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According to a report by Kathimerini's Apostolos Tomaras, a tentative agreement between Athens and Nicosia, backed by the European Commission, has eased uncertainty surrounding a significant energy project. However, the final decisions will be made in Cyprus, with approval needed from both the Council of Ministers and the Cyprus Energy Regulatory Authority (RAEK) by Friday.
The agreement, which was reached with the support of the Commission, is expected to face no issues during the Council of Ministers' meeting, potentially scheduled for today. If approved, the next step will occur in the afternoon when the RAEK Board meets to take two necessary regulatory decisions to ensure the project proceeds smoothly.
Details of the Agreement
According to information from the Cypriot and Greek sides, both parties have agreed that the €125 million contribution required from Cypriot consumers will be covered by the Pollution Fund. For Greek consumers, a fee will be imposed on electricity tariffs, as determined by Greece’s Regulatory Authority.
The implementation of the agreement for Cyprus remains unclear. Some reports suggest a fee will be added to electricity tariffs, which will later be refunded to consumers through a rebate or subsidy from the Pollution Fund.
While the decision has brought relief in Athens, caution remains until the RAEK finalizes both regulatory decisions, which would bring closure to the matter. Meanwhile, concerns raised by Cyprus about geopolitical risks have been deferred for future consideration.
