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Energy expert Professor Panos Papanastasiou, from the Department of Civil and Environmental Engineering of the Faculty of Engineering of the University of Cyprus, continues to shed light on the Great Sea Interconnector project.
The Professor emphasizes, with well-documented analysis, that the project has not yet reached the stage of the final investment decision. The final investment decision is defined as the critical milestone at which the necessary conditions for the project’s realization are secured, all essential agreements are in place, and the project can be implemented smoothly without significant risks.
He clarifies that, according to international practice for large energy projects, preliminary studies, feasibility studies, environmental assessments, permit acquisitions, and the securing of investors and lenders precede the final investment decision. Only when all these steps are completed can the decision to implement the project be made.
Finally, the Professor highlights that until a project reaches this stage, large expenses are not justified. So far, the costs related to this project amount to €82 million, which concern the Independent Power Transmission Operator (ADMIE).
