Cyprus-Greece Agreement on Electrical Interconnection and Consumer Costs
September 17, 2024
The agreement between Cyprus and Greece for the electrical interconnection includes a cost reduction for consumers if the final cost exceeds €1.94 billion. The costs will be shared 50-50 between the two countries, instead of the previous 63%-37% distribution. Recovery of the implementing agency's expenses will begin in 2025, and consumers will not bear immediate costs during the construction period. If the interconnection is not completed by 2029, the funding for the GSI will be halted.