At the beginning of June, the study for Great Sea Interconnector says CEO ADMIE – Need for a regulatory framework for “green” energy cuts
At the beginning of June the administration of ADMIE will present to Cyprus the cost study – benefits for the project of the electrical interconnection Greece – Cyprus – Israel (Great Sea Interconnector) on the basis of which the Republic of Cyprus will decide its participation in the project and the results of which will be “very positive for the project”, said the President and CEO of ADMIE, Manos Manousakis, speaking at the 9th Energy Transition Symposium that he is organizing the Hellenic Society for Energy Economy (HAEE).
Referring to the attitude of the Cypriot Government, Mr. Manousakis, according to a statement by the ADMIE, said that it is positive and supportive, while the American Government has also given a “vote of confidence”, as he said, through the intention of the state fund DFC for investment participation in the project, which, as he mentioned, “makes us optimistic that geopolitical risk will not appear”.
Also, Mr. Manousakis referred to the need to modify the regulatory framework in order for the electrical interconnection project to proceed smoothly. Greece – Cyprus – Israel.
“We want the regulatory framework to be completed on time. Already, a decision is under consultation that will have to be changed at some points, in order to make the project sustainable and to continue to repay the cable manufacturer”, said Mr. Manousakis, according to a statement from the ADMIE.
< p>Mr. Manousakis stated that ADMIE undertook the construction of the interconnection based on the existence of a regulatory framework that would not create a risk of financial loss for the Operator, adding that the delay in its completion creates uncertainty for the project.
He also said that at the beginning of June the administration of ADMIE will present to Cyprus the cost study – benefit based on which the Republic of Cyprus will decide its participation in the project and the results of which will be “very positive for the project”.
Furthermore, according to the announcement, the head of the ADMIE also mentioned in the Crete interface – Attica which is heading towards its completion.
“At the end of 2024, the construction work will be completed, while at the beginning of 2025, the electrification of the line will begin on a trial basis, which will last three months. Therefore, in the summer of 2025 when the demand for energy will peak, Crete will be energy secure”, he added.
When asked about the rest of the domestic interconnections, Mr. Manousakis referred to the next projects which are the interconnections of the Dodecanese, where the same HVDC technology will be used as in Crete, as well as the islands of the NE Aegean.
Need for a regulatory framework for “green” energy cuts
According to the ADMIE announcement, regarding the issue of “green” power generation cuts, Mr. Manousakis stated that today there is no problem of electricity space and added that “the huge investment interest in the construction of RES projects will lead to the exhaustion of the electricity space in the coming years”. “We are working together with the Working Group of the Ministry of Energy (Greece) to create a regulatory framework for cuts for the country”, he added. moment he has already informed about the existing energy space and the limits of the system, adding however that in the medium term the storage is expected to limit the problem.
Regarding the future plans of the Administrator, according to the announcement, Mr. Manousakis said that “we have already started the medium-term planning for an electricity system that accommodates more RES than those corresponding to the demand, in order to be able to implement the national energy export strategy”.
