The Republic of Cyprus has outlined specific conditions for its participation in the share capital of the Cyprus-Greece electricity interconnection project. Energy Minister Giorgos Papanastasiou is expected to travel to Greece before the end of the year to hold consultations with his Greek counterpart on this issue.

Last Monday, December 23, when asked to comment on the Cyprus-Greece electricity interconnection and Cyprus’s potential participation in its share capital, President of the Republic Nikos Christodoulides stated briefly that Papanastasiou would meet with the relevant Greek Minister next week to address the issues arising from the related study.

The President emphasized that decisions will be based on realistic data. Beyond the commitment of €25 million per year for a maximum of five years, Cyprus’s final stance will depend on a thorough evaluation of the project’s feasibility.

In an interview with Brief, Finance Minister Makis Keravnos highlighted the government’s cautious approach. He reiterated the Council of Ministers’ decision to participate in the project’s capital only if specific preconditions are met.

Keravnos described the Great Sea Interconnector as an expensive project that requires careful consideration of all financial and risk-related parameters. The government, he noted, will avoid emotional or rushed decisions and will base its final determination on a detailed assessment of economic viability.

The Finance Minister stressed that the Ministry would not endorse the project unless convinced of its financial sustainability and its ability to avoid negatively impacting the country’s economy or public finances.

Keravnos further emphasized that any decision to proceed would require confidence in the project’s ability to handle geopolitical and other risks effectively. While recognizing its significant geopolitical importance, including the potential to end Cyprus’s energy isolation, integrate the island into Europe’s energy networks, and enhance energy security, he underlined that economic viability remains paramount.

Participation in the interconnection project hinges on meeting the conditions set by the Council of Ministers, ensuring it is both financially sustainable and strategically advantageous.