The New York-based international law firm Curtis, Mallet-Prevost, Colt and Mosle LLP has raised significant concerns over the Southern Cyprus-Crete electricity connection project (Great Sea Interconnector – GSI) and the terms proposed by the Greek Independent Power Transmission Operator (ADMIE).

According to a report in Fileleftheros, the review has sparked serious considerations within the Greek Cypriot administration. The findings state that ADMIE’s concession agreement, as approved by the Cyprus Energy Regulatory Authority (RAEK), heavily favors ADMIE and offers limited profitability for potential investors.

The review further warns that the proposed terms could result in substantial economic losses for the Greek Cypriot government, exceeding initial investment projections. These conditions have been flagged as insufficient to attract serious strategic investors to the project.

The report urges a reassessment of the economic and strategic viability of the Great Sea Interconnector to prevent potential financial risks.