Commercial Operations Full Power

DELAYED +1yr (Feb 2026): On 19 February 2026, IPTO/ADMIE formally pushed back the commissioning of the North Aegean Phase A interconnection by one year, from H2 2029 (per RAE Decision 611/2021) to 2030. Driver: framework tender for submarine cables remains unsigned 18+ months after launch; IPTO required a EUR1bn capital increase (approved by Greek MoE 6 Feb 2026) to unblock bank financing. Three bidders (Fulgor/Cenergy, Nexans Norway, Prysmian Powerlink) submitted binding offers Feb 2025 but contracts remain unsigned as of April 2026. Source: energypress 19 Feb 2026 article reporting IPTO commissioning slip from 2029 to 2030. --- DELAYED +3yr (Apr 2026): The 2027 commissioning date from IPTO 2020 TYNDP reflected an early programme horizon. RAE Decision 611/2021 (Feb 2022) formally mandates completion of North Aegean islands interconnections in the second half of 2029 (now treated as the planning_consent_awarded milestone). EIB financing was only approved 12 December 2025 (EUR490M), the framework tender for cables is still in final offer evaluation as of April 2026, and no cable or substation supplier has been awarded for the specific Limnos-Lesvos segment. --- Original IPTO TYNDP 2021-2030 horizon: As part of IPTO's North Aegean Interconnection programme, the Phase A 150 kV AC subsea link between Limnos and Lesvos was originally planned to be completed and enter full commercial operation in 2027.