The Regulatory Authority for Energy (RAE) will grant a two-month deadline to the new shareholders of the Independent Power Transmission Operator (ADMIE) for submitting a binding timetable regarding the electricity connection of Crete to the country’s continental network.
If the plan is not implemented in time, RAE will use the authority it has by law for launching an open tender to concede the project to a third party as it qualifies as a project of “major importance” and any further delay could create serious supply problems for Crete.
After the first meeting with ADMIE’s new board last week, RAE will hold a new meeting in the next 10 days to discuss the interconnection with Crete. The watchdog will set the realization of the project in the form of an ultimatum, explaining to the new shareholders of ADMIE that “there is no time to lose,” as RAE officials say.
The fact that ADMIE is planning for the Cretan interconnection to enter the system by 2025 has generated concerns in the market and in RAE that the original timetable for the project’s completion by 2023 may not be fulfilled.