{"id":9234,"date":"2024-04-22T22:00:22","date_gmt":"2024-04-22T19:00:22","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=9234"},"modified":"2024-04-22T22:00:22","modified_gmt":"2024-04-22T19:00:22","slug":"no-cost-to-cypriots-until-great-sea-connector-is-operational","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=9234","title":{"rendered":"No cost to Cypriots until Great Sea Connector is operational"},"content":{"rendered":"<div><img decoding=\"async\" src=\"http:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/04\/no-cost-to-cypriots-until-great-sea-connector-is-operational.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p>Cypriot consumers should not pay anything for the Great Sea Interconnector until the project is up and running, the energy minister asserted on Monday.<br \/>\n\u201cIt\u2019s a matter of principle,\u201d George Papanastasiou said. \u201cAs long as the cable is not operational, no one is justified in charging for future electricity flows.\u201d<br \/>\nHe was speaking at an event marking the one year of the energy ministry under the administration of President Nikos Christodoulides.<br \/>\nThe Great Sea Interconnector \u2013 formerly the EuroAsia Interconnector \u2013 is the commercial name given to the mooted undersea cable linking the grids of Cyprus, Greece and Israel.<br \/>\nSpeaking on this, Papanastasiou said the cable project promoter has requested a swift revenue stream to offset expenses \u2013 a request currently being examined by the respective energy regulators in Cyprus and Greece.<br \/>\nCyprus\u2019 priority is to protect electricity consumers, the minister noted.<br \/>\nHe said the cable project \u2013 costed at \u20ac1.9 billion \u2013 is expected to go operational in 2029. Given the multiple benefits that come with it \u2013 unlocking capacity for renewables \u2013 the expenses should be paid off quickly after it goes live.<br \/>\nAs it stands, Cyprus will bear 63 per cent of the cost, and Greece 37 per cent. This is because the benefits to Cypriot consumers are far greater.<br \/>\nBut, the minister stressed, any charge to the consumer must happen \u201conly once we have actual flow of electrons through the cable\u201d.<br \/>\nPapanastasiou also recalled that the government of Cyprus has asked for a cost-benefit study, which will allow it to make a final investment decision. Cyprus is considering directly investing up to \u20ac100 million in the project.<br \/>\nRegarding developments in offshore gas exploration, the minister spoke of \u201cactivity\u201d going on now in Block 5 of Cyprus\u2019 Exclusive Economic Zone.<br \/>\nThe consortium of ExxonMobil and Qatar Energy are carrying out three-dimensional surveys in the block. The surveys, said the minister, have shown signs of optimism.<br \/>\nAlso within the year an appraisal drill will take place at the Glaucus reservoir in Block 10.<br \/>\nAnd based on the findings of the appraisal at the Glaucus-2 well in 2023, possible targets were identified in Block 5 and in Block 10.<br \/>\nNext year will likely see permits granted for new exploratory drilling in those two blocks.<br \/>\nOn the Aphrodite gas play in Block 12, Papanastasiou said the government awaits the concession holders to submit their revised development plan.<br \/>\nHe also revealed that the dispute with Israel over the Yishai reservoir should be \u201cresolved\u201d within the next three months.<br \/>\nThe dispute derives from the claim of the owners of the Yishai gas licence, on the Israeli side of the Israel\/Cyprus Exclusive Economic Zone\u00a0 boundary line, that the Aphrodite gas deposit extends into Yishai.<br \/>\nIn 2010 Israel and Cyprus signed an agreement delimiting the border between their respective maritime areas.<br \/>\nBut a unitisation deal was never signed specifying development of gas reservoirs straddling both countries\u2019 territories.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cypriot consumers should not pay anything for the Great Sea Interconnector until the project is operational.<\/p>\n","protected":false},"author":3,"featured_media":9235,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[3038,6497,7129,6595,1031,2144,2021,3139,3,3818,3013,4985,7017,490,553,7518,358,7517,6117,3644,4081,4548,250,3330,415,3792,747,2753,299,7074,712,3331,193,6971,4843,503,4753,5062,2331,2871,3078,5612,3260],"class_list":["post-9234","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cyprus","tag-agreement","tag-benefit","tag-border","tag-capacity","tag-christodoulides","tag-consortium","tag-consumers","tag-cypriots","tag-cyprus","tag-development","tag-development-plan","tag-developments","tag-dispute","tag-drilling","tag-electricity","tag-electricity-flows","tag-energy","tag-energy-minister","tag-event","tag-expenses","tag-future","tag-gas","tag-google","tag-google-news","tag-government","tag-great-sea-interconnector","tag-greece","tag-investment","tag-israel","tag-licence","tag-maritime","tag-news","tag-nikos-christodoulides","tag-permits","tag-president","tag-president-nikos-christodoulides","tag-project","tag-regulators","tag-renewables","tag-request","tag-reservoirs","tag-revenue","tag-sea"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>No cost to Cypriots until Great Sea Connector is operational<\/title>\n<meta name=\"description\" content=\"Undersea cable. 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