The key questions regarding the project remain unanswered

Statement by Stefanos Stefanou, General Secretary of AKEL, following the session of the Parliamentary Committee on Energy, Trade, Industry and Tourism

 

20 October 2026, AKEL C.C. Press Office, Nicosia

Once again, the Parliamentary Energy Committee discussed the issue of the power cable, the electricity interconnection and the GSI. This time, we focused on the role and responses of the Cyprus Regulatory Authority, whose role is extremely important in matters of energy and, of course, the GSI.

I must say that every time we discuss this issue, the fundamental questions remain unanswered and we are talking about a project costing billions.

Firstly, whether the project will be completed.

Secondly, what the final cost of the project will be.

Thirdly, if the project is not completed, what we will be required to pay, and finally, whether the project is viable for consumers.

And I say this because there is a great deal of debate regarding the project’s viability. Let us not forget that the project’s viability has two aspects: viability for investors and viability for consumers.

No one can answer – and no one is giving us an answer – as to whether, once the project is completed and operational, the price of electricity will be lower than it is today – which is high – and whether, ultimately, the public, society and the economy will benefit. Unresolved issues of enormous importance also remain regarding the project’s strategic significance.

I would therefore like to stress once again that the final decision on the project should be taken when and if answers are given on these key issues relating to energy sufficiency and security in Cyprus.

And since we are talking about electricity supply and, by extension, security, I must say that whilst the initial timetable for the project’s implementation was extended to 1 January 2030, that is, the date by which the European Union requires certain specific issues to be addressed – particularly those relating to emissions and the operation of conventional power generation facilities in Cyprus – it has now been postponed.

Consequently, a great deal of work still needs to be done on the project to determine the actual circumstances regarding the implementation and operation of the electricity interconnector.