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Nicosia has requested more time at the political level to keep the Cyprus-Crete electricity interconnection project on track, following a dispute over €100 million in project cost recovery, according to Kathimerini's Apostolos Tomaras
Over the weekend, the Cypriot government asked for a deadline extension until Wednesday to resolve the issue, which arose after the Cyprus Energy Regulatory Authority (RAEK) blocked the release of funds that Greece’s Independent Power Transmission Operator (ADMIE) was set to receive.
As a result, the French company responsible for constructing the cable is not expected to suspend work today, as it had previously warned ADMIE it might do.
Negotiations continue, with discussions reportedly considering a scenario where the €100 million could be drawn from a pollution fund, a potential solution being explored by the Cypriot side. Additionally, Cyprus proposed delaying the start of the project's cost recovery from January 1, 2025, to 2027, a suggestion that ADMIE has already rejected.
