Positive
Project advancing - milestone achieved
Medium Impact
Significant progress or notable issue
Cable installation for the Great Sea Interconnector's Crete-Cyprus section was originally projected for completion by 2027 in a July 2024 regional interconnection analysis. However, the project has experienced significant delays: IPTO froze €70 million in payments to Nexans in March 2025, Nexans cancelled sub-contractor tenders in December 2025, and a rescheduling of activities was confirmed by Nexans in January 2026. In March 2026 Nexans successfully completed a deep-water cable sea trial at 3,000 metres, confirming cable system integrity, but delivery has been pushed "into the next decade". As of April 2026, Cyprus Energy Minister Michael Damianos stated the overall project timeline would be "around six years" if given the green light, placing cable installation completion around 2031. The governments of Cyprus and Greece have requested the European Investment Bank carry out a new techno-economic study to update the project's financial and technical parameters before proceeding.