The Cyprus Power Regulatory Authority (CERA) is assembly, which is anticipated to revise factors of its earlier choice in relation to {the electrical} interconnection
The long-awaited session of the Cyprus Power Regulatory Authority (CERA), which is anticipated to assessment factors of its earlier choice in relation to {the electrical} interconnection of Cyprus with Crete via a submarine cable, started on Friday morning, as knowledgeable by KYPE. Nice Sea Interconnector (GSI).
On Thursday, the President of the Republic Nikos Christodoulidis confirmed to the Greek Prime Minister, of their non-public assembly in Athens, “the political dedication of the Republic of Cyprus to take part within the share capital of the undertaking as quickly as potential, and after the completion of the due diligence research and the institution of a particular goal firm, for which superior consultations are additionally underway with third nations”.
Among the many adjustments to the regulatory framework, that are anticipated to be included in CERA's choice, is that within the occasion that the Cyprus-Crete electrical interconnection can’t be accomplished as a consequence of geopolitical dangers, Cyprus-Greece shoppers will share the fee 50-50 . Accordingly, the fee through the interval of operation of the interconnection can also be shared at 50%, from the 63%-37% for Cyprus-Greece that was in power till as we speak.
Throughout the development interval, i.e. from 1 January 2025 to 31 December 2029, the distribution of development prices will stay as it’s, i.e. 63% for Cypriot shoppers and 37% for Greek shoppers.
On September 17, the Council of Ministers determined that the price of this era, which can probably be borne by Cypriot shoppers from 1/1/2025-31/12/2029, can be paid by the Authorities, with €25 million per 12 months and strict five-year higher restrict of €125 million. It’s famous that an official response has been obtained that €125 million doesn’t represent state support.
Supply: KYPE
