Tomorrow will take place the crucial meeting between the Greek Prime Minister Kyriakos Mitsotakis and the President of the Republic of Cyprus, Nikos Christodoulides, regarding the Greece-Cyprus cable. The meeting will take place at 11 in the morning at Megaros Maximos, as stated in a statement by the Prime Minister’s Press Office.
Athens is still holding a small “basket” as yesterday’s Cyprus cabinet did not give a “green light” for Cyprus’ participation in the Great Sea Interconnector equity scheme with 100 million euros, with the relevant decision being referred for next November , when the technical-economic data of the cost-benefit study of the ADMIE (project promoter of the project) is expected to have been examined by an independent appraiser.
Also, the landscape remains “murky” regarding the rest of the pending agreement for the project.
The only clear thing, according to the official statements of the Cypriot Minister of Energy, Mr. George Papanastasiou, about the Greece-Cyprus cable is that the members of the cabinet approved the recovery of the costs of the project attributable to the Cypriot side, with the payment of 25 million. euros per year for the next five years, i.e. from 1/1/2025 to 31/12/2029, as a subsidy of a possible increase in the electricity bills of consumers during the construction period of the interconnection.
For the first installment, a supplementary budget will be submitted to the Parliament, while the funds will be disbursed from the “piggy bank” of the emission rights auction system.
As for the remaining open “fronts” there is only unconfirmed information, from Cypriot sources and Cypriot media, stating that the cabinet approved the WACC premium that had been decided by the Cyprus Energy Regulatory Authority (CERA) to be set at 8, 3% and will be valid for 17 years (and not for 12 years) in order to cover the 5-year construction period of the electrical interconnection.
They also point out that the cabinet’s “stamp” seems to have the sharing of geopolitical risk equally in the two countries, i.e. 50%-50%.
Competent officials of the Greek government, for the time being, are maintaining radio silence and refer to tomorrow’s meeting between Greek Prime Minister Kyriakos Mitsotakis and Cypriot President Nikos Christodoulidis.
In the original agreement, the sharing of costs in the event of the electrical interconnection project being affected by external risks, which may prevent the completion of the interconnection or its operation without the responsibility of the implementing body, was 63% for the Cypriots and 37% for the Greek consumers.
SOURCE: ot.gr
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