The Cypriot economy recorded a strong growth rate of 3.6% in the second quarter of 2024 compared to the same period in 2023, according to figures published on Monday by the Cyprus Statistical Service (CyStat).
After adjusting for seasonal changes and working days, the growth rate is estimated at 3.7%.
The investment of 2 billion euros for the electrical interconnection between Greece and Cyprus is leading to a new impasse.
This results from the latest conference call between the Deputy Minister of Environment and Energy Alexandra Sdoukouthe president and CEO of ADMIE Manos Manousakithe ERAEF and representatives of the Ministry of Energy of Cyprus and CERA.
On August 23, in an electrified atmosphere several times during the teleconference, the Cypriot side insisted on its position that Cypriot consumers should not be burdened with the cost of the Great Sea Interconnector from the start of the project and the funding of more than 600 million euros from the E.U.
CERA’s insistence on not revising its previous decision is short-circuiting the grandiose project of electrical interconnection of Cyprus with Greece and the EU. and the lifting of its energy isolation.
The investment project that ADMIE undertook to rescue following the advice of the Cypriot republic, taking the financial risk and having even entrusted the execution of the project to the French Nexans, seems to be doomed…
The Christodoulidis government, both with recent statements by the Minister of Finance Makis Keravnos and Giorgos Papanastasiou, show that they support the decision of CERA, which, in relation to what is applied internationally to such projects with adjustable returns and revenues, rejects the recovery of the project costs from the start of its construction.
But who benefits from the collapse of the project?
According to sources who are in a position to know the data of the energy market of Cyprus, the state EAC (public electricity company) which operates diesel power units and the minimum RES producers representing only 25% of the market.
The wholesale price for the island’s diesel power producers is at 200 euros/MWh, while the prices of RES producers are not far from the aforementioned exorbitant price as they amount to 195 euros/MWh. In fact, as the same market players report, in the electricity system of Cyprus the production of RES – although it represents only 25% – is subject to power cuts in order to satisfy the diesel units and the EAC.
In order to understand the comparison in the Greek electricity market, RES producers are compensated with prices around 57 euros/MWh, while the wholesale market as a whole fluctuates around 120 to 140 euros/MWh.
With this system, Cypriot consumers are the losers, who pay perhaps the highest price in the EU. for the electricity they consume: At 33 euros/MWh.
On the contrary, in Greece, Greek consumers pay for electricity with a price range of 9 to 13 euros/MWh.
Among the arguments of the Cypriot side is the burden that will be borne by the country’s consumers from the electrical interconnection amounting to 2 billion euros.
Based on the cost-benefit study, the burden on Cypriots amounts to just 0.6 euro cents per kilowatt hour.
At the same time, through the new electricity transmission system, the Cypriot market will benefit from the circulation of cheap green energy, which will result in the strengthening of competition on the island and the reduction of electricity costs.
Officials of the Cypriot government are reported to be expressing, like Finance Minister Makis Keraynos, their concern over the aggressive rhetoric and overall response of Turkey towards the project.
They are even reminiscent of the recent incident with the Italian research vessel “Ievoli Relume” which was carrying out research work on behalf of Nexans in the international waters of Kasos – Karpathos.
On the other hand, however, the Turkish side has already expressed its intention to the European Commission for the development of an electrical interconnection from Turkey to the occupied territories of Cyprus with all that this entails for the island’s energy security.
Pressure for the implementation of the electrical interconnection project cannot be ruled out, the information says, for the French Nexans to exert as well.
The multinational cable interconnect manufacturer has already been downgraded by Goldman Sachs as a significant portion of its construction backlog depends on the Great Sea Interconnector.
Everything shows how the investment of 2 billion euros is not excluded, although it receives the support of the EU. to be driven to a wreck.
The solution seems to be clearly in the hands of the leaders of the two states, Kyriakos Mitsotakis and Nikos Christodoulidis.
Source: ot.gr
#Electricity #interconnection #Greece #Cyprus #blocking
Cyprus has completed preparations for a possible removal of foreigners from Lebanon and Israel, Foreign Minister Konstantinos Kombos told the Cypriot news agency KYPE today.
The plans come amid fears that Iran and its allies could launch attacks on Israel and push the region into an all-out war.
Mr Kombos said Cyprus could host a large number of people – including citizens of other EU countries and third-country nationals – provided they travel to their countries in time.
The “Hestia Plan”, as it is called, is ready to be implemented, the Cypriot Foreign Minister said, adding that all the foreseen actions have been taken in the event of the removal of citizens from Lebanon due to the situation in the Middle East.
Asked if Canada has indeed concluded an agreement with Cyprus for the removal of its citizens from Lebanon, the Cypriot Foreign Minister stated that all the planned actions for the implementation of “Estia” have been taken. “That is, for organized removals of citizens through the Republic of Cyprus and after their transfer to destination countries, in the context of the humanitarian assistance we offered in 2006 and 2023”, he added.
