Cyprus is preparing to release a €25 million payment toward the Great Sea Interconnector, the undersea electricity cable...

Cyprus is preparing to release a €25 million payment toward the Great Sea Interconnector, the undersea electricity cable intended to connect Cyprus's grid to Greece, but only after Athens issues a NAVTEX before the end of October. Energy Minister Michalis Damianos confirmed the timeline to the House Finance Committee during a presentation of his ministry's 2027 budget. The payment comes from the state budget and forms part of a broader commitment: Cyprus has pledged €25 million annually for five years, up to a maximum of €125 million, tied to measurable progress on the project. The 2025 installment has already been deferred because no construction work moved forward that year. Damianos was direct about what triggers payment. "If electricity does not come to Cyprus, we will not pay," he told lawmakers. Cyprus's Energy Regulatory Authority has so far approved only €82 million of the €302 million in expenses claimed by Greek grid operator ADMIE, the body responsible for implementing the project. The GSI carries both energy and geopolitical weight. It would end Cyprus's status as the only EU member state not connected to the European electricity network. The project is backed by €650 million in European funding, with a European Investment Bank assessment currently under way and the possibility of private investor financing if costs rise beyond current projections. Damianos openly flagged geopolitical risk, saying he expected Turkey to react as it did in 2020 and 2025, and acknowledged that Cyprus lacks the military equipment to protect vessels working in its exclusive economic zone. Greece, France and French interests tied to the project are expected to play a protective role, with Nicosia kept fully informed by Athens, he said. If the project proceeds without further delays, completion is targeted for the end of 2031. Contract award for the Vasilikos LNG terminal, a separate but connected priority, is being targeted before the end of 2027, with eight bidders currently in the running. #GreatSeaInterconnector #Cyprus #EnergyPolicy