Newsroom
A high-level meeting at the Presidential Palace in Nicosia has concluded discussions on the Great Sea Interconnector (GSI), the ambitious electricity link between Cyprus and Greece. The meeting, chaired by President Nicos Christodoulides, was attended by Greek Environment and Energy Minister Theodoros Skylakakis, Cypriot officials, and representatives from the EU and French firm Nexans.
President Christodoulides described the discussions as "constructive" and noted that the meeting helped clarify key issues. "It was a very good decision to hold this meeting. It helps to resolve ambiguities, and the work will continue," he said, emphasizing the importance of ongoing talks.
However, sources have confirmed Cyprus' lack of readiness for an agreement. Despite months of negotiations, Cypriot officials still raised basic questions, frustrating the Greek delegation. Insiders revealed that President Christodoulides is reluctant to make a decisive political move, fearing potential fallout. As a result, the project now faces a potential freeze, unless external intervention comes from Greek Prime Minister Kyriakos Mitsotakis or the U.S. government.
Energy Minister: Work to Continue
Cypriot Energy Minister George Papanastasiou echoed the president's sentiments, saying the talks were productive but stressed the need for further negotiations. "It was a long meeting, and the discussion was constructive. This work must and will continue," Papanastasiou said. While he refrained from giving details, he confirmed that there were no ultimatums, addressing speculation about deadlines from the Greek side.
Insiders revealed that President Christodoulides is reluctant to make a decisive political move, fearing potential fallout.
Greek Minister: Negotiations at the Political Level
Greek Energy Minister Skylakakis also characterized the meeting as constructive but hinted at unresolved issues, particularly regarding the financial viability of the project. "Our work continues, both at the technical and political levels," he said, without elaborating on specific sticking points.
Project Stakes for Cyprus and Greece
The GSI is a critical project aimed at linking the power grids of Cyprus and Greece via Crete, integrating Cyprus into the broader European electricity market. However, financial concerns have been raised by both sides, with Cyprus focusing on the project’s impact on consumers and Greece worried about potential costs if the project is delayed or canceled. Athens has already invested around €120 million of European funding, which could be at risk if the project fails to proceed.
The Cypriot government is also concerned about the geopolitical risks of the interconnector and has been negotiating the financial details, including the potential use of €100 million from the Pollutant Release Fund to support the project.
Future of the Project
Despite the challenges, both sides remain committed to continuing discussions. The meeting marks a significant step in advancing the project, though key issues related to cost-sharing and long-term financial sustainability remain unresolved.
Negotiations will continue in the coming weeks, with both technical and political consultations expected to address the outstanding concerns. The outcome will be closely watched as the project is vital for Cyprus’ energy independence and Greece’s broader energy strategy in the region.
