Development Plan, as well as the energy and climate policy objectives of the European Union.
It is recalled that ENTSO-E rejected the Turkish side's request regarding the electrical interconnection with the occupied areas, pointing out that the only approved project to interconnect the Republic of Cyprus with the European electricity system is the Great Sea Interconnector.
The European body even stated that no project can proceed without the consent of the Republic of Cyprus.
(Source:protothema.gr)
