A separation of the Crete-Athens grid interconnection project from the wider PCI-status Greek-Cypriot-Israeli interconnection, appearing highly likely, will not financially burden Greek consumers but instead offer surcharge-related benefits, leading energy ministry officials told energypress on the sidelines of the just-completed Delphi Economic Forum.

Swift development of the Crete-Athens link, as a national project, promises to spare consumers of public service compensation (YKO) surcharges costing approximately 400 million euros per year, energy ministry officials stressed.

These YKO surcharges are added to electricity bills to cover high-cost electricity production at power facilities maintained on non-interconnected islands.

The Crete-Athens grid will cost the country roughly one billion euros to develop, regardless of the development option chosen, the energy ministry officials supported.

Euroasia Interconnector, a consortium of Cypriot interests heading the wider PCI-status Greek-Cypriot-Israeli project, has claimed a withdrawal of the Crete-Athens grid project from the consortium for development as a national project would deprive Greece of EU funding worth 355 million euros from the CEF (Connecting Europe Facility).

Electricity consumers in Greece will need to cover this amount through increased network surcharges over the long term, the Euroasia Interconnector consortium has warned.

The Delphi Economic Forum was held to identify and assess global trends and their impact on decision makers of the wider eastern Mediterranean region.