Filenews 6 March 2025
No matter how many assurances were given by the Greek Government that seabed surveys will be carried out normally in international waters in preparation for the laying of the cable, they have not been verified and it seems that the geopolitical obstacle (Turkey) for the electricity interconnection between Cyprus and Crete is higher than initially estimated.
newmoney.gr ADMIE has temporarily suspended payments to France's Nexans, which manufactures the cable in Norway, and has not paid the instalment it was due to pay on February 28.
According to the website, "ADMIE's decision not to pay the instalment of February 28 has, according to information, the political cover of the Greek Ministry of Environment and Energy, as the continuous postponements by the Greek Ministry of Foreign Affairs for Navtex regarding the seabed surveys of the research ship in international waters, trigger the uncertainty that exists for months for the project and pose risks in the event of a derailment in its implementation."
The newmoney.gr also writes that ADMIE has so far spent about €200 million on the construction of the cable (a significant part of which came from the EU grant of €658 million) adding to the concerns.
According to information on the website, the payment freeze has been made in consultation with Nexans in order to ensure that it does not cause a suspension of work on the project. It's unclear what Nexans' reaction to the payment freeze will be, particularly if it continues in the coming months.
