Euroasia still at helm of Crete-Athens link, Brussels notes

Euroasia Interconnector, a consortium of Cypriot interests heading a PCI-status project planned to link the Greek, Cypriot and Israeli power grids, remains project promoter of the wider project’s Crete-Athens segment, while any revisions to this standing would require the consortium’s compliance, the European Commission has pointed out in a letter forwarded to Greece’s energy ministry.

Greek power grid operator IPTO and Euroasia Interconnector have fought for control of the wider project’s Crete-Athens segment.

RAE, Greece’s Regulatory Authority for Energy, recently placed an SPV named Ariadne, an IPTO subsidiary with equity capital of 200 million euros, at the helm of the Crete-Athens segment, without consulting Brussels. This initiative is illegal given the content of the latest letter forwarded by the European Commission to the Greek energy ministry.

The European Commission is currently also seeking to fine-tune the tasks of a technical committee, whose establishment has been agreed to in order to ensure the wider Greek-Cypriot-Israeli project’s compatibility.