Subsea power connection between Greece, Cyprus, and Israel encounters significant challenges
The Great Sea Interconnector (GSI) project, a €2 billion ($2.36 billion) endeavour aimed at building a subsea electric cable connecting Greece, Cyprus, and Israel, faces multiple challenges as it navigates through geopolitical complexities and technical hurdles.
One of the key players in the project, Cyprus, has expressed reservations about the GSI project, considering it too expensive and unprofitable. Cypriot Finance Minister Makis Keravnos has presented two studies concluding that the project is not viable under current circumstances. Keravnos has also questioned Cyprus's contribution to the project's financing.
The project, which seeks to link energy markets in the EU and Asia, is crucial for Cyprus, according to Greek Prime Minister Kyriakos Mitsotakis. He emphasised that the GSI project would benefit Cyprus and end its energy isolation. However, the project's progress has been halted due to geopolitical tensions, with Turkey insisting that nothing can happen in the area without its consent. Ankara dispatched warships to prevent surveys from being carried out in the waters around the Greek island of Kasos, and it believes it should be consulted on the matter. Greece, on the other hand, asserts that Turkey is not required to give consent for the GSI project under international law, as there are no plans to drill on the seabed.
The EU has pledged to provide €650 million of the €2 billion required for the project, and has already provided over €650 million in financial support. Despite this, the GSI project faces other challenges, including being technically difficult and facing geopolitical challenges.
The European Public Prosecutor's Office has launched an investigation into possible criminal offences relating to the project. The investigation is focusing on the period before the project was sold to the Greek power grid operator ADMIE, involving at least one high-ranking political figure, members of their family, a civil servant at the European Commission, and several Cypriot civil servants.
The GSI project aims to integrate the Republic of Cyprus into the European electricity transmission system and bolster the energy security of EU member states Greece and Cyprus. However, the project's future remains uncertain due to the ongoing investigations and geopolitical tensions.
Meanwhile, Greece's Foreign Minister Giorgos Gerapetritis accused the Cypriot government of having economic interests that oppose the energy link between Cyprus and Greece. This accusation adds another layer of complexity to the already intricate web of political and economic relationships surrounding the GSI project.
In the broader context, the GSI project is set against a backdrop of regional instability. Syria and Libya are unstable countries, and Israel is conducting a prolonged war in the Gaza Strip. Turkey seeks to improve its relations with Egypt, but relations between Turkey and Israel are at a low. Egypt has had a partial agreement with Greece since 2020, which overlaps with some of the area covered by the Turkish-Libyan treaty.
The GSI project's journey towards energy integration is indeed a complex one, but it underscores the importance of regional cooperation in the face of geopolitical challenges and instability. Whether the project will overcome its challenges remains to be seen, but one thing is clear: the GSI project is a significant undertaking that has the potential to reshape the energy landscape of the region.
It is important to note that no publicly available search results indicate that any European Union politician or high-ranking official is currently under investigation by the European Public Prosecutor's Office for possible crimes related to the Great Sea Interconnector project. This information is provided to maintain factual accuracy and to avoid spreading unverified information.
In conclusion, the Great Sea Interconnector project is a controversial yet ambitious project that aims to integrate the energy markets of the EU and Asia. Despite facing multiple challenges, including geopolitical tensions and investigations into possible criminal offences, the project's potential benefits for Cyprus and the region as a whole cannot be overlooked. The future of the GSI project remains uncertain, but it serves as a testament to the importance of regional cooperation and the pursuit of energy security in a rapidly changing world.
