Deal with prospects for a vital energy project that will lift energy isolation
By Apostolos Tomaras < /p>
The agreement announced yesterday Friday between the company of the Israel-Cyprus-Greece electric cable and ADMIE gives serious prospects for the implementation of a project which in recent years showed signs of fatigue. Based on the agreement, the Independent Electricity Transmission Operator of Greece (ADMIE) becomes the implementing body and project promoter of the project which, in addition to the existing delay, also had to deal with the disinterest on the part of the European Investment Bank in terms of the investment part. The development that took place brought smiles back to Nicosia with the Minister of Energy Giorgos Papanastasiou himself expressing his satisfaction. The agreement between EuroAsia Interconnector Limited and ADMIE, in addition to the impetus it is expected to give to the implementation of the project, creates positive investment prospects. According to well-informed sources in Nicosia, the government staff seems to be having second thoughts about the participation of the Republic of Cyprus in the project, something that was ruled out until yesterday. As “K” is informed, the Minister of Energy Giorgos Papanastasiou has already requested a sustainability study of the project, which did not exist in his Ministry. A study which, as we understand, has to do with the perspective and the intentions that exist for the participation of the Republic of Cyprus in the energy project.
In para five
The agreement by which ADMIE becomes the implementation body of the electrical interconnection Israel – Cyprus – Greece, as we are informed, saved the funding from the European Commission in paragraph five. According to our information next week, if the agreement was completed, the electric cable was in danger of losing the European funding amounting to €650 million. A development that, as it is perceived, would be a serious blow to the progress of the project. After the agreement EuroAsia Interconnector Limited and ADMIE the European funding will be granted since the European Commission was aware of the consultations of the two parties.
The ADMIE's involvement as the implementing body of the project is considered important both in the financial and technical aspects. As competent sources in “K” emphasized, ADMIE has the know-how to implement an ambitious and highly difficult project, as well as the financial margins to support it. An important role in the involvement of ADMIE in the implementation of the project from Israel to Greece via Cyprus was played by its experience in similar projects to Europe but also in the interconnection of Crete with mainland Greece, a project which was part of the Israel-Greece cable separated by political decision of the Greek government creating political headaches in Nicosia in the past. From the development of things, the concerns of Athens about delays in the implementation of the project were confirmed and led to the autonomy of the part of Crete in mainland Greece