A pre-emption right granted to Euroasia Interconnector, a consortium of Cypriot interests heading a PCI-status Greek-Cypriot-Israeli electricity grid interconnection project, for a 39 percent stake in Ariadne Interconnector, an SPV established by Greek power grid operator IPTO for the wider project’s Crete-Athens segment, expires today.
The Cypriot consortium is not expected to emerge and accept this first option to acquire the SPV’s 39 percent as it doubts decisions taken by RAE, the the Regulatory Authority for Energy, to endorse Ariadne Interconnector and will continue its preliminary work viewing the grid interconnection project as a whole, sources noted.
At the other end, IPTO is making moves to prepare for the construction of the interconnection’s Crete-Athens segment, planned to run from Korakia, on Crete’s northern coast.
The two entities have fought for control of the Crete-Athens segment.
Greek authorities intend to develop the Crete-Athens segment, needed to counter a looming energy insufficiency on Crete as of 2020, as a national project as talks with Euroasia Interconnector, backed by the European Commission, have reached an impasse.
According to the energy ministry, if Euroasia Interconnector does not make today’s deadline, then RAE, basing its actions on a certified two-year delay of the project, will be able to categorize the Crete-Athens segment as a national project and, as follow-up action, if needed, seek to secure PCI status for this interconnection.