The Crete-Cyprus electricity interconnection project is advancing towards a critical milestone set for next August. Nexans, the contractor for the project, has committed to ongoing construction until that time.
The contractor will persist until the project’s completion. However, the future remains uncertain. ADMIE is being tasked with resolving complicated issues and advocating for prompt cost recovery from both Greek and Cypriot regulators to ensure the project’s financial viability.
Sources at RAEA noted that for the approval of the €7.5 million allowable revenue for the cable, ADMIE needed to provide information on operating expenses (opex) and related projects, which was submitted late last week.
The goal is to reach relevant decisions during the plenary session next Thursday, allowing cost recovery via Greek consumers’ electricity bills starting in July.
However, there’s skepticism from the Cypriot side, which seems hesitant to approve the revenue collection due to concerns about the project’s viability. According to officials, financing a project whose timeline is uncertain poses significant challenges.
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