Athens awaits the much anticipated response from the Cypriot government regarding the Great Sea Interconnector project, which involves a power cable linking the grids of Greece, Cyprus and Israel, paving the way for the energy interconnection of the three countries, this week.
Cyprus’ decision will regard an agreement draft that was finalized on September 10 during a meeting chaired by Cypriot President Nikos Christodoulides. The meeting included the participation of Greek Minister Theodoros Skylakakis, along with representatives from Independent Power Transmission Operator (ADMIE) and the French constructing company Nexans.
The Cypriot cabinet is set to decide on the agreement tomorrow, with President Christodoulides expected to convey the positive decision to Greek Prime Minister Kyriakos Mitsotakis during his visit to Athens on Thursday, September 19.
The three key points of the agreement are:
1. ADMIE’s Revenue Recovery: ADMIE is to recover 125 million euros during the construction period, instead of the initially proposed 200 million euros. The Cypriot government argues that part of this cost will be covered through emissions revenue, with the remaining eligible ADMIE revenue being capitalized and recovered once the electrical interconnection becomes operational.
2. Cyprus Becomes a Stakeholder: Currently, ADMIE is the sole stakeholder responsible for the project’s implementation. Under the new agreement, Cyprus will enter the shareholding structure of the Great Sea Interconnector with a 100 million euros contribution.
3. Increased Greek Geopolitical Guarantee: Greece is expected to increase its share of the geopolitical guarantee for the project’s security. The balance between the two countries is expected to shift to a 50-50 split, with Greece enhancing its commitment to the project’s security.
Provided the Cypriot government ratifies the agreement it will signify a crucial step forward in the realization of the Greece-Cyprus-Israel electrical interconnection, a major infrastructure project with both energy and geopolitical significance in the region.
Source: tovima.gr
στο Google News και μάθετε πρώτοι όλες τις ειδήσειςLatest News
Greek Economy Expands 2.3%, Boosting Growth Outlook Through 2028
For 2024, the growth rate of the Greek economy is now expected to reach 2.14%, up from the previous estimate of 2.09%
Greece Introduces Cruise Passenger Levy, Tightens Rules on Short-Term Rentals
Specifically, the minister announced a cruise passenger levy of 20 euros per person disembarking at the ports of Mykonos and Santorini, and 5 euros at other Greek ports, applicable from June 1 to Sept. 30
Bank of Greece: Apartment Rents Continue to Rise
The central bank reported that, on the whole, apartment rentals rose at an annual rate of 13.8% in 2023, compared to 11.9% in 2022.
Greek Government Weighs Freeze on Property Tax Values to Tackle Housing Crisis
Another increase in tax values to match current market levels would likely trigger a further spike in real estate prices, exacerbating the already severe housing problem.
European Governments Sell Bank Shares, Recovering a Fraction of Bailout Funds
The Greek government, as noted by the Financial Times, provided 50 billion euros to the country’s four largest banks during its prolonged debt crisis
Societe Generale (SoGen) ‘Bullish’ on European Periphery Markets
The French firm says Portugal, Italy, Ireland, Greece, and Spain are good options for investors due to economic growth and political stability
Sounion Tanker Salvage Operation Underway in Yemen
Earlier this morning, the Greek rescue vessel arrived on the site, accompanied by strong military forces, including three frigates, helicopters, and a special forces unit
Moody’s Retains Ba1 Rating For Greece; Outlook Positive
Moody’s is the last of the major credit rating firms not to have upgraded the Greek economy to 'investment grade', retaining the Ba1 rating - a notch below
Greek Businesses Posted a 12.7% Increase in Turnover Last July
The data concerns companies maintaining double-entry bookkeeping, and for which monthly data are available.
Prime Minister Mitsotakis Urges EU to Tackle Energy Crisis as Prices Surge
"Something is not working properly. I don’t expect immediate solutions, but at least someone should address this."
![Φτώχεια: 1 στους 7 Έλληνες σε σοβαρή υλική και κοινωνική στέρηση το 2023 [έρευνα Eurostat]](https://www.ot.gr/wp-content/uploads/2024/09/poverty-600x400.jpg)
