The support of the Republic of Cyprus for the Greece-Cyprus electricity interconnection project was reiterated on Wednesday by the Minister of Energy, Commerce and Industry of Cyprus, Giorgos Papanastasiou, while stressing the need for the project to be sustainable in the long term.
“The project must be sustainable in terms that can be explained to citizens. Investors look at the return on capital. Cyprus is interested in reducing the cost of electricity. The different criteria, with the assistance of the implementing body, should go in the same direction. This is a European project that the EU is supporting with 657 million euros in order to implement the single electricity market. There is a window of opportunity, which we must exploit,” Papanastasiou noted in statements on the sidelines of the Athens Energy Summit held in Athens.
He noted, however, that European participation remains at the same level, while the project’s budget has increased significantly compared to initial estimates and is close to 2 billion euros.
SOURCE; ANA-MPA
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