Papadopoulos demands Finance Minister's resignation amid interconnector dispute
"Diko leader Nicholas Papadopoulos has called for the resignation of Finance Minister Makis Keravnos due to his persistent opposition to the Great Sea Interconnector project linking Cyprus, Greece, and Israel. While Papadopoulos argues the initiative will reduce energy prices and boost the nation's geostrategic standing, Keravnos continues to publicly question the €1.9 billion project's financial viability and impact on consumer costs."
EU Directive 2019/790 Article 15 Attribution • Verified Energy Document
Diko leader Nicholas Papadopoulos on Sunday called for the resignation of Finance Minister Makis Keravnos, citing Keravnos’s persistent reservations about the planned Great Sea Interconnector project. This ambitious initiative aims to connect the energy grids of Cyprus, Greece, and Israel.
Papadopoulos highlighted ongoing contradictions surrounding the project, despite President Nikos Christodoulides's clear statements that it will proceed. He pointed to the president’s promise of a €25 million payment to the Greek government, expected with the imminent issuance of a navtex for seabed surveys between Crete and Cyprus. Papadopoulos affirmed this as "an absolutely correct position," asserting that the electrical interconnection would elevate Cyprus's geostrategic standing, ensure electrical adequacy, and reduce energy prices.
"On the one hand, however, the finance minister continues to demonise the project at every opportunity, without, however, referring us to any studies or even data which supports his point of view," Papadopoulos stated. He further questioned, "why, according to the finance minister, is the president promoting a project which he believes will be disastrous for the country?" Concluding his remarks, he asked, "if the finance minister disagrees with this project to such an extent, why does he not resign?"
Keravnos has consistently been the least enthusiastic cabinet member regarding the interconnector. Earlier this month, he warned that the project's costs could significantly exceed the current €1.9 billion projection and questioned its potential to lower consumer electricity prices. He had previously accused his Greek counterpart, Stavros Papastavrou, of "fake news" for suggesting that Keravnos had not presented studies to support his claims against the project. Keravnos maintained that relevant studies, commissioned by former Energy Minister George Papanastasiou, were "properly delivered" to the Greek energy ministry and even sent to Papastavrou’s predecessor.
Energy Minister Michael Damianos echoed similar concerns last month, stating that while the interconnection with Crete would provide significant electricity, it "does not necessarily mean that the price of electricity will also decrease – it may increase."
These comments swiftly drew criticism from both the European Commission and former Energy Minister Papanastasiou. A European Commission spokesperson told the Cyprus Mail that "boosting electricity interconnections helps bring down energy prices by allowing the integration of more renewables in the system" and emphasized that "better and improved interconnectivity is essential in the EU – to bring down energy prices for our citizens and industry, and to secure our independence."
Papanastasiou, speaking to the Cyprus Mail, argued that opening a small market to competition, with access to diverse energy sources through an interconnection cable, inherently incentivizes providers to offer lower prices. He dismissed Damianos's statements as lacking logic and likely unsubstantiated, reiterating that studies during his tenure consistently indicated price reductions from the interconnector's construction.
Papadopoulos's strong remarks come despite Keravnos being a long-standing member of Diko, having served in the party's internal bodies and in Papadopoulos’s father Tassos Papadopoulos’s first cabinet as labour minister in 2003. Keravnos later moved to the finance ministry before leaving politics in 2005 to lead Hellenic Bank. He returned to government in 2023 when President Nikos Christodoulides appointed him finance minister. Michael Damianos is also a member of Diko.