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Minister of Energy, Commerce, and Industry George Papanastasiou is set to meet with the management of Greece's Independent Power Transmission Operator (ADMIE) on Thursday to receive a comprehensive Cost and Benefit Analysis (CBA) for the Great Sea Interconnector (GSI) project, linking Cyprus, Greece, and Israel.
The meeting, which was scheduled for 10:00, will provide the final insights needed to move forward with this ambitious project.
For those who still haven't heard of the Great Sea Interconnector:
The Great Sea Interconnector is a planned electricity link between Cyprus, Greece, and Israel. It's designed to boost energy security and lower electricity costs across the region.
On June 4, ADMIE presented the initial findings to Cypriot authorities, showing promising results. According to the study, conducted by Exergia and the National Metsovio Polytechnic of Greece, the interconnector could reduce electricity bills for Cypriot consumers by 30% by 2030. That's significant savings for households and businesses alike.
Cyprus is considering a €100 million equity investment in the project. To ensure this investment is sound, the Ministry has enlisted the University of Cyprus, the Cyprus Institute, and a private consulting firm to thoroughly evaluate the CBA report.
Today's meeting is a crucial step toward making a final investment decision. If all goes as planned, the Great Sea Interconnector could be a game-changer for Cyprus, providing more affordable and reliable electricity for years to come.
