Power grid operator IPTO has received permission to revise its budget concerning the fourth phase of the Cyclades islands grid interconnection following approval of a request submitted to RAE, the Regulatory Authority for Energy.
IPTO needs to revise the project’s budget as a result of sharp construction-cost increases brought about by higher prices of materials, equipment and energy.
According to Manos Manousakis, IPTO’s chief executive, the infrastructure cost for three remaining island grid interconnections has now reached 399 million euros (345 million euros for the project’s subsea cables and 54 million euros for three substations to be constructed on each of the three islands).
The updated budget’s finalization will enable the completion of the final round of tenders, already announced by IPTO, concerning the fourth phase of the Cyclades islands grid interconnection.
IPTO is expected to inform participants about a new and final deadline extension for binding bids, to be set for June 7, according to sources.