The cost to repair the power station at Vassiliko, decimated by the Mari munitions blast two years ago, was kept ay 165 mln euros, according to the Electricity Authority of Cyprus, with officials saying that this was below the “optimistic scenario” of 330 mln and far lower than the “extreme scenario” of 700 mln.
The cost of the repair was covered by Atlantic Insurance and their international reinsurers, XL Group.
The steam turbine Unit 2 is expected to come online at the end of August, raising the power plant’s installed output capacity to 860MW.
Industry experts say that the real cost to the Authority and to taxpayers is much higher as a lot of the repair work was done in-house, using the EAC’s own resources and personnel, while the cost of renting mobile generators has not been