With a critical milestone next August, the Crete-Cyprus electricity interconnection project is now moving forward, as Nexans – the project’s contractor – has said it will continue construction until then.

– The company that has been the contractor of the Nexans project will continue until then until the end of the project.
What will happen next, no one can predict, with ADMIE being asked to untie the Gordian knot and lobbying for immediate cost recovery from both Greek and Cypriot regulators to ensure the project’s liquidity.

Relevant sources at RAEA explained that to approve the €7.5 million allowable revenue for the cable, ADMIE was required to submit data on operating expenses (opex) and other related projects, which was done late last week.

The aim now is for the relevant decisions to be taken in the plenary session next Thursday, so that the recovery of the costs can start through Greek consumers’ electricity bills from July.

There is no optimism, however, from the Cypriot side, which appears reluctant to approve the collection of the revenue, maintaining reservations about the outcome of the electricity interconnection project. According to relevant government officials, you cannot finance a project that you don’t know if and when it will happen.