The Minister of Energy, Giorgos Papanastasiou affirmed on Wednesday that the geopolitical risk for the Cyprus-Greece electricity interconnection project, known as the Great Sea Interconnector, remains the responsibility of the implementing entity (IPTO).
He expressed support for the current regulatory framework set by the Cyprus Energy Regulatory Authority (CERA).
Addressing an extraordinary meeting of the Parliamentary Committee on Energy on the Great Sea Interconnector, Papanastasiou stated, “The risk lies with the new implementing entity.”
The new implementing entity has reportedly asked CERA to modify the regulatory framework to cover geopolitical risk and expenses incurred if the project fails due to external factors.
The existing framework stipulates that this issue “may” be considered by the regulatory authority.
CERA Chairman Andreas Poulikkas emphasised that geopolitical risk is not a regulatory matter.
“There must be recognition from the state because it is a non-regulatory issue,” he said. Poullikkas added, “Once the state accepts that it is a geopolitical risk, CERA can take it into account when making a decision.”
(information from CNA)
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