The Greek State will be responsible for 13% of any potential delays or cancellations of the Cyprus-Crete electricity interconnection project that result from external factors beyond the control, responsibility, and fault of the implementing entity and/or its contracted suppliers and contractors (geopolitical risk). This enables the Ministry of Environment and Energy to amend the 37% that the current RIAEY decision mandates the system usage fees assume.

THE FRAMEWORK OF UNDERSTANDING 

The amendment follows the Framework of Understanding signed (20/9) between the Republic of Cyprus and the Greek Government on mutual commitments regarding the project. The Ministry's initiative aims to regulate issues reflected in the above agreement for the smooth implementation and continuation of the construction of the project. Lastly, it states that a Joint Decision of the Ministers of National Economy and Finance and Environment and Energy, following a relevant recommendation of the Greek Energy Authority, within two months of the recommendation's submission, will determine the total amount of recovery, the time of its recovery and its annual distribution, the amount to be reimbursed by the State Budget each year, including surcharges, and any other specific relevant issue.