Beds have already been placed in schools in Larnaca and sanitary facilities have been prepared to receive citizens in the event of an evacuation of Lebanon.
“All the necessary actions are being taken in terms of accommodation facilities and strengthening our temporary accommodation capacity until the departure to countries of citizenship of persons”, he emphasized.
At the same time, he said, “agreements/arrangements have been made with countries that cooperate with the “Hestia Project”, noting that these “are necessary and were being made all this time”.
When asked if Cyprus is ready at any time to implement the plan, K. Kombos answered “yes”.
Regarding the maximum number of people that Cyprus can accommodate, he answered “in 2006 it was 60,000. So we can welcome large numbers as long as they leave and don’t stay for a long time.”
#Cyprus #ready #remove #citizens #Lebanon #Israel
Cyprus is on standby in case there is a need to remove European citizens or nationals of third countries from the area of Lebanon. “Cyprus is a pillar of security, stability and acts as a bridge of cooperation and peace,” said an official of the Republic of Cyprus.
In the meantime, there are 3,000 Greeks or Lebanese with Greek citizenship living in Lebanon who were asked by the Ministry of Foreign Affairs to move away from the region. If permission is given for evacuation, the Greek frigate “Kountouriotis” sailing in the area will assist in the operation.
In the meantime, the American monster ship docked at the Port of Limassol USS Wasp. It is from the 24th Marine Expeditionary Unit (MEU) Special Operations Capability.
The USS Wasp (LHD-1) Amphibious Assault Ship spotted at the port of Limassol, Cyprus 🇨🇾 pic.twitter.com/2Hj9lvN9Y8
— Open Source Intel (@Osint613) August 8, 2024
The Americans consider the ship’s visit to be ceremonial and in fact the crew members will participate in an event to strengthen relations with the community in coordination with the St. Stephen’s Foundation.
However, this ship with strong firepower is not unrelated to the explosive situation prevailing in the Middle East. Captain Christopher Purcell tried to entertain the impression and stated that the US sailors and marines “are looking forward to experiencing the culture of Cyprus, exploring the area, enjoying the local cuisine and volunteering in the community”.
Cypriot ports are a frequent destination for American warships operating in the Mediterranean. In the last two years, with the lifting of the American arms embargo to Cyprus, destroyers, submarines, the command and control ship of the 6th fleet, and other warships visited the Cypriot ports.
#Cyprus #standby #evacuations #Lebanon #USS #Wasp #Limassol
Process in Linz Tuesday night brought five guilty verdicts against six men for serious fraud involving worthless currency. The.
2024-08-06 23:00:38
#Imprisoned #millions #cryptocurrency #fraud
One would say that after the Turkish provocations on the 50th anniversary of the Turkish invasion of Cyprus and the decisions of the Turkish Security Council on the recognition of two states, the prospect of resolving the Cyprus problem is receding. But is that the case?
“No solution is not a solution” say Athens and Nicosia together and if there is no progress in the negotiations even now, then we will definitively go to the status of no solution, that is, to partition and the creation of two states, which is what Ankara has been seeking until now.
However, information from diplomatic sources in Athens notes that the Cyprus issue is entering a new phase and one of the key figures in the expected resumption of talks or mobility, as it is called, is the Colombian special envoy of the UN secretary general Maria Angela Holguin Cuellarwhich has prepared its report on the Cyprus issue with “fresh” ideas and proposals, as reported by the same sources.
The report has already been received by the UN Secretary General since July 10 Antonio Guterres and studies it carefully before proceeding to the next step. The Secretary-General is now considering the recommendations of Ms. Holguin’s report in order to propose next steps to the Greek Cypriot and Turkish Cypriot leaders.
In the meantime, Mrs. Holguin has come three times since her appointment to Cyprus in early February without succeeding in organizing a meeting between the two leaders, President Nikos Christodoulidis and the occupying leader Ersin Tatar.
But this does not mean that the role of Mrs. Holgin ceases to be decisive for the resumption of talks. The diplomatic work he has done so far offers the opportunity for the UN secretary-general himself to take a landmark initiative in a few weeks in September on the sidelines of the UN General Assembly, in order to initially have a joint meeting of the two leaders, a tripartite meeting that is, shortly before or after New York.
Therefore, the milestone is September and at the meeting the Prime Minister will have in New York Kyriakos Mitsotakis and the Turkish president Tayyip Erdogan. The preparation of this meeting, which will be more substantial than the one held in Washington, on the sidelines of the Summit for the 75th anniversary of the founding of NATO, is being done by the foreign ministers of the two countries George Gerapetritis and Hakan Fidan.
But what is it that opens a small window of optimism for there to be a movement in the Cyprus issue, at a time when Ankara and the occupying regime insist on the two-state solution or separate sovereignty, as they now call it, and the Turkish National Assembly passed a resolution on the international recognition of the pseudo-state?
