**Title: Christodoulides: ‘GSI Closer Than Ever to Implementation’**
Cyprus is on the brink of significant progress regarding the Great Sea Interconnector (GSI) project, according to President Nikos Christodoulides. Speaking on Wednesday, he emphasized that recent developments, including an agreement with Greece and the involvement of French investment firm Meridiam, have brought the project closer to realization than ever before.
Christodoulides remarked, “For the first time since 2012, when the issue of the GSI began, we have substantial developments towards the implementation of this specific project.” His comments highlight a renewed optimism surrounding the GSI, which has been a topic of discussion for over a decade.
The President noted that Meridiam's participation is crucial, not only for the financial backing of the project but also for its geopolitical implications. He stressed that the progress achieved is grounded in a comprehensive agreement with Greek Prime Minister Kyriakos Mitsotakis. This collaboration was a focal point of discussions during Christodoulides’ recent visit to El-Alamein, where he engaged in talks about the interconnector.
Further discussions regarding the GSI were held on Wednesday when Christodoulides’ diplomatic team met with representatives from the French embassy in Nicosia. This meeting was specifically aimed at advancing the interconnector project, which is seen as vital for enhancing energy security in the region.
In a related development, Prime Minister Mitsotakis is scheduled to meet with French President Emmanuel Macron in Paris to further discuss the GSI. This high-level engagement underscores the importance of the project not only for Cyprus and Greece but also for France, which is investing in the initiative.
However, the GSI project is not without its challenges. Finance Minister Makis Keravnos recently warned that the costs associated with the GSI could exceed the commonly cited figure of €1.9 billion. This estimate pertains solely to the subsea cable, excluding additional expenses such as insurance, storage, and maintenance. Keravnos expressed uncertainty regarding whether the GSI would lead to lower electricity prices, stating, “We’re not sure that the price of energy would come down” with the GSI.
Energy Minister Michalis Damianos has also weighed in on the matter, suggesting that the primary objective of the interconnector should be to enhance energy adequacy and security rather than solely focusing on reducing electricity costs. This perspective reflects a broader understanding of the GSI's role in the region's energy landscape.
As discussions continue and negotiations progress, the GSI project stands as a pivotal initiative for Cyprus, promising to bolster energy infrastructure and security while navigating the complexities of financing and regional cooperation. The coming months are likely to be critical in determining the project's trajectory and its potential impact on the energy market in Cyprus and beyond.