French firm warns of halt on Cyprus-Crete cable over payments

The second meeting of the Commission overseeing the Cyprus-Crete electric cable project, which included representatives from IPTO, the energy ministries of Cyprus and Greece, and the energy regulators from both countries, ended with no significant progress.

The Cyprus Energy Regulatory Authority (CERA) was unable to provide clarity on cost recovery issues, leading to a lack of resolution.

According to reports, CERA plans to revisit the cost recovery issue by the end of August. A new teleconference has been scheduled for August 26, just days before a deadline set by the French company Nexans, which is contracted to manufacture the cable.

Nexans has already received an advance payment of approximately €57 million and has warned that failure to resolve outstanding payments could halt the project.

In Nicosia, Energy Minister George Papanastasiou indicated that a decision on the Cyprus-Greece-Israel electricity interconnection is expected soon. He emphasized the project's importance for Cyprus's energy security, despite some concerns about the project's viability.

There are ongoing discussions about whether CERA's decision on cost recovery should involve IPTO directly. Some suggest that resolving cost recovery issues at the start of cable installation could help avoid project delays and ensure that geopolitical obstacles do not derail the project.

[Summary of Apostolis Tomaras' original story in Greek published in Kathimerini's Cyprus edition]