The major project of the electrical interconnection between Crete and Greece’s mainland grid is under threat following the sudden end to the cooperation between the Independent Power Transmission Operator (ADMIE) and the EuroAsia Interconnector for the project’s joint construction.
Thursday’s meeting of the parties involved and a European Commission representative, held at the Regulatory Authority for Energy (RAE), failed to bridge the gap between ADMIE and EuroAsia, leading to a rift that brings to an end the cooperation originally sealed with a memorandum of understanding last October.
The Commission representative effectively signaled the end of the cooperation process, saying the development was a particularly unpleasant surprise, for the project forms part of the power interconnection of Greece, Cyprus and Israel and had been included among the European Union’s Projects of Common Interest.
Now RAE has a two-month period to decide whether it will proceed with a direct concession of the project to ADMIE with a binding timetable, or call a tender seeking investors. According to sources, RAE intends to make its decisions far earlier, probably within next week, as there has already been a huge delay.