The final price tag for the Great Sea Interconnector (GSI) remains an unknown, while the project is now estimated to come online a year later than initially forecast, the energy regulator said on Tuesday.

Head of the energy regulatory authority (Cera) Polis Lemonaris was giving MPs a status update on the GSI – a planned subsea electricity cable linking Cyprus’ grid to that of Greece.

He said the final cost of the GSI cannot yet be “safety estimated” – but added that judging by other interconnectors, the €1.9 billion cited does not seem realistic.

Moreover, in the event that seabed surveys – still ongoing – show a need to reroute the subsea cable, the cost would likely go up.

But going with the standard €1.9 billion number, the official explained the cost distribution for Cyprus and Greece, currently set at 63 per cent to 37 per cent, respectively. Minus the €657 million in EU grants, Cyprus’ share of the cost comes to €749 million, and Greece’s to €440 million.

In addition, the contracting parties bear the operating costs equally; these come to €2 million annually up until the project’s completion, and then €15.5 million per year during actual operation.

As part of the incentives agreed, Lemonaris said, Cyprus will pay €25 million per year for the 2025-2029 period, with a maximum payment of €125 million.

Cyprus has yet to pay Admie the first €25 million installment.

In 2025, Admie – Greece’s independent power transmission operator and project promoter for the GSI – made a filing claiming it had incurred €302 million in expenditures.

Having reviewed the documentation, however, Cera concluded instead that expenses were €82 million up until that time.

The two countries have also agreed on a guaranteed rate of return on investment of 8.3 per cent for the project manager. This rate applies for seven years, later dropping to 4.6 per cent for the next 17 years.

On the actual work done, Lemonaris said that so far 280km of cable has been laid on the seabed, out of the total distance of 900km between the two points in Crete and Cyprus.

Meanwhile, another 232km of cable has been manufactured but yet not laid.

And 60 per cent of the necessary seabed surveys have been completed; the remaining 40 per cent would take about six months.

The seabed surveys are included in the approved capital expenditures budgeted for the 2024-2025 period, which altogether tally at €571 million.

Elsewhere in his presentation, Lemonaris said that the original target of January 2030 set for the project’s completion now looks like January 2031, according to fresh estimates.

MPs wanted to know the status of ownership and control in the project following the acquisition by Meridiam – a French infrastructure investment firm – of 66 per cent of the shares in the holding company based in Greece. Admie retains a 33 per cent strategic minority stake.

Based on their most recent information, Lemonaris said, the ownership and management permits still appear to be held by Admie, which also remains the project promoter.

However, Cera is awaiting an update from Admie regarding ownership and management following Meridiam’s entry into the project.

Cera formally requested the update in August; it has yet to receive a response.

Regarding the cash value of the 66 per cent shares acquired by Meridiam, Lemonaris said this is also an unknown.

Last month President Nikos Christodoulides said Cyprus would release the first €25 million contribution towards the Great Sea Interconnector (GSI) once a Navtex is issued for the resumption of seabed surveys.

Energy Minister Michael Damianos said the Navtex would be issued by Greek authorities by the end of this month.

Cypriot members of the European Parliament on Tuesday evening stressed the importance of building up the Mediterranean region’s energy sector as the Strasbourg plenary session discussed the parliament’s latest motion regarding the European Union’s pact for the Mediterranean.

The resolution, which will be voted upon on Wednesday, sets out the European Parliament’s position on the pact and relations between the EU and the Mediterranean region, and Diko’s Costas Mavrides was keen to stress that the EU “has the potential” to “lead the entire Mediterranean toward stability and prosperity” through its energy sector.

“The common rules for the Mediterranean are, naturally, those of international law, specifically including UN conventions regarding the law of the sea. Institutions and infrastructure already exist … such as the EastMed gas forum, the European project of common interest the Great Sea Interconnector, and the EastMed gas pipeline,” he said.

