Significant developments unfolded yesterday afternoon as the President of the Republic of Cyprus called for a high-level meeting on Tuesday to address the Cyprus-Greece electricity interconnection project. The meeting, scheduled for 3:30 p.m., will bring together several key figures. These include the Cypriot Ministers of Energy, Commerce and Industry, Finance, and the Deputy Minister to the President, as well as Greece’s Minister of Energy, a representative from the European Commission, officials from the Independent Power Transmission Operator (IPTO), representatives of the NEXANS company, and Cyprus's Legal Service.

As reported by Brief, the in-person meeting follows a teleconference held yesterday, where clarifications were sought and provided on various issues. However, given the significant pressure on the President and the Cabinet to move forward with the project—despite strong reservations, particularly on financial grounds—the urgency of bringing all parties to Cyprus for face-to-face discussions became apparent.

The Cypriot government, which has reiterated its commitment to connecting Cyprus to the European energy grid via the Interconnector, seeks clear answers and serious commitments on several issues, primarily financial concerns raised by Finance Minister Makis Keravnos and his ministry. These issues are deemed crucial for finalizing the agreement and securing it with binding legal documents, as desired by the Republic's Attorney General.

If all concerns are not resolved in Tuesday's meeting, discussions are expected to continue in the coming days, with the possibility of convening the Cabinet to finalize the agreement while all parties are present in Cyprus. Notably, the involvement of the Greek Minister of Energy, a European Commission representative, and the presence of a NEXANS company official—who had previously communicated with the Cypriot side through intermediaries—are seen as significant steps forward.

According to information obtained by Brief, the Cypriot government insists that the project must have insurance coverage, as is standard with similar projects, to protect against any adverse events that could affect its implementation. Additionally, the government has stipulated that the requested €25 million from IPTO will only be disbursed if Cyprus is sufficiently informed of the project’s progress.

By adopting this approach, the Cypriot government avoids the blame for stalling the project and, more importantly, ensures it is protected against any potential deviations or delays, as occurred with the Vasilikos Terminal project. It has already been clarified that the €100 million pledged by the previous administration under President Nicos Anastasiades will be allocated depending on developments related to the Interconnector and only if the project is deemed viable.

Government spokesperson Konstantinos Letymbiotis, who announced yesterday the arrival of the delegation to Cyprus, reiterated that "the significance of the Crete-Cyprus electricity interconnection project, both as a strategic endeavor and in terms of its economic and energy planning importance for Cyprus and the EU, is indisputable."

"Within this framework, the government approaches the entire issue with responsibility and due diligence, with the sole aim of serving the interests of the Cypriot people," Letymbiotis concluded.

The Cypriot government aims to eliminate any uncertainty surrounding the Cyprus-Greece electricity interconnection, President Nikos Christodoulides stated on Thursday evening.

Speaking at the inauguration of a new hall for the Cultural Association, Hunting Club, and Athletic Union of Aetos Anglissides, the President emphasized, "As a government, we are accountable solely to the Cypriot people, and any decisions we make will primarily serve their interests."

He added that, given the history of large-scale projects in Cyprus, "We will do everything possible to ensure there is not the slightest doubt concerning any aspect of this strategically important project." He further noted, "This is why we took the initiative to hold this meeting in Nicosia, with all parties present, so that even the smallest detail can be addressed."

President Christodoulides reiterated, "We are here to serve the interests of the Cypriot people. We are accountable to the Cypriot people, and especially when it comes to major projects, there is no room for ambiguity, nor is there any intention on our part to allow any uncertainty."

Finally, he expressed hope that the upcoming meeting would lead to results that "will enable us to make decisions that serve the interests of the Cypriot people."