The discussions between the energy regulators of Greece and Cyprus and the operator of the Cyprus-Greece electricity interconnection, ADMIE, are part of the process and concern some recoverable costs of the operator for the period 2024 and 2025, Cypriot Energy Minister George Papanastasiou said today, stressing that this is not a pending issue for the project.

At the same time, in statements after the MED9 Energy meeting in Larnaca, Papanastasiou referred to the roadmap that will determine the final investment decision of the Republic of Cyprus to enter the capital of the Great Sea Interconnector company with €100 million.

Asked about the teleconference between RAEK and the Greek RAEK and ADMIE, Papanastasiou said that this does not directly concern the final full notice to proceed to Nexans, which is constructing the submarine cable, “but it is relevant for the reason that through this discussion there should be a decision of the two regulators on the reasonable costs or revenues of the implementing entity for 2024 – 2025.”

Responding to a question, Papanastasiou said it is not a pending project implementation. “It is part of the arrangement and the expenses decided by the two regulators which will be presented documented by the implementing agency which are accepted by the two regulators is part of the process,” he added.

He further said that he did not know the amount that the implementing agency (ADMIE) was asking for. “I am telling you,” he said, “that this process is part of the regulation which the implementing agency presents the costs and the reasonable costs are accepted by both regulators and approved.”

Asked also when the Republic of Cyprus will take the final decision on entering the project’s share capital, Papanastasiou recalled that President Christodoulides, during his visit to Greece and after his meeting with the Greek Prime Minister, “had made reference to a possible participation of Cyprus in the share capital of the Great Sea Interconnector company.”

“But this,” he said, “is subject to certain conditions which at this stage are indicated by due diligence, which will be of a legal and financial nature, but also by the cost-benefit study which has been delivered in July.”

According to Mr. Papanastasiou, at this moment the Republic of Cyprus will have to implement some of these issues through a road map, which will result in the implementation of this decision that the President of the Republic of Cyprus and the Prime Minister had reached.

Responding to a question whether the decision should be taken for granted, the Cypriot Energy Minister said that when there is a precondition it should not be taken for granted.

He explained that the due diligence study will deal with the legal and financial part of the project and after the conclusion of this study then a decision will be taken whether to enter or not.

“A position which has already been taken, has been taken by the Council of Ministers in a previous decision in February 2024 and was recently confirmed in another decision of the Council of Ministers and also very strong is the statement of President Christodoulides after the visit which he had in Greece and the conclusion of the consultations which he had with the Prime Minister,” he stressed.

Finally, in response to a relevant question, Papanastasiou refrained from mentioning a timetable for the completion of the due diligence study.