Newsroom
The Cabinet is meeting today to finalize decisions on the financing of the Cyprus-Greece electricity interconnection project, known as the Great Set Interconnector. The project, which aims to connect the power grids of Cyprus and Greece, has been under intense discussion, particularly concerning how it will be funded.
Yesterday's Cabinet meeting included extensive talks involving the Attorney General and Assistant Attorney General to clarify legal and financial details. Government Spokesman Constantinos Letymbiotis noted that decisions were delayed to allow for these clarifications, emphasizing the government's need to carefully evaluate all aspects before making a final decision.
The primary source of funding for the project is expected to come from revenues generated by the emissions trading scheme. However, it remains unclear if this will require parliamentary approval.
The government has stressed its commitment to ensuring that the project does not result in higher electricity bills for consumers before its completion. "We must evaluate all parameters responsibly to avoid adding extra costs to electricity bills," Letymbiotis said.
Following the Cabinet’s decisions, the Cyprus Energy Regulatory Authority (CERA) will make final amendments to the regulatory framework governing the project. Victor Papadopoulos, Director of the Press Office of the President, emphasized that the government will provide guidance to ensure the project meets its goal of reducing electricity costs without burdening consumers.
Papadopoulos also confirmed that the government has thoroughly reviewed and discussed all aspects of the project, ensuring that the interests of Cypriot consumers are protected.
The Cyprus-Greece Great Set Interconnector is a key project expected to strengthen energy security and reduce electricity costs for Cyprus once completed.
[With information from CNA]
