Newsroom / CNA
Independent Power Transmission Operator (ADMIE) of Greece presented new data to the Cyprus Energy Regulatory Authority (RAEK) on Monday, regarding the comprehensive cost-benefit analysis of the Cyprus-Greece (Crete) electrical interconnection project, known as the Great Sea Interconnector (GSI).
As CNA has learnt, ADMIE, elaborated on the new findings to the regulator's leadership, requesting a re-evaluation of the Authority's prior decision.
On July 2, RAEK had rejected ADMIE's proposal for the "recognition of reasonable return and revenue and recovery during the construction period" of the project, deeming it more appropriate to make such a decision only after the commencement of the interconnection's commercial operations.
Following the explanations provided by Manousakis, RAEK must now decide, based on the new data, whether to amend its initial decision.
According to sources, ADMIE needs to issue a final directive to the French company Nexans to proceed with the cable construction connecting Cyprus to Crete by the end of August. It is anticipated that RAEK will make its decision before this deadline.
