The European Commission has reportedly given Nicosia a few weeks to decide on the Greece-Cyprus power cable project. If a decision is not made, the substantial €657 million subsidy will remain with Brussels.

According to community sources, this message was sent by the relevant Commission services overseeing the Great Sea Interconnection project during an extensive teleconference involving all stakeholders.

Community sources indicated that the meeting, planned by the European Commission, turned into a "crisis meeting" due to the recent decision by the Cyprus Energy Regulatory Authority (CERA), which rendered the project unviable.

Participants in the teleconference included the regulatory authorities of Greece (RAAEY) and Cyprus (CERA), the two energy ministries, and executives from Nexans. They discussed the latest developments in this major electricity interconnection project, which aims to end Cyprus’s energy isolation.

Sources reveal that the Commission warned the Cypriot side about the consequences of not implementing the project.

In what sources described as an ultimatum, the Commission emphasized to Nicosia authorities that they have a few weeks to decide on the power interconnection, or they will lose the significant €657 million subsidy. Furthermore, Commission officials highlighted the needs of other European projects for funding, implying that the €657 million "cannot wait."

The Commission urged CERA to establish a framework that would make the project viable, essentially giving a few weeks' deadline.

ADMIE, which is managing the power interconnection, will now engage in a race against time to reaffirm the project's viability.

The new milestones for the power interconnection are well known. On July 11, the ADMIE administration will deliver a comprehensive cost-benefit study of the power interconnection to the Cypriot Energy Minister. Additionally, on July 15, ADMIE officials will travel to Nicosia to meet with CERA regarding the revision request submitted for the regulator's decision.