Crete-Athens link project to maintain its PCI status, pundits believe

Pundits believe the European Commission’s division for Projects of Common Interest will decide to maintain the PCI status of a Crete-Athens electricity grid interconnection plan at a meeting in Brussels today, as otherwise, the future of the wider Euroasia Interconnector, a PCI-status project planned to link the Greek, Cypriot and Israeli power grids via Crete, would be placed in jeopardy.

The European Commission’s PCI division summoned officials representing all parties involved in a dispute for control of a Crete-Athens to today’s meeting in response to a recent decision by RAE, Greece’s Regulatory Authority for Energy, giving Greek power grid operator IPTO the task of establishing a special purpose vehicle (SPV) for the development of Crete’s interconnection with Athens.

According to RAE’s decision, IPTO will hold a 51 percent stake and other shareholders – the Euroasia Interconnector consortium has priority rights – will be offered 39 percent with an option for a further 10 percent.

A decision on the roles to be played by the Euroasia Interconnector consortium and European operators in the Crete-Athens link project’s development is also expected at today’s meeting.

IPTO and the Euroasia Interconnector consortium have been locked in a dispute for control of the Crete-Athens link.