Cyprus Supports Great Sea Interconnector but Cautious on Cost Burden

Cyprus's Energy Minister Michalis Damianos has expressed support for the Great Sea Interconnector (GSI) project, citing its geopolitical value and potential to secure electricity supply for the island. However, he emphasized the need to carefully consider the project's economic viability and its impact on consumers. Damianos noted that calculations have shown the project will increase electricity prices per kilowatt hour, and that additional funding may be sought if costs rise significantly. The government is considering options to adjust the cost payback period and spread the burden on consumers sustainably. A study by the European Investment Bank is expected to be completed by the end of the year, providing a clearer picture of the final cost. The project's completion is expected around the end of 2031, although a firm timetable has not been given due to the project's scale.