Filenews 10 October 2024
If the decision of the Board of Directors of EAC is negative regarding yesterday's proposal of the Minister of Energy for participation in the Great Sea Interconnector, there is as an alternative the Cyprus Hydrocarbons Company (SRM), which is a state-owned company under private law.
Specifically, as CNA reports, the Minister's proposal aims to give the option to the EAC Board of Directors to take decisions on the issue, while there is an alternative to the Cyprus Hydrocarbons Company (SRM), which is a state-owned company under private law and could also assume this role with a simple change in its statutes. It is believed that with such a company, utilizing EAC staff who have know-how, the project could be separated and the development of a smart grid could be promoted, which is also required to further exploit the penetration of renewable energy sources in the energy mix.
We remind you that Mr. Papanastasiou proposed to the Electricity Authority of Cyprus the creation of a separate company that will invest in GSI, the company set up by ADMIE which will undertake the promotion and financing of the electricity interconnection project, if the State takes the final decision to enter the capital of the project with an investment of €100 million. The trade unions of EAC employees are vertically negative.
It is recalled that the EU's Third Energy Package established rules providing for the unbundling of supply and production from transmission networks.
At 15:30 today the meeting of the EAC Board of Directors to make the decisions.
