Projects aimed at modernizing and developing the country’s electrical system, implemented by the Independent Power Transmission Operator (ADMIE), are beset by serious delays and budget overruns exceeding 1 billion euros.
The overrun of the initial budget for some projects, such as the fourth phase of the Cyclades interconnection, comes to 78.1%, while the fact that watchdog RAAEY approved the revised development program of ADMIE without having a complete picture of the cost elements of the projects has raised eyebrows.
“The overshoot appears to be reasonable,” RAAEY has said. “But it is considered appropriate and necessary for the operator to make a more accurate cost estimate and submit a more detailed estimate for the costs, as well as provide data where possible,” the electricity regulator added in its approval decision, referring to interconnection projects for the Cyclades (phase IV), the northeastern Aegean islands and the Dodecanese.
RAAEY added that “the operator continues to fail to meet its obligation to regularly inform the authority about the progress made in the implementation of the projects of the 10-year program, about the constant delays, as well as the exceeding of the relevant project budgets, by not providing detailed information and complete cost data.”