The factory production (construction) of a marine cable with a total length of 510 km, which is included in the Cyprus-Greece Electrical Interconnection (GSI) project, has been completed.
The total cable that will be required for the Cyprus-Crete interconnection is 900 kilometers.
Based on the latest progress report received by CERA from IPTO, the construction of a 280 km cable and another 232 km used at greater depths has been completed.
Before the parliamentary Energy Committee, the president of CERA Polyvios Lemonaris said yesterday that for the cable, which is for great depths, sea tests were carried out in the region of Sicily. According to Mr. Lemonaris, the marine surveys for 60% of the distance have been completed and 40% is pending. This is the area for which there are reactions from Turkey. €45 million was spent on marine research.
Unknown X the cost
The president of CERA said that the cost of the electrical interconnection will exceed €1.9 billion. As he said, the final total cost is unknown "X". As he explained, from the cost of €1.9 billion. the €657 million EU sponsorship will be removed. and of the remaining 37%, corresponding to €440 million, is accounted for by consumers in Greece, while consumers in Cyprus account for 63% (€749 million). In relation to the cost of operating expenses, today it is €2 million. per year, while after the completion of the project the operating cost will be €15.5 million. per year.
According to Mr. Lemonaris, the Authority has recognized expenses of the implementing agency of €82 million, which include €25 million. that the state will pay once the Navtex for the soundings is issued. IPTO has submitted a request for its future payment for an amount of €302 million. who claims that they have already been spent on the project.
The implementing body will have, by decision of the two regulators, a guaranteed return on capital of 8.3% for 17 years and a return of 4.6% for another 17 years.
CERA received, through the implementing body, a letter from the company Nexans, notifying a one-year delay in the completion of the project, which is transferred to January 1, 2031.
Cyprus-Greece regulators are waiting, as IPTO did not respond to the letter sent to it last August regarding the acquisition of 66% of the shares of the GSI company by the French Meridiam.
