ADMIEAssistant Deputy Minister Infrastructure and Environment (Canada)
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This is a shortfall that ADMIE cannot afford to have at the moment, as it is exposed to several electricity grid projects in Greece.
EuroAsia refutes any notion, as implied by ADMIE, that it is the Cypriot side that refuses to cooperate, by not signing a shareholders' agreement for the new "national project".
Last month Athens ( agreed to spin off ADMIE , which manages the national electric power grid, from the state's Public Power Corp., which controls almost all of the country's electricity production.
Greece's Ministry of Energy awarding the contract to build the cable directly to Chinese-controlled ADMIE and its subsidiary Ariadne Interconnection, claiming it was in the nation's interest, even though the new 'national' project will take at least 12 more months to build and will burden Greek taxpayers with a further e1/4450 mln.
Furthermore, as the Syriza government suffered major losses in the European parliament as well as local administration elections in May, newly-elected mayors were even more vocal in recent days over ADMIE's insistence (with Syriza blessing) to build its Crete converter station at Damasta, a historic village that suffered tragic losses during German occupation in WWII.
Mayor Kostas Mamoulakis said: "Instead of being pleased in Malevizi that the project for the 'big' interconnection from Crete to Attica was proclaimed, unfortunately, ADMIE had a nasty surprise for us today, at least as regards the location of the converter station, for which we had struggled all this time, together with the inhabitants of Damasta."
The ADMIE cable will be built by its subsidiary called 'Ariadne SPV' and will also not be compatible with any part of the PCI 3.10 Israel-Cyprus-Crete-Attica interconnector.
It is also challenging in court the Greek government decision to award the Crete-Attica link to Chinese-controlled transmission system operator ADMIE.
Greece wants to make its power grid operator ADMIE independent instead of privatising it, its energy minister said on Monday ahead of an expected bailout review by the country's international lenders next month.
Once the Greek transmission operator ADMIE makes up its mind on whether it wants to stick to the plans of the past six years and partner with the Cypriot company or go it alone on the Crete-Attica sector of the project, simply to satisfy the interests of its Chinese controlling shareholders, then Cyprus, too, will eventually be linked to the European network of trading electricity through the CSE.
He is also expected to seek an alternative plan to the privatisation of the country's power grid operator ADMIE.
EuroAsia Interconnector, the project promoter of the 1,000 MW electricity cable between Israel, Cyprus, Crete and mainland Greece, is suing the energy regulator RAE in Athens for breach of contract after the latter changed its mind and dropped its support for the project, opting instead to award it to the Chinese-controlled transmission system operator ADMIE.