The Council of Ministers is set to reconvene today to finalize decisions regarding the financing of the Cyprus-Greece electrical interconnection project, known as the Great Set Interconnector (GSI).
During yesterday’s session, the issue of financing was discussed extensively. However, as Government Spokesman Constantinos Letympiiotis explained, the meeting was postponed until the afternoon due to the need for further clarifications, particularly with the involvement of the Attorney General and Assistant Attorney General. The final decisions will depend on the responses received to these queries.
According to CNA, the project’s funding is expected to come from the revenues of the emissions trading system. However, it remains unclear whether this funding will require approval from the Parliament.
Letympiiotis emphasized that the government is acting responsibly and will carefully assess all factors before making any decisions, particularly to ensure that electricity bills are not burdened with additional costs prior to the project’s completion.
“Any decisions will prioritize the goal of preventing increased electricity charges before the project is completed, ensuring that Cypriot consumers benefit once it is fully operational,” the Spokesman added.
Following the government’s decisions, the Cyprus Energy Regulatory Authority (CERA) will finalize amendments to the regulatory framework that governs the project.
(Source: CNA)
