Alpha News

Cyprus Auditor General Raises Concerns Over GSI Pipeline and Energy Projects

Published January 2, 2026, 20:09

The Audit Office has placed several major energy projects in Cyprus under scrutiny, including the GSI pipeline, the 'Prometheus' floating natural gas regasification unit, and the involvement of the Electricity Authority of Cyprus (EAC) in the construction of renewable energy parks. The Auditor General, Andreas Papakonstantinou, expressed concern regarding inconsistencies surrounding the Cyprus-Greece electricity interconnection project, noting that while the government deems it strategically important, an update study was requested. The Audit Office will seek clarification on the matter, as the interconnection is expected to enhance competition in the electricity market and benefit consumers. Furthermore, the Office plans to send auditors to Malaysia to inspect the 'Prometheus' vessel during the installation works. This mission was previously postponed following assurances regarding the vessel's readiness by the end of December 2025, however, given that the ship has not yet departed and is not yet certified, the Office will revisit the issue. Regarding the EAC, the Audit Office is investigating the company's allegations that it was hindered by the Cyprus Energy Regulatory Authority (CERA) and the previous government from constructing renewable energy parks, putting it at a disadvantage compared to private entrepreneurs. The Office is examining whether there were indeed interventions that prevented the EAC from participating in the renewable energy sector. The Auditor General announced the upcoming release of reports from the Audit Office, including one on the EAC, which have already been completed. These audits aim to ensure transparency and proper management of public funds in Cyprus's key energy projects.