Apostolos Tomaras
tomarasa@kathimerini.com.cy
The relevant ministries in Cyprus and Greece are moving ahead with implementing the decision of Nikos Christodoulides and Kyriakos Mitsotakis to update the financial data for the electricity cable project known as GSI. The energy ministers of both countries have sent a joint letter to the European Investment Bank requesting funding for the project following a due diligence review.
In their letter, the two ministers confirm that both countries have included the GSI in their National Energy and Climate Plans. They also highlight that in September 2024, Athens and Nicosia signed a Memorandum of Understanding outlining the next steps for the project. In addition, they emphasize that the involvement of the European Investment Bank at this stage is especially important, since it could provide valuable assessments on how the interconnection would affect electricity market dynamics and the overall functioning of the system.
The letter also stresses the importance of aligning the project with the latest National Energy and Climate Plans, the Ten Year Network Development Plan of ENTSO-E, and the broader energy and climate goals of the European Union.
ENTSO-E has already rejected the Turkish side’s request for an electricity interconnection with the occupied areas, noting that the only approved project linking the Republic of Cyprus to the European electricity system is the Great Sea Interconnector. The organization also made clear that no project can move forward without the consent of the Republic of Cyprus.
