The Cyprus government will request a new cost-benefit analysis from Greece’s Independent Power Transmission Operator (IPTO) concerning the Cyprus-Greece electricity interconnection, known as the "Great Sea Interconnector." Energy Minister George Papanastasiou announced this initiative on Tuesday after a parliamentary Energy Committee meeting.

The project, valued at €1.9 billion, was initially under the management of the EuroAsia Interconnector. Previous studies were conducted; however, with the evolving energy landscape, the government believes an updated analysis is necessary. This reassessment, according to Papanastasiou, should have preceded the initial investment decision for Cyprus' participation in the project.

Responding to inquiries, Papanastasiou indicated that the study will clarify the cost distribution between Cyprus and Greece, acknowledging the dynamic nature of the energy sector and the possibility of altered cost-sharing arrangements.

The final investment decision involves commitments from all project shareholders, particularly regarding project financing. Excluding the €658 million sponsorship, the remaining €1.2 billion is expected to come from loans. Papanastasiou stressed the significance of understanding Cyprus' financial obligations in this venture.

The minister also emphasized the need to consider the benefits for Cypriot consumers, who currently face high electricity prices. The interconnection project aims to reduce these costs, offering significant advantages to users.

Regarding the government's recent solar panel scheme for households, Papanastasiou mentioned the reception of 5,000 applications, necessitating time to process each thoroughly.