Euroasia Interconnector, the consortium of Cypriot interests heading a PCI-status project planned to link the Greek, Cypriot and Israeli power grids via Crete, has formally requested RAE, the Regulatory Authority for Energy, to reconsider its decision to recently award a special purpose vehicle (SPV) established by Greek power grid operator IPTO financing and development control of the aforementioned wider interconnection project’s Crete-Athens segment.
This is seen as a first step in what would develop into a full legal challenge if the Cypriot consortium’s request is neglected.
Euroasia Interconnector contends that RAE’s decision to award IPTO control of the Crete-Athens interconnection is invalid as European PCI-project regulations do not give the Greek energy authority such powers.
The problem for the Greek side is that the argument raised by Euroasia Interconnector is essentially based on the positions expressed, in writing, by the European Commission and ACER, Europe’s Agency for the Cooperation of Energy Regulators.
According to sources, Brussels this week forwarded a new letter to Greek officials, warning that the Crete-Athens segment stands to lose its PCI status if RAE’s decision on the SPV, an IPTO subsidiary dubbed “Ariadne”, is not withdrawn or revised.