Perhaps the most important thing is that for a year and a half there has been no tension on the field in Greek-Turkish relations. Some problems they raised (such as the case of Kasos) were resolved diplomatically and Erdogan in the occupied territories avoided threats, he did not stay to watch the fiesta of 50 warships in the occupied port of Kyrenia and beyond the attack that was launched against him Nikos Dendias he did not appear to mention the permanent Turkish positions.
Athens has every reason to believe that in September Ankara will accept the resumption of dialogue on the Cyprus issue. After all, Nicosia has been pushing for several months both at the UN level and at the European Union level for there to be some mobility in relation to the resolution of the issue. Diplomatic sources in Athens also said that Ankara may this time accept that the two communities sit at the negotiating table, without preliminarily setting conditions for two separate states, however it will be the last time.
This phrase “it will be the last time”, quoted by Ankara, is definitely a kind of threat to Athens and Nicosia, because if there is no progress and the talks are interrupted, then Ankara will consider no solution as a solution with known disastrous effects.
So the “last time” will count as a new Turkish ultimatum to the Greek side? “Not necessarily”, answer experienced diplomats, who expect that after the Mitsotakis-Erdogan meeting, the UN Secretary General will ask for a tripartite conference to be convened (the leaders of the two communities, in the presence of the UN) and to cultivate the ground so that after years of stagnation in the Cyprus issue, the leaders should sit at the same table and start talking.
In essence, there will be nothing more than an overview of the situation, how we got here, why the talks stopped, what prospects there are for the future, according to Mrs. Holgin’s report. Perhaps in a second phase a five-member conference, with the participation of both guarantor powers, will be requested for the Cyprus issue. It should not be expected, of course, if the Secretary General of the UN finally proceeds to a five-day conference, that Mr. Mitsotakis and Erdogan together with the leaders of the two communities.
In all probability, the foreign ministers will be the ones who will manage the quintet from Athens and Ankara. And if something unexpected does not happen, then Mrs. Holgin can, returning to Cyprus, convene an international conference on the Cyprus issue.
Finally, there are indications, again according to the estimates of diplomatic sources, that somewhat (but not completely) the Turkish obsession with two states and separate sovereignty has been bent. Perhaps at the last moment he will come up with a solution for a relaxed coexistence of the two communities, without borders, with one citizenship, instead of the other solutions that had been proposed to date and had been rejected.
And one more thing, British bases operate in Cyprus, which are sovereign British territory. In the event of a solution to the Cyprus issue (even with the prescription of “relaxed coexistence”), there are not a few in Cyprus who say that the issue of British bases will also be raised.
How the crisis avoidance mechanism worked
There was momentary tension off Kasos, with the surprise appearance of Turkish warships off the Dodecanese island. The Turkish ships were returning from occupied Kyrenia after Ankara’s fiesta of shame celebrations for the 50th anniversary of the Turkish invasion of Cyprus and were attempting to prevent an Italian ship from conducting searches inside the Greek EEZ.
Greek and Turkish ships found themselves facing each other again, recalling other times of crisis like the one with the “Oruc Reis”, when the fleets of the two countries went out to the Aegean and found themselves faced with rules of engagement.
This time, however, the communication channels at the diplomatic level worked, i.e. the crisis avoidance mechanism established between Athens and Ankara worked. The necessary arrangements were therefore made to complete the mission of the Italian research team without any obstacles.
It is not the first time that these crisis avoidance mechanisms are at work, especially when there is a risk of creating a hot episode or expanding the tension. The fact that for a year and a half, since last year’s earthquakes in Turkey, there have been no crises on the ground in Greek-Turkish relations and the dialogue continues, is due to the channels of communication, which Athens insisted should remain open even in difficult times of Greek-Turkish relations.
Channels of communication were open from time to time between the first diplomatic advisors of Mitsotakis and Erdogan, namely between Eleni Sourani and Ibrahim Kalin. Then with Anna-Maria Boura and Tsatai Kilic. Channels of communication also existed with Deputy Ministers Costas Fragogianni (Positive Agenda) and Alexandra Papadopoulou (Political Dialogue) with their Turkish counterpart.
The goal, as happened in Kasos, of the communication channels that the Greek and Turkish Foreign Ministries had immediately developed, was to reach agreements at various levels in order to de-escalate the crisis and decongest the area from warships. The objective was achieved according to the Ministry of Foreign Affairs.
Thus the Italian research vessel managed to travel the entire distance within the Greek EEZ. From the 6 nautical miles at the limits of Kasos, to the 6 nautical miles of Karpathos. Completed procedures and returned to Heraklion for refueling, crew change and fuel.
The tension mainly arose when Turkey wanted to prove on the ground that the Turkish-Libyan memorandum remains in force and that with this move Ankara wanted to question the validity of the demarcated Exclusive Economic Zone between Greece and Egypt, as it had been agreed and signed on August 6, 2020.
#Septembers #milestone #Cyprus #issue
