Damianos: Cyprus will not pay for GSI unless electricity actually arrives
Energy Minister Michael Damianos told MPs that Cypriot contributions to the Great Sea Interconnector depend on real progress, as verified spending figures lag far behind Admie's claims.
Cyprus will only shoulder costs for the Great Sea Interconnector once power is actually flowing to the island from Greece, Energy Minister Michael Damianos told the House finance committee on Monday, as reported by Cyprus Mail. He was speaking after presenting his ministry's budget for the coming year.
The Greek grid operator Admie says it has spent €302m on the project so far, up from the €250m figure confirmed last August by Damianos's predecessor George Papanastasiou. However, the Cyprus energy regulatory authority (Cera) has verified only €82m of that — the same amount it had approved roughly 15 months earlier, meaning no new expenditure has been certified since last August even though Admie reported €52m in spending over that period.
“If electricity does not come to Cyprus, we will not pay,” Damianos said.
He added that Cypriot consumers would start contributing only after the cable is finished and the island is receiving power through it, with their share to be repaid across 30 years. Should construction costs rise further, he said extra resources would need to be found, possibly from investors, funds or European Investment Bank financing.
What it means for residents
The interconnector is billed as a route to cheaper, more secure power, but the gap between what Admie reports spending and what Cera has signed off means the financial picture remains unsettled. For households, the practical points are these:
- No charges yet. Consumers are not paying for the cable while it is being built; contributions begin only once electricity arrives via the link, spread over three decades.
- Watch the verified total. Only €82m of claimed costs have been checked by Cera, so the final bill Cyprus accepts could still shift.
- Possible cost overruns. If the project gets more expensive, look for talk of investors or EIB loans rather than an immediate hit to bills.
This text is written from the source article and is not a translation of it.
