Filenews 7 January 2026 - by Chrysanthos Manolis
In a written and official statement, the French company Nexans, which undertook to build and lay the electricity interconnection cable between Cyprus and Crete to IPTO, acknowledges that a rescheduling of the project with its client is underway, which inevitably leads to at least a delay in the completion of the project, which was scheduled for late 2029 or early 2030.
Nexans' statement confirms, albeit with a slight delay, the publications of Fileleftheros about the cancellation of tenders it had announced and about informing bidders about reversals in the design of the GSI project.
Below is the statement of the French company:
"Nexans wishes to provide additional clarifications on the performance of the Great Sea Interconnector contract.
Nexans is carrying out the project in accordance with its contractual obligations and in accordance with the milestones set since 2023.
A rescheduling of activities is underway with her client. Therefore, Nexans works closely with its client to evaluate the best options available for a revised execution schedule.
While these changes will impact the project's delivery date, they will not affect Nexans' financial projections for 2028, thanks to the Group's large backlog and proactive actions to offset any potential impacts from 2026.
Nexans will provide its 2026 forecast along with full-year 2025 results on February 19, 2026.
Nexans remains dedicated to carrying out this project with its client.
Beyond the GSI project, Nexans remains highly optimistic about the strong long-term growth prospects of the PWR transmission business, supported by structural trends and a strong and diversified order backlog."
Julien Hueber, CEO of Nexans, said: "The GSI project remains ongoing, and we are fully committed to supporting our client in completing this critical infrastructure. We manage this situation with strong discipline in our execution. The mitigation measures we have been taking since 2026, in response to external developments, allow us to remain firmly on track with our economic path, as well as with our forecasts for 2028. Supported by long-term structural demand and a strong backlog, Nexans' PWR transmission segment remains a strong driver of value creation, and we remain resolutely focused on disciplined execution."
