On Alpha Cyprus, Professor Panos Papanastasiou: Questioning the Viability of the Cyprus – Greece Electricity Interconnection

Energy expert Professor Panos Papanastasiou, from the Department of Civil and Environmental Engineering at the Faculty of Engineering of the University of Cyprus, is sounding the alarm over the handling of energy-related issues.

Speaking on the program “Alpha News,” the professor directly questioned the viability of the Cyprus–Greece electricity interconnection, describing the project as unfeasible due to its excessive cost, now estimated to exceed €3–4 billion.

As he explained, the recent discussion does not concern the project’s substantive progress, but rather the “bill” of €250–300 million cited by ADMIE (the Greek transmission system operator) as expenses even though no final investment decision has been taken and the technical reliability of the technology at such depths has not been secured.

The professor also revealed that he had previously informed the government that the widely cited “billions in benefits” from the interconnection were not actual revenues for the country, but accounting criteria used to secure “green” loans. He warned that persistence with a non-viable project could lead to even higher electricity prices for Cypriot consumers and pose risks to the country’s economy.

Instead of the costly interconnection, the professor suggested that the only rational path forward is investment in renewable energy sources combined with energy storage systems (batteries).

He emphasized that the cost of battery technology has decreased, making it possible to utilize surplus energy during periods of low demand.

He concluded by noting that the European Investment Bank had already, since 2023, favored batteries over the cable, estimating that the interconnection would result in losses of €2.3 billion.