On this front, he said that the Republic of Cyprus has “consistently been playing a leading role”, but that “the neo-Ottoman regime in Turkey remains the transgressor and the expansionist”.

As such, he sarcastically asked European foreign policy chief Kaja Kallas, who was present for proceedings, whether she is “rewarding this transgressor and expansionist”, or whether she is “bestowing gifts upon it”.

Geadi highlights resolution’s GSI amendment

Elam’s Geadis Geadi, meanwhile, called for a new pact which “must serve as an essential tool for cooperation, focusing on energy security, electrical interconnections, addressing illegal migration and human smuggling, and combating terrorism and hybrid threats”.

“However, cooperation in the Mediterranean must be grounded in international law, rather than in unilateral claims or provocations,” he said.

At this point, he offered his thanks to “colleagues from across the political spectrum” who supported an amendment to the motion which, he said, “underscores the importance of European projects of common interest, such as the Great Sea Interconnector and the EastMed pipeline”.

He added that the amendment also “simultaneously condemned Turkish provocations which hinder their implementation”.

Then, he, too, offered a shot at Kallas, saying that “the Mediterranean cannot be allowed to fall victim to Turkish blackmail directed against European interests, and Ms Kallas, it is your responsibility to move from words to action”.

Two amendments on Cyprus to be tabled on Wednesday

The amendment to which he was referring is his own, which was co-signed by fellow Cypriot MEP Fidias Panayiotou, as well as high-profile right-wing Greek MEP Afroditi Latinopoulou, among others.

It states that the parliament “underlines the importance of EU projects of common interest, including the Great Sea Interconnector and the EastMed pipeline, for the EU’s energy security and autonomy and the diversification of its energy supplies”.

Additionally, it states that it “condemns Turkey’s interference in energy infrastructure projects in the eastern Mediterranean and calls for these projects to be able to proceed without obstruction”.

The amendment was one of two to be tabled which mention Cyprus, with Latinopoulou having tabled her own amendment, which was co-signed by Geadi.

It states that “Turkey’s ongoing provocations against Greece and Cyprus, including repeated violations of their sovereign rights in the Aegean and the eastern Mediterranean, its continued threat of a casus belli against Greece, the so-called Blue Homeland doctrine, and the continued occupation of part of the territory of an EU member state, fundamentally undermine regional stability and any credible Euro-Mediterranean cooperation”.

Georgiou calls for ‘different approach’ to Mediterranean

Akel’s Giorgos Georgiou, meanwhile, took a different angle in Tuesday’s debate, saying that “the Mediterranean is a region of immense potential, yet one marked by profound contradictions, wars, inequalities, the plight of refugees, and environmental threats”.

“A pact for the Mediterranean could represent a genuine opportunity for peace, cooperation, and shared prosperity, but not if it is treated merely as a tool to expand the European Union’s geopolitical influence, nor if security, militarisation, and the control of migration are prioritised over the needs of people,” he said.

He said that the European Parliament’s “The Left” grouping, on whose behalf he was speaking, has “advocated for a different approach … one centred on people, social justice, labour rights, and environmental approach”.

This approach, he said, “ensures the meaningful participation of societies, is backed by adequate funding, and respects both state sovereignty and international law”, before he pivoted to the matter of international politics.

“We cannot invoke international law while simultaneously accepting that it be selectively applied, as is the case regarding Cyprus and Palestine. The Mediterranean does not need new geopolitical rivalries, it needs solidarity, cooperation, dialogue, and peace. This is the Mediterranean we must strive to build,” he said.

Jackdaw gasfield announcement signals UK’s commitment to North Sea industry but undermines green credentials

• What does the approval of the Jackdaw gasfield mean?

The Jackdaw gasfield will be given the go-ahead on Wednesday, signalling Andy Burnham’s commitment to the North Sea fossil fuel industry and threatening to trigger a row with climate campaigners and Labour MPs.

