Filenews 10 February 2026 - by Eleftheria Paizanou
They stuck everything in the energy sector. For months, all projects that would help reduce the cost of electricity have been frozen.
On the one hand, the Vasilikos terminal and on the other, the electrical interconnection between Cyprus and Greece, while a new delay was added this time in relation to the installation of the three new production units at the EAC power station in Dhekelia.
These units, although they would run on diesel, would nevertheless be more flexible and reliable and would also stabilize the operation of the EAC station in Vasiliko. In the context of yesterday's discussion of the Authority's budget for 2026 in the parliamentary Finance Committee, the Chairman of the Board of Directors (BoD), George Petrou, revealed that there was a blockage with the delivery of the generators by Siemens.
As he said, in a letter the company informed that it cannot deliver the three units within 2,5 years, as it had originally committed, but will do so in four years, i.e. in 2030. It is recalled that the EAC had awarded a relevant bid of €140 million. As he mentioned, the postponement of delivery is due to the high demand that exists internationally, but also to the absorption of production capacity by data centers in the US.
Plans are being reviewed
Yesterday, the Board of Directors met with the Minister of Energy, Michalis Damianos, whom he informed about the sudden development, as well as about the new data that is being created. According to Mr. Petrou, the EAC is reviewing the plans for the issue of the Dhekelia units, stating that the possibility of the market being wrecked is also on the table.
The EAC president did not hide his concern about 2029, when some units that operate with fuel oil from Dhekelia are expected to be withdrawn, stressing that without the new units, a gap is created. Mr. Petrou expressed the hope that by then there will be the arrival of natural gas in Cyprus.
In addition, the operation of the storage infrastructure in Dhekelia is expected in August 2027, as the tender was recently awarded for the amount of €40 million. However, the question that arises is what will be the EAC's alternative plan in case the three units are not installed, since the storage will not be implemented immediately.
Technip requested an extension
In the meantime, the facts concerning the liquefied natural gas import terminal in Vasilikos are more or less known. After the involvement of the European Public Prosecutor's Office in the expansion of the case, which examines the management of European funds, nothing is progressing. Legal proceedings are underway for the project, as well as arbitration in London.
It should be noted that the French company Technip would advise the state on the further planning of the project. Yesterday, however, the EAC president said that Technip had requested a six-month extension. As he noted, the EAC is a 30% shareholder in ETYFA, stressing that Technip requested a six-month extension in relation to the overall planning. As he said, the company completed stage 1 and for stage 2 requested an extension. According to Mr. Petrou, due to the concern about the issue, the Authority will allocate experts to ETYFA, in order to speed up the process for Vasiliko.
Today, the issue will again be put under the microscope of the members of the parliamentary Energy Committee, at the center of which will be the confidential data of ETYFA, which concerns the funds spent on legal and other consultants.
Murky waters for GSI
Regarding the GSI electrical cable, there is also uncertainty. The 25 million. of the first instalment have not been given to IPTO and in addition, the two governments have not come up with a mutually acceptable formula for the preparation of updated techno-economic studies.
