The Independent Power Transmission Operator (IPTO) of Greece, the implementing entity of the project for the Cyprus-Greece (Crete) electrical interconnection, known as the Great Sea Interconnector (GSI), presented the new data included in the completed cost-benefit analysis, to the Cyprus Energy Regulatory Authority (CERA) yesterday.
According to information obtained by CNA, IPTO explained the new data to CERA’s leadership and requested a reassessment of the Authority’s previous decision.
In its decision on 2nd July, CERA had rejected IPTO’s proposal for “recognition of reasonable return and revenue and recovery during the construction period” of the project, deeming it reasonable to make such a decision from the start of the interconnector’s commercial operation.
Following the explanations provided, it is now up to CERA to decide, based on the new data, whether to modify or uphold its initial decision.
Considering that IPTO needs to give the final instruction to the French company Nexans for the construction of the cable connecting Cyprus to Crete by the end of August, it is estimated that CERA will need to make its decision before this deadline.
(information from CNA)
