“We must also take a firm stance against Turkish threats regarding the Cyprus-Greece electricity interconnector,” – Greece, Finance Minister Makis Keravnos said Thursday, noting that he cannot interfere in Greece’s political affairs.
Speaking at the Ministry of Finance in response to a question about the stance taken by Greek Foreign Minister George Gerapetritis regarding Ankara’s threats, Mr. Keravnos said that “Turkey, too, issues daily threats regarding marine parks and other actions; therefore, I believe that at some point, a corresponding response must be articulated by the other side.”
ΣΧΕΤΙΚΑ ΑΡΘΡΑ
Regarding the project’s viability, Mr. Keravnos referred to the joint statement issued by the Prime Minister of Greece and the President of the Republic of Cyprus “that the study needs to be updated because it appears there are economic and technical aspects that need to be reexamined and clarified; therefore, we are awaiting this study.”
He added that this is a matter for the competent Ministry of Energy and the Minister, Michalis Damianou.
Earlier, however, AKEL issued a statement in which the General Secretary, Stefanos Stefanou, raised a series of questions to the Minister of Finance regarding GSI, concerning the viability of the energy interconnection project, following the agreement for the French company Meridiam to join the project’s implementing body.
AKEL calls on the Minister to clarify whether, the terms under which the project is proceeding ensure the sustainability of public finances, whether or not new dependencies are being created, and whether these terms ensure cheaper electricity.
The following is the full text of AKEL’s statement in a letter sent by Stefanos Stefanou to Makis Keravnos:
The agreement for the French company Meridiam to join the entity implementing the Great Sea Interconnector (ADMIE) brings the Cyprus–Greece electricity interconnection back into the spotlight.
As Minister of Finance, in your public statements (remarks on RIK Radio on August 27, 2025, and an interview in the newspaper “Kathimerini” on September 1, 2025), you stated that two independent studies concluded that the project is not viable under the current terms. You had also pointed out—correctly, in my view—that before any payment is made, critical parameters had to be secured and it had to be demonstrated that the project would lower electricity prices for consumers.
Certainly, the entry of a new investor into the overall project is a significant development; however, we are convinced that this alone does not address the critical questions regarding the project’s total cost and viability, its financing, and the financial burden on Cyprus and consumers.
In light of the recent development regarding the entry of a new investor into the project, please inform me of the following:
- Is the Ministry of Finance of the Republic of Cyprus aware of the full content and terms of the agreement between ADMIE and Meridiam?
- Who will own the project’s assets, and who will exercise control during the project’s construction and operation? And, consequently, is Cyprus’s participation in GSI’s equity structure being reconsidered in light of these new developments?
- Does the agreement between ADMIE and Meridiam change anything regarding the financial or other commitments already undertaken by the Republic of Cyprus for the project?
- Have any new or updated studies been conducted to demonstrate that the project is now viable?
- Is there a study showing that the interconnection will lower electricity prices in Cyprus? If so, what is the estimated reduction, when is it expected, and under what conditions?
- What is the current estimated final cost and completion date, taking into account the delays and outstanding issues?
- How will the funding gap be covered, and what portion of the cost will the Republic of Cyprus bear?
- Will the €125 million to which the Republic of Cyprus has committed be paid, and if so, under what conditions?
I would appreciate your responses as soon as possible. This project is of strategic importance, and for this reason, I believe the Government has a responsibility to inform the political parties in a responsible and specific manner, who will obviously be called upon to approve decisions of major importance that significantly affect the country and its citizens.
Mr. Minister,
On this occasion, allow me to reiterate AKEL’s position that we recognize the strategic importance of the electricity interconnection for ending Cyprus’s energy isolation. Its implementation, however, must take place under terms that ensure energy security without creating new dependencies, the sustainability of public finances, and the supply of electricity at the lowest possible cost.
