Greece freezes payments for electricity link with Greek Cypriot administration

ATHENS

Greece has frozen payments to French cable company Nexans due to uncertainty over an electricity connection project linking Crete to the Greek Cypriot administration, local media reported Thursday.

Geopolitical tensions have prevented the company’s research vessel from entering international waters to conduct necessary surveys before laying the submarine cable, according to Greek daily Kathimerini.

The surveys in international waters were interrupted last July following the presence of Turkish warships, the daily reported. They have not resumed since.

Kathimerini noted that Athens is cautious due to the “unpredictable international moves of President Donald Trump” and international developments that “have changed the priorities of French President Emmanuel Macron.”

The electricity link project aims to connect Greece with the Greek Cypriot administration, the only EU member not yet linked to the European electricity transmission system.

The project also envisions a future extension to Israel, also enhancing its energy security.

The Greek Independent Power Transmission Operator (ADMIE) was expected to pay Nexans an outstanding installment of €70 million ($75.6 million) but froze payments to mitigate risk amid the uncertainty.

Nexans was reportedly involved in the decision, government sources told Kathimerini.