AKEL General Secretary Stefanos Stefanou has sent Finance Minister Makis Keravnos eight questions about the cost, funding and viability of the Great Sea Interconnector (GSI), the planned Cyprus-Greece electrical link.
Following Meridiam’s entry into the body implementing the project, Stefanou asked Keravnos to explain the terms of its agreement with IPTO, Greece’s power grid operator.
Stefanou pointed to Keravnos’s own past comments, on CyBC radio on August 27, 2025 and in a Kathimerini interview on September 1, 2025. In both, Keravnos said two independent studies had found the project was not viable under its existing terms. Keravnos had also said, correctly in Stefanou’s view, that before any payment was made, key parameters needed to be secured and it had to be shown the project would lower electricity prices for consumers.
Stefanou said Meridiam’s entry was a significant development, but that it did not on its own answer critical questions about the project’s total cost, viability, financing, and the financial burden on Cyprus and consumers.
He wanted to know whether the finance ministry has full knowledge of the terms of the IPTO-Meridiam agreement, and who will own the project’s assets and control it during construction and operation. He also raised the question of whether Cyprus is now reconsidering taking a stake in GSI’s shareholding structure in light of the new developments.
Stefanou further queried whether the IPTO-Meridiam agreement changes any of the financial or other commitments Cyprus has already made to the project, and whether new or updated studies exist showing the project is now viable.
He asked whether any study shows the interconnector will lower electricity prices in Cyprus, and if so, by how much, by when, and under what conditions. He also asked for the current estimated final cost and completion date, given delays and outstanding issues, how any funding gap will be covered, and what share of the cost Cyprus will bear.
Stefanou asked, too, whether Cyprus will pay the 125 million euros it has pledged to the project, and under what conditions.
He asked for a prompt response, arguing that the project’s strategic importance obliged the government to properly inform political parties, who will likely be called on to approve major decisions affecting the country.
AKEL recognises the interconnector’s strategic importance for ending Cyprus’s energy isolation, Stefanou said; but he insisted it must go ahead on terms that secure energy supply without creating new dependencies, protect the sustainability of public finances, and deliver the cheapest possible electricity.
A copy of the letter was sent to the Minister of Energy, Commerce and Industry, Michalis Damianos.
