32.7 C
Nicosia
Friday, July 19, 2024

President of ADMIE for cable: “The CERA decision makes the project unsustainable”

Must read

Mr. Manousakis said that if “the decision does not change in the next few days, the project will stop”

Πρoεδρος ΑΔΜΗΕ για &kappa ;αλδιοαση καθιστ οροβιμo»

The position that the decision of the Cyprus Energy Regulatory Authority makes the Great Sea Interconnector (GSI) project unsustainable was expressed in a statement to KYPE by the President and CEO of ADMIE Manousos Manousakis.

As he states, the specific decision on GSI's revenue methodology, which was announced yesterday to ADMIE “overturns the previous revenue methodology decision (CERA 022/2023, 25/1/2023, Annex 1), which was taken when the project was owned by the previous entity implementation and based on this, ADMIE took the investment decision to become the project's implementation body, in October 2023”.

“This reversal creates a negative present value of over €100 million for the project. It creates an issue of legal certainty for the investment and an issue of trust in administrative decisions and must be reviewed immediately in order for the project to continue. We are in consultation with CERA to file a revision request in the next few days”, he adds.

At the same time, he emphasizes that “Greece has already committed through the decision of the ERA, so that Greek consumers will pay their share of the electrical interconnection during its construction so that the project is sustainable”. “We expect a corresponding decision from the Cypriot side as well”, he says.

“The amount that Cypriot consumers are required to pay during the construction of the electricity interconnection between Crete and Cyprus is only 0.6 Euro cents per KWh , a cost which will be recovered from the reduction it will cause in the electricity bills, already from the first year of its operation”, emphasizes Mr. Manousakis.

“I also want to make it clear that ADMIE has the financial robustness to build the project, but under the data created by this regulatory decision, no investor would become a shareholder”, he points out.

Finally, the President and CEO of ADMIE states that if “the decision does not change in the next few days, the project will stop”.

“This development would be particularly negative for the consumers of Cyprus, as the opportunity to reduce the very high energy costs they pay today will be lost”, he concludes .

Source: www.kathimerini.com.cy

- Advertisement -AliExpress WW

More articles

- Advertisement -AliExpress WW

Latest article