The announcement of the firm that will undertake the task of updating the techno‑economic studies for the Greece–Cyprus electricity interconnection project, known as the Great Sea Interconnector (GSI), is expected within days.
The decision by the governments of Greece and Cyprus to update the studies brought a “truce” and a halt to public statements from both sides about the project, statements which had also caused tension in bilateral relations. It is recalled that President Christodoulides and the Greek Prime Minister, Kyriakos Mitsotakis, announced in November the updating of the studies with the aim of attracting investors. The updated studies will also provide an answer as to whether the project is viable or not. In Cyprus, the development was interpreted by some as an initial step towards cancelling the project, yet the picture coming from Greece is entirely different, as the updating of the studies is viewed there as a step towards implementing the project.
This direction was also indicated yesterday by the cable manufacturer, the French multinational Nexans, which announced on the French stock exchange that, in consultation with its client ADMIE, there will be a rescheduling of activities. As a publicly listed company, Nexans has a legal obligation to inform its shareholders and the investment community of any development affecting its operations. The GSI is one of the largest projects in Nexans’ pipeline, and if the project were indeed heading towards cancellation, the company would be required to disclose that information.
The Deputy Government Spokesman, Yiannis Antoniou, speaking yesterday on CyBC noon TV programme Mera Mesimeri, reiterated the government’s long‑standing position, namely that Cyprus is investing in the project and supports it, but not at any cost.
Before New Year’s Day, Christodoulides stated that “there is an agreement between the Greek Prime Minister and myself regarding the obligations arising from the implementation of this specific project, as well as the decision to update the relevant studies due to the strong international interest expressed in participating in the project.”
Nexans
Regarding Nexans, the company announced the rescheduling of activities for the electricity interconnection project, which will affect the timeframe for completing the cable installation.
In its stock‑exchange announcement, the French multinational emphasises that it is carrying out the project in line with its contractual obligations and the milestones set since 2023. It notes that a process of revising the timetable is under way, with Nexans working closely with its client ADMIE to assess the best available options for adjusting the implementation path.
The company acknowledges that these changes will affect the project’s delivery date. Nevertheless, it assures that its financial forecasts for 2028 remain unaffected. It explains that this stability is supported by the group’s strong and diversified order backlog, as well as by precautionary measures to offset potential impacts that have already been scheduled from 2026 onwards.
At the same time, Nexans announced that it will present its financial forecasts for 2026 together with the full‑year results for 2025 on 19 February 2026.
In his statement, Nexans’ Chief Executive Officer, Julien Hueber, stressed that the GSI project “remains under way” and that the company is “fully committed” to supporting its client in completing a critical energy infrastructure. He added that Nexans is managing the current situation with “strong discipline in execution”, noting that the mitigation measures being implemented from 2026, in response to external developments, allow the group to remain on track to meet its financial targets and forecasts for 2028.