With two consecutive meetings that will to some extent determine the next day, the week opens for the Crete-Cyprus power cable that continues to cause strong turbulence on both Greek and Cypriot soil.

A meeting is scheduled for tomorrow, requested by the Commission, to be briefed on the progress and developments of the project in the presence of the regulators of the two countries (RAEAY, RAEK), the energy ministries, ADMIE and the European Investment Bank, which in the past had refused to finance the project and recently ADMIE said it was considering its participation again.

The EIB has recently announced that it is considering to revisit the project.
The Commission has called for all regulatory pending issues to be closed by mid-August at the latest and has reportedly signaled the risks of maintaining the RAEK’s stance on the project (cost recovery during operation rather than construction), risks that appear to be linked to the European funding of 657 million euros, which is the only money on the table for the 1.9 billion project.