ADMIE

The Greek parliament is set to ratify, through legislation, the amendment of the agreement concerning the geopolitical risk distribution for the Crete-Cyprus electric cable project, raising Greece’s share of the risk to 50%.

The power interconnection of Greece and Cyprus, with the prospect of an extension to Israel, is now back in track after the memorandum of understanding signed on Friday by the two countries' energy ministers and the Cypriot energy watchdog approved the 125-million-euro investment in the Great Sea Interconnector (GSI).

Nicosia has today approved Cyprus’s participation in the Great Sea Interconnector (GSI) project with a cabinet decision that agrees to pay €25 million annually for 5 years, as proposed by ADMIE (Independent Power Transmission Operator), to make the Cyprus-Crete electrical interconnection project viable.

The Council of Ministers of Cyprus gave the green light to the proposal submitted by the Ministry of Energy for changes to the regulatory framework governing the Cyprus-Crete electricity interconnection.

It is noted that the Cypriot presidency has announced that statements are expected at 6 p.m. by the Minister of Energy, Giorgos Papanastasiou, at the Presidential Palace.

Cyprus' political leadership is poised to make pivotal energy decisions in a meeting at the Presidential Palace on Tuesday. The gathering is expected to address and resolve several critical issues regarding Cyprus' electrical interconnection with European grids via Greece.

Europe’s initiative to mobilize Europe to de-escalate energy prices is being undertaken by Greece, Romania and Bulgaria, Greece, The Minister of Environment and Energy, Thodoros Skylakakis, announced today while speaking to a radio station.

The Crete-Cyprus power cable deal has taken a dramatic turn following yesterday’s contentious cabinet meeting, which failed to approve the preliminary agreement reached on Tuesday with ADMIE. Originally scheduled for the morning, the debate was first postponed to the afternoon and then delayed again, casting further doubt on the long-stalled project.

Bringing an end to the summer impasse, the Cypriot government is expected to approve Monday's agreement of all parties involved in the planned power interconnection linking Greece with Cyprus at a cabinet meeting on Wednesday.

Tuesday’s (3/9) session at the Athens Stock Exchange turned into a derby between buyers and sellers. The General Index was limited to a range of about 6 points, changing sign continuously.

The Greek and Cypriot governments are in search of a political solution to save the project and take on the geopolitical risk of the electricity Great Sea Interconnector after repeated negotiations since early summer have led the two sides to an impasse, as the time for the project counts dow