Nexans, the firm building the Greece-Cyprus interconnector cable, has issued an ultimatum demanding resolution of pending regulatory issues and a final order from IPTO (Independent Power Transmission Operator), or it will suspend cable works from Monday, September 2, Capital.gr reported.
In a letter, Nexans reportedly holds the Cyprus Energy Regulatory Authority (CERA) responsible for the potential work suspension, placing blame on the Cypriot side for this development.
Sources indicate that following this development, new teleconferences involving all stakeholders are expected in a bid to find an eleventh-hour solution to the looming deadlock.
Nexans stated in its letter that it would continue cable construction if it receives official notification that regulatory obstacles have been resolved, even without an official order from IPTO.
Two key regulatory issues have emerged in discussions with the Cypriot side: firstly, the commencement of the project’s recovery period, with IPTO requesting it begin at the start of construction works; and secondly, the Cypriot side’s assumption of the project’s anticipated geopolitical risk.
(information from Capital.gr/Harris Floudopoulos)
