RAEK Audits ADMIE's Expenses for Electricity Interconnection

RAEK (Cyprus Energy Regulatory Authority) is reviewing data submitted by ADMIE (Independent Power Transmission Operator) regarding expenses for the Cyprus-Greece electricity interconnection project. RAEK has reportedly assigned an independent auditing firm to verify the invoices and supporting documents submitted by ADMIE.

RAEK officials reiterated their intention to complete the payment process, provided the expenses are verified. The first phase of the payment is estimated at around €13 million. RAEK is expected to request the Cyprus Transmission System Operator to begin charging electricity consumers a fee per kilowatt-hour to collect the amount.

At the same time, the Ministry of Finance will need to disburse the corresponding amount to credit electricity consumers, as the relevant decision stipulates that the expense for 2025 and subsequent years will be covered by the state treasury. RAEK rejects claims of delay, arguing that ADMIE delayed submitting the necessary documents.

It should be noted that the Greek regulatory authority (RAAEY) has not yet paid any amounts to ADMIE for the Cyprus-Crete interconnection.

Greek Prime Minister Konstantinos Mitsotakis expressed his belief that the project will proceed when geopolitical conditions are favorable and when the pending issues with Cyprus are resolved.