Miatta Fahnbulleh and John Healey, the energy secretary and chancellor respectively, will make the announcement from Aberdeen on Wednesday morning after more than a year of deliberations over whether doing so would violate the UK’s climate commitments.

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© Photograph: Andy Buchanan/AFP/Getty Images

© Photograph: Andy Buchanan/AFP/Getty Images

© Photograph: Andy Buchanan/AFP/Getty Images

The UK announced it will provide additional defensive military support to Saudi Arabia as Houthi attacks escalate in the region. London frames the deployment as defensive support rather than a combat mission.

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The European Commission has selected 77 industrial and technology projects across 23 European Economic Area countries to receive €3.4 billion in funding, as Brussels attempts to strengthen the continent’s manufacturing capacity and reduce dependence on imported energy and critical materials.

The funding, announced on Monday, 19 October, will come from the EU Innovation Fund, which uses revenues generated by the Emissions Trading System to support investment in technologies intended to reduce greenhouse gas emissions.

The selected projects include manufacturing facilities, renewable energy installations, advanced energy storage, critical raw materials processing and industrial carbon management. For the first time, the programme also includes a small modular nuclear reactor project and a direct air carbon capture and storage initiative.

The announcement comes amid growing concern over Europe’s industrial competitiveness, particularly as manufacturers face high energy costs, increasing competition from China and difficulties securing investment for major industrial projects.

Funding for industrial production

According to the Commission’s announcement, the 77 selected projects span energy-intensive industries, clean technology manufacturing, alternative fuels, transport and several other sectors.

Six projects concern critical raw materials, an area in which the EU has been seeking to reduce its exposure to foreign suppliers.

These investments are intended to strengthen European supply chains for technologies including batteries, renewable energy equipment and permanent magnets, which are essential components in electric motors and other industrial applications.

The funding follows renewed political pressure to expand the processing and production of strategically important materials inside Europe.

As EU Today recently reported, the European Parliament has been pressing for stronger measures to reduce dependence on China for critical raw materials used by European manufacturers.

China occupies a dominant position in several international processing and refining markets, leaving European companies exposed to supply interruptions and trade restrictions.

The Commission is seeking to support alternative production capacity through financial assistance, industrial regulation and measures designed to attract private capital.

However, the selection of projects for EU funding does not automatically mean that the proposed facilities will be built. Their implementation will still depend on financing agreements, regulatory approvals and commercial decisions.

Nuclear technology enters funding programme

The inclusion of a small modular nuclear reactor project represents a new development in the Innovation Fund’s portfolio.

Small modular reactors are designed to produce electricity or industrial heat using nuclear technology on a smaller scale than conventional nuclear power stations.

Supporters argue that modular construction could reduce certain project risks and provide stable electricity supplies for energy-intensive industries.

However, the technology faces substantial challenges involving construction costs, regulatory approval, supply chains and the transition from demonstration projects to commercial production.

The Commission published a European strategy for small modular reactors in March, outlining plans to accelerate their development and support the first operational facilities in the early 2030s.

The latest funding decision gives the technology access to a financial instrument principally associated with industrial decarbonisation and clean energy investment.

Another newly represented technology is direct air carbon capture and storage, which involves extracting carbon dioxide from the atmosphere and storing it.

Both technologies remain at comparatively early stages of commercial deployment in Europe, making their eventual costs and performance important considerations.

Emissions trading revenue finances investment

The Innovation Fund is financed through revenues from the EU Emissions Trading System, under which companies operating in covered sectors must obtain allowances for their greenhouse gas emissions.

Part of the revenue generated from auctioning allowances is reinvested into projects designed to introduce lower-emission technologies into industrial production.

The Commission estimates that the 77 newly selected projects could avoid approximately 290 million tonnes of greenhouse gas emissions during their first ten years of operation.

That figure is a projection based on the projects’ anticipated performance, rather than an achieved reduction. Actual results will depend on construction, commissioning and subsequent commercial operation.

