CHRISTODOULIDIS, MITSOTAKIS, MACRON AGREED - RESTART CABLE WITH NAVTEX AND FRENCH SHIPS FOR RESEARCH - Filenews 18/8 by Chrysanthos Manoli
Developments for the electricity interconnection between Cyprus and Greece did not freeze on August 5, 2026, with the signing of the two agreements between IPTO, GSI, Meridiam and Nexans. On the contrary, the political climax of the discussions on the restart of the project on land - better at sea - followed in the days after the ceremony for the signing of the two important agreements at the Maximos Mansion.
The information of Phileleftheros states that the promotion - as soon as possible - of the decisive next steps by GSI (Great Sea Interconnector), under its new shareholder structure and under the leadership of the powerful French company Meridiam, but also by the French Nexans, which executes the contract for the construction and laying of the cable, for 1.4 billion. for the time being, it was the subject of telephone consultations between the President of the Republic Nikos Christodoulides, the Prime Minister of Greece Kyriakos Mitsotakis and the President of France Emmanuel Macron.
From the information we had, it is quite safe to conclude that all three leaders agree that the real restart of the project presupposes the resumption of marine research, by a specialized company, for the completion of the sonarities and the selection of the optimal - final - location of the cable that will connect Kofinou with Korakia and by extension the electricity network of Cyprus with the European electricity network.
The three leaders also reportedly understand the urgency of completing all technical preparations on the part of Meridiam (as the majority shareholder in the company GSI) and Nexans, in order to enable the issuance of the navtex as soon as possible by the Greek authorities for the resumption of research in the sea area between Crete and Cyprus.
What remains for the investigations
The information of Liberal converges that Emmanuel Macron, Kyriakos Mitsotakis and Nikos Christodoulides have discussed in the last few days and agreed that the issuance of navtex and the start of soundings should take place as soon as Meridiam and Nexans make the critical decisions on the operational part of their next actions. That is, once they have decided which companies or which consortium of companies will undertake to complete the investigations and on the basis of what timetable.
According to IPTO, which until August 5 was the sole shareholder in GSI, 60% of the surveys have been carried out so far. The part that remains, however, is the most difficult and the most politically sensitive, as Turkey claims that the sea part south of Kasos falls within its own continental shelf, as arbitrarily determined through the memorandum with the Libyan regime.
Nothing has been announced by the parties involved as to the start of new soundings, nor as to the companies that will undertake the sonarities or the ship/ships they will use.
In French companies
The information of Fileleftheros insists that it is quite possible that Nexans' cooperation with the Italian NextGeo - which mainly used the ship IEVOLI Relume - will not continue and will be replaced by a French company or consortium of companies.
It should be noted that Meridiam, the company that now has the upper hand as a major shareholder of GSI, is building the UK-Germany electrical interconnection (NeuConnect), utilizing other partners for marine surveys and sonars.
If the estimates that the agreements of 5 August lead to a revision of the agreements for the contractors of marine exploration are confirmed, it is most likely that a de facto French consortium will be created for all parts of the project: ownership of the electricity interconnection (Meridiam, at least for as long as it retains 66% of the GSI); Nexans (cable construction and laying) and a French company or consortium for the final and final soundings, which will determine the course of the cable and the final cost of the electrical interconnection. IPTO, as mentioned, retains the technical leadership of the project and the responsibility for its operation after electrification, without its role in the continuation of the construction having been clearly clarified.
Some sources also identify a clear geopolitical dimension and gravity in the serious possibility that all key aspects of the project will be promoted in parallel by French companies, with obvious political support - or any other support required - from the French Government. This clearly means that when the Greek authorities issue in the next short period of time the critical navtex for the reservation of the maritime space in which the soundings will be carried out, it will be absolutely clear that the navtex is issued to serve French economic and geopolitical interests, in accordance with the international law of the sea and not only for the interests of a Greek public company.
"My president..."
We remind you that during the signing of the agreements at the Maximos Mansion, the president and CEO of Maridiam, Thierry Déau, had stressed that "the electrical interconnection is a project of great strategic importance for Europe", following the strategic cooperation that Greece has signed with France and felt the need to publicly say the following: "And I must say that my President (Manuel Macron) is a strong supporter of this project and even calls me every day about it."
Therefore, all the parties involved, even those who arbitrarily claimed a role, are clearly aware that the European project of the electrical interconnection between Greece – Cyprus – Israel is now not supported only by the relevant states and their governments and the European Union, which finances it with 658 million euros. euros, but also by the French state.
And this was confirmed, as we are informed, in the talks that Nikos Christodoulidis and Kyriakos Mitsotakis had with Emmanuel Macron in the last 24 hours.
The part with Israel and Lebanon
The letter of IPTO (for the time being, at least, in the regulatory decisions it is referred to as the implementing body of the Greece-Cyprus-Israel interconnection) last week, in which it requests the promotion of the investment for the Cyprus-Israel section, is not unrelated to the stormy developments of the days. That is, it submitted the documents with which the regulatory authorities of Cyprus and Israel (CERA and Israel Electricity Authority or PUA) will be able to make the critical decisions on the proportional allocation of costs (Cross Border Cost Allocation - CBCA) for the specific part of the interconnection, on the basis of the existing cost-benefit analysis (CBA).
The finalization of the project will require an evaluation by the regulatory authorities of Cyprus and Israel of the documents and studies submitted by IPTO and the consultation with the implementing body (today IPTO, then GSI, with Meridiam as a major shareholder) for the final CBCA and other technical-financial aspects.
Based on today's data, the Cyprus-Israel interconnection, as part of the wider interconnection with Crete) will be approximately 324 km long, at a water depth of 2,200–2,400 meters, with a capacity of 1,000 MW, bidirectional energy transfer. The voltage conversion station in Cyprus will be in Kofinou and in Israel in Hadera.
It is reported that Meridiam - and by extension the French state - is equally interested in the rapid completion of the evaluation of the Cyprus-Israel cable and the promotion of its construction, for obvious geopolitical and economic reasons. The Israeli Government has also, on several occasions, taken a position in favour of interconnection, which offers it energy security.
The issue has been the subject of many consultations at the highest level of the governments of Cyprus and Israel and the information of Filetheros states that a new official consultation is imminent, at the highest level, in September, on the same issue.
For the Cypriot side, and probably for the French side, the promotion of the electricity interconnection between Cyprus and Lebanon is also considered of great importance. A study has already been requested and funding from the World Bank has been requested. The issue is often discussed between the two governments and in particular President Christodoulidis and President Joseph Aoun. The information that exists indicates that the United Arab Emirates is showing a strong interest in undertaking the research and construction, through state-owned companies.
