The cost of the Cyprus-Greece electricity interconnection via the Great Sea Interconnector is expected to be significantly higher than the initial estimates for this ambitious project, said former Energy Minister George Papanastasiou.
Appearing as a guest on the Alpha News program, he explained that, pending the new study being conducted by an American firm and given the delays observed in reaching final decisions, costs will rise in line with the trends observed internationally. He even cited the example of a citizen building a house, the costs of which vary depending on when construction begins.
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At the same time, he expressed the view that the Republic of Cyprus could pay the full amount of 100 million as a contribution from the outset, instead of the annual amount of 25 million euros. During his tenure, he had recommended that the amount be used to acquire equity in the project, as the French giant Meridiam had done.
Mr. Papanastasiou also expressed his certainty that the higher construction costs of the pipeline will be borne by Cypriot consumers, as provided for in the relevant agreements.
