The Council of Ministers will reconvene today, Thursday, to further discuss the Great Sea electricity interconnection, Government Spokesperson Konstantinos Letymbiotis announced on Wednesday afternoon following the Cabinet meeting. He noted that this is a continuation of previous discussions aimed at examining all aspects of the issue.

"As a responsible government, we must thoroughly assess all parameters once the requested clarifications are received. Based on these clarifications, a well-informed and responsible decision will be made to avoid additional burdens on electricity bills before the project's completion," Letymbiotis said.

When asked about the progress of consultations within the Council, Letymbiotis explained that the issue was the focus of a lengthy meeting, in the presence of the Attorney General and the Assistant Attorney General. Clarifications have been sought on key aspects, and decisions will be made based on the responses received.

"Any decision by the Republic of Cyprus will prioritize the goal of avoiding additional costs for electricity consumers before the project is completed, at which point the benefits for the Cypriot consumer will become clear," Letymbiotis emphasized.

Asked whether the requested clarifications pertained to parliamentary approval of the decision, the Spokesperson mentioned that recent teleconferences had been held with the Greek Government, the European Commission, and the European Investment Bank. He reiterated that ensuring the project benefits Cypriot consumers remains the government's top priority.

Regarding recent reactions to the project and questions about whether energy prices will eventually decrease, Letymbiotis explained that the initiative began in 2012. He acknowledged the diverse opinions on the project's value, noting that some have expressed views that differ significantly from their previous stances.

The government's main objective, Letymbiotis said, is to lower electricity prices. This can be achieved primarily through the accelerated adoption of renewable energy sources. The second pillar involves the introduction of natural gas, while the third relates to electricity interconnections.

"I believe there is no disagreement regarding the usefulness or value of electrical interconnections. They will play a crucial role, especially in ending Cyprus' energy isolation and reducing electricity prices, once completed," Letymbiotis stated. He added that the project's benefit to Cypriot consumers is currently under assessment.

"As a responsible government, we must evaluate all aspects carefully once the requested clarifications are received. Based on this information, we will make an informed decision aimed at preventing additional costs on electricity bills before the project is finalized," he reiterated.

Responding to a question about whether the postponement of Wednesday’s Cabinet meeting was due to the need for further discussions with relevant bodies, including the Law Office, Letymbiotis explained that important parliamentary committees had been scheduled for the same morning. Since members of the Cabinet were required to attend these committees, it was deemed necessary to allow enough time for both the electricity interconnection debate and the discussion of the institutional reform framework.

He further noted that the ongoing, in-depth discussion on the electricity interconnection needed to be completed before the issue could be formally presented to the Cabinet.

When asked if the Finance Minister had expressed concerns about the agreement in principle regarding the project, Letymbiotis said he could not comment on information he was unaware of. However, he clarified that it is natural and expected for each ministry to approach the discussion based on its specific responsibilities and portfolio.

Addressing the question of whether extensive legislative regulation is needed to approve Cyprus’ participation in the project, Letymbiotis explained that while some issues related to the regulatory authority do not require additional regulation, if state budget costs are involved, parliamentary approval would be necessary.

In response to a question about the EU requirement for member states to cover 15% of their energy needs through interconnections by 2029, the Government Spokesperson confirmed that the EU aims for all member states to be interconnected by 2030. He emphasized that Cyprus remains the only isolated member state, highlighting the importance of the electrical interconnection project. This initiative is among the European Commission's projects of common interest and has secured specific funding.