The Greek Ministry of the Environment and Energy submitted an amendment to a draft bill in Parliament late Wednesday evening regarding the portion of the Great Sea Interconnector (GSI) Project linking the electrical grid between Crete and Cyprus.
The changes to the current legislation involve some crucial political and regulatory modifications.
As the relevant Ministry said the project is of great strategic significance for both Greece and Cyprus, as well as the EU as a whole, and is expected to be voted on later today.
The amendment comes on the heels of a Memorandum of Understanding (MoU) signed between Greece and Cyprus on September 20th and reinforces the determination of both sides to commit to the all-important project of the Great Sea Interconnector.
The work has geopolitical implications in light of the EU’s efforts for energy independence and aims to transfer clean energy to the EU.
Among others, the regulation stipulates that Greece’s energy regulatory authority, IPTO (Independent Power Transmission Operator), as the entity responsible for implementing the project of common interest for Greece and the EU concerning the Crete-Cyprus electricity interconnection, will make the required payments to continue the work under the subcontractors signed on to the project, up to the amount of €26.8 million.
The payment will occur in tandem with the process of issuing decisions by the relevant regulatory authorities of Greece and Cyprus regarding the determination of the regulated revenue for the project for 2025, based on the regulatory framework in effect at the time.
Last week, Greek PM Kyriakos Mitsotakis and the President of the Republic of Cyprus, Nikos Christodoulides, met in Athens and reached an understanding to iron out any pending differences.
