AKEL asks Cyprus Finance Ministry for data on the cost of the GSI electricity interconnector and the fate of €125 million

AKEL Secretary General Stefanos Stefanou has sent a letter to Cyprus Finance Minister Makis Keravnos with questions about the cost, financing and viability of the Great Sea Interconnector (GSI) — an underwater cable intended to connect the electricity grids of Cyprus and Greece. The move was prompted by an agreement for the French company Meridiam to join the structure responsible for implementing the project.

Stefanou recalls that in August and September 2025, Keravnos publicly stated that two independent assessments had concluded that the project was not financially viable under the conditions prevailing at the time. The minister also said then that, before any payments were made, key parameters had to be established and it had to be proven that the cable would reduce electricity prices for consumers.

The party is asking whether the Finance Ministry is aware of the full content and terms of the agreement between the Greek electricity transmission operator ADMIE and Meridiam; who will own the project’s assets and who will manage them during the construction and operation phases; and whether the Republic of Cyprus’s participation in the GSI shareholding structure is now being considered.

A separate set of questions concerns the finances: whether the ADMIE–Meridiam deal changes the commitments Cyprus has already undertaken; whether new or updated calculations confirming the project’s viability have emerged; what the final budget and completion date are, taking the delays into account; how the funding gap will be closed; and what share of the costs Cyprus will assume. AKEL also asks whether there is a calculation of the reduction in tariffs and when exactly consumers will feel its effect.

Finally, the party is seeking clarification on the fate of the €125 million that the Republic of Cyprus committed to contribute: whether this sum will be paid and under what conditions. AKEL acknowledges that the arrival of a new investor is a significant change, but believes that this alone does not answer questions about the project’s total cost and the financial burden on the country and its residents.