The European Commission is scrutinizing the Great Sea Interconnector, a power linkage project between Cyprus and Greece, for potential geopolitical risks and financial hurdles. There are debates over a proposed consumer levy to fund the project’s costs, while concerns about the region’s political landscape add complexity to the project’s success.
Investigative oversight is demanded for the Great Sea Interconnector Project due to concerns about transparency, procedural integrity, and undue influence on regulatory authorities. The Chairman of the House energy and commerce committee, Kyriacos Hadjiyiannis, has called for an investigation by the European public prosecutor’s office to ensure accountability in this significant energy initiative.
Consumers are eagerly awaiting the freedom to choose their electricity supplier, a milestone set for July 2025 by Energy Minister George Papanastasiou. This pivotal change promises enhanced choice and potential cost savings, marking a new era for energy consumers in the evolving electricity market.
Cyprus is investing €50 million to install 400,000 smart meters by June 2027, aiming to modernize its energy infrastructure. These smart meters support realtime energy monitoring, improve grid efficiency, encourage informed usage, and contribute to a greener economy.
The Vasiliko LNG project in Cyprus is under scrutiny for awarding the contract to the CPPMetron Consortium, with doubts raised over their capabilities. President Christodoulides expresses skepticism but remains hopeful with a contingency plan in place, aiming to complete the project by the first half of 2025 for better energy autonomy and affordability.
The Vasilikos LNG Terminal project in Cyprus remains steadfast despite setbacks, with Energy Minister George Papanastasiou ensuring its completion to lower electricity costs and enhance the country’s energy sector alongside renewables and regional connectivity. Despite a contractor dispute and consortium withdrawal, efforts are underway to resume construction and solidify the terminal’s pivotal role in shaping Cyprus’s energy landscape for the future.
The Vasiliko LNG project was abruptly terminated due to financial neglect and mismanagement by Etyfa, leading the Chineseled CPPMetron Consortium Ltd (CMC) to halt their involvement. Audit reports revealed additional costs of €542 million to taxpayers, highlighting breaches in public contracting and delays in the project’s completion.
Cyprus maintains a 3% inflation rate in June, showing resilience amidst global economic challenges. Housing costs surged by 6.4%, while energy prices rose by 9%, balanced by a 1.5% decrease in transportation expenses, highlighting the island nation’s economic stability amid sectorspecific fluctuations.
The future of the Vasilikos LNG import terminal in Cyprus hangs in the balance due to a deadlock with CPPMETRON Consortium Ltd (CMC), potential contract termination, acquisition issues with the FSRU Prometheus, and a contentious arbitration claim. Resolving these challenges is essential for Cyprus to reduce energy costs and achieve energy independence, making it a crucial project for the country’s economic stability and energy transformation.
The Great Sea Interconnector is expected to cut Cyprus’s electricity bills by 30% by 2030. This project will connect Cyprus to Greece, supporting the transition to renewable energy and enhancing energy affordability and security.