The funding announcement also follows the publication of the EU’s broader industrial policy initiatives, which seek to increase domestic production of clean technologies and improve investment conditions for European manufacturers.

The Commission announced a separate allocation of more than €390 million to 135 environmental and climate projects under the LIFE programme on the same day. That funding is distinct from the €3.4 billion Innovation Fund selection.

Funding agreements still to be concluded

The companies and organisations behind the selected Innovation Fund projects must now complete the procedures necessary to obtain their grants.

During the Commission’s 19 October press briefing, officials indicated that project-specific grant amounts would become available when the agreements are signed, currently envisaged for the first quarter of 2027.

The final allocations and implementation conditions therefore remain subject to the grant preparation process.

For industrial companies, the principal test will be whether the European funding attracts sufficient additional investment to bring the selected technologies into commercial operation.

The results will also provide an indication of how effectively Brussels can translate its industrial policy objectives into additional European manufacturing capacity, particularly in sectors where supply chains remain concentrated outside the Union.

Image Credit: © European Union, 2024 / CC BY 4.0

To avoid overloading previously damaged equipment, power limitation schedules for industry will be applied across all of Ukraine, as well as hourly outage schedules in some regions, Ukrenergo announced.

Oil companies are weighing how to spend windfall profits after the Strait of Hormuz disruption pushed energy prices to multi-year highs. Trading desks have profited from the volatility stemming from the Iran war, adding pressure on producers to decide between investment, dividends and buybacks.

Chinese automakers facing a new European Union import quota on hybrid electric vehicles are preparing to ramp up local production. Firms are weighing building their own European plants or leasing idle capacity from foreign manufacturers.

The European Union unveiled a new Arctic strategy on Tuesday, aiming to expand its presence in the far north as melting ice opens new shipping routes. The plan comes amid rising geopolitical competition with Russia and the United States over the region.

Albertans voted decisively against separating from Canada in the province's first-ever independence referendum, with early results showing about 77% in favour of staying. The result boosts Prime Minister Mark Carney's push for national unity as Canada faces US tariff and annexation threats.

BENGALURU: Oil prices advanced on Tuesday, with Brent hovering ​around a five-month high as traders priced in a geopolitical risk premium from Houthi attacks ‌on Saudi infrastructure and reports of vessel attacks in the Gulf. Brent crude futures climbed 55 cents, or 0.50 percent, to $110.10 a barrel by 06:19 a.m. Saudi time, after rising as high as $110.70 a barrel in the previous session to their highest since May 20. The US West ​Texas Intermediate crude contract for November delivery, set to

Google says its new Pine Island, Minnesota data center will add clean power to the local grid without raising costs for other electricity customers. Energy experts and nearby residents remain skeptical that the aging grid can absorb the project without strain.

More than ⁠160 ​offshore rig workers plan walkout amid rising tensions between unions and oil companies

North Sea workers are preparing to strike at oil rigs across the ageing basin over the coming weeks in a sign of growing tensions between trade unions and oil companies.

The Unite union said on ⁠Monday that more than ⁠160 ​offshore rig workers would take part ⁠in a 24-hour ​strike from Wednesday that could “severely disrupt” UK fuel supplies.

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© Photograph: Martin Langer/Alamy

© Photograph: Martin Langer/Alamy

© Photograph: Martin Langer/Alamy

A national refuse company has lost nearly a billion dollars in income and spent a billion more trying to satisfy a dozen “green” agencies in California with conflicting demands and regulations that have kept Los Angeles’s second largest landfill shut down for nearly two years.

The post Exclusive — Bureaucratic Nightmare: L.A. Landfill Losing Millions Each Week Due to a Dozen Green Agencies and Dubious Cancer Claims appeared first on Breitbart.

Saudi Arabia has postponed its annual Future Investment Initiative conference to 2027 after Iran-backed Houthi forces escalated attacks on the kingdom. The Houthis have launched repeated missile and drone strikes on Saudi territory since a deadly airport attack earlier this month.