Listen up, compatriots. Beware, also, our brothers and sisters in Greece, because we’re all going to pay for something that (even though we want it and need it as a strategic project) we don’t know if it’ll happen, when it’ll happen, or what it’ll cost. The only certainty is this: we’ll foot the bill. The entire Greek world will. Even if we never get connected. If it’s a small sum, fine—let it wash away. But if it’s massive, eye-wateringly massive?
On Epiphany, no less, French firm Nexans finally deigned to tell us officially what Phileleftheros reported on 9 December 2025—and which the contractor tried to deny with a… global press release: Yes, the implementation timeline for the Cyprus-Greece electricity interconnection is changing, and inevitably so is the target delivery date. Which is now, conveniently, unknown. Having made this admission on the day of the Epiphany, let’s hope they don’t announce the actual delivery year on the day of the Second Coming.
BUT, the French—who perhaps mistake us for gullible Americans—insist, “Nexans is executing the project in accordance with its contractual obligations and according to the milestones set since 2023”.
How can a serious, powerful company from a so-called friendly nation expect us to accept that it’s still executing the project according to its contractual obligations when it’s just told us, in writing and officially, that “a rescheduling of activities is underway with its client” and that “Nexans is working closely with its client to evaluate the best available options for a revised execution timeline”?
When you committed, dear Nexans, to delivering the project by late 2029, and today you tell us that’s impossible and timelines will change, how can you claim everything’s fine and on schedule and in line with the contract you and IPTO signed? Who do you think you’re fooling? Your shareholders and the stock market authorities, perhaps. Us? Not a chance.
BUT—and listen carefully, compatriots (again)—both you in Greece and us in Cyprus will pay for something we don’t know will happen, when it’ll happen, or what it’ll cost. Nexans is fully covered for the delays and timeline changes.
NO ONE in Cyprus and Greece—except IPTO and some people in the Mitsotakis government (and in our government… crickets)—knows what the FINAL contract between the Greek organisation and the French contractor says about timelines, and crucially, about compensation if Nexans is left holding the cable.
If anyone else knows the penalty clauses, do tell us. We’d love to learn. But here’s the thing: it’s not Nexans that’s causing the delays…
NO ONE knows exactly what on earth they agreed to and what on earth they revised and RE-AGREED (new contract) behind our backs—IPTO and Nexans—whilst clutching the regulatory decisions from CERA and RAE that bind electricity consumers in Cyprus to pay 63% of the interconnection costs, whenever it happens, and consumers in Greece 37%.
When the Republic of Cyprus commissioned the American law firm Curtis & Co. (permanent consultants to our Legal Service and Attorney General’s office) to investigate this peculiar and dangerous affair, they responded with a hefty, expensively paid document that emphasised: STAY AWAY FROM THESE PEOPLE.
Don’t become shareholders in the GSI project. Fortunately, we didn’t. But the decisions from CERA and RAE are there, published and binding, stipulating that we’ll pay every last cent of the cost—”kumbaros” and “kalamarades” alike—if the project collapses through no fault of IPTO’s.
Curtis told us something else, too, which our lot—and the Greeks—let slip through their fingers: They said they believe IPTO didn’t give them the final official contract to review. Does that tell you something, dear friends in Cyprus and Greece?
We DON’T know what they agreed, we don’t know why Nexans claims it’s continuing to execute the contract normally when IPTO has officially stated through its chairman that the Full Notice To Proceed—which the original contract supposedly required—was NEVER given to the French, and furthermore, IPTO STOPPED paying Nexans in August 2025.
Let Nexans explain that one to its shareholders and the stock exchanges: How is it “normally” executing a contract that no one’s paying for?
The Cypriot side believes that with the Framework Agreement our government signed with the Mitsotakis government in 2024, it’s covered itself and is exposed to a maximum loss of €125 million through its commitment to pay €25 million annually from 2025 to 2029, before the project is delivered for use.
And our homegrown geniuses believe that if the project collapses and is cancelled, the other expenses will be loaded onto IPTO and Greece, whose transmission system operator IPTO is 51% state-owned. Shame on you for even thinking it.
Nice try, governing compatriots: You haven’t paid the first instalment of €25 million (2025) and you’re not willing to pay the second instalment of another €25 million (2026). So if you haven’t respected the 2024 Framework Agreement, why should the Greek government?
The Framework Agreement might, perhaps, have covered us Cypriots for €125 million if the project wasn’t completed DUE TO IPTO’s FAULT. If IPTO (or Nexans) failed to deliver.
From the moment IPTO and Nexans say they’re doing just fine (terrifying, really) building the cable, but it’s YOU lot dragging your feet, asking for a new updated feasibility study, and it’s YOU who can’t ensure surveys are conducted and cable laying happens because Turkey’s kicking up a fuss—what do you think will happen, brothers and sisters in Cyprus and Greece, sooner or later?
P.S. Dear President of the EU: What will we do if the Commission asks for its cable grant back, as it did with the Vasilikos project?
