Nexans confirms rescheduling of GSI, delivery slips beyond 2029

French cable manufacturer Nexans on Tuesday formally acknowledged that the delivery schedule for the Great Sea Interconnector (GSI) linking Greece and Cyprus’ power supplies is being renegotiated with its client, confirming that the project will be completed later than originally planned.

Nexans said a rescheduling of activities is underway with Greece’s independent power transmission operator Admie, a process which will inevitably delay completion beyond the previously targeted late 2029 or early 2030 timeframe.

The company stressed, however, that it remains committed to the project and that the changes will not affect its financial forecasts for 2028.

Its statement confirmed earlier reporting that Nexans has withdrawn tenders and notified subcontractors of changes to the project’s design and execution timetable.

Nexans said it is executing the contract in line with obligations agreed up to 2023 and is now working with its client to assess the best available options for a revised schedule.

While delivery will be impacted, the company said its large order backlog and mitigation measures taken since 2026 would offset any potential financial effects.

Nexans chief executive Julien Hueber said the project remains on track despite external and political developments, describing the company’s approach as “disciplined and collaborative”.

He said the power transmission sector continues to offer strong long-term growth prospects, underpinned by structural demand and a diversified backlog.

The clarification follows uncertainty surrounding the subsea interconnector.

Earlier this month, Nexans was reported to have cancelled tenders related to the project, informing interested companies that the existing timetable could not be sustained while the project was under reassessment.

Nexans stopped short of declaring a withdrawal, telling subcontractors that a revised programme would follow.

Speaking during a conference call with analysts, Hueber insisted the project was not cancelled and that there was no alternative plan for the cable already manufactured.

He said Nexans was working very closely with Admie in what he described as an extremely collaborative relationship, adding that discussions were ongoing regarding next steps, payments and political support.

He confirmed that Nexans has so far received €250 million in tranches toward the €1.4 billion cable contract.

Cyprus has withheld a €25 million payment to Admie for 2025, contributing to friction between Nicosia and Athens.

Admie, which is 51 per cent owned by the Greek state, is the project promoter.

President Nikos Christodoulides and Greek prime minister Kyriakos Mitsotakis recently agreed that technical parameters must be updated to attract investors, while reiterating that the interconnector remains a priority for regional security and energy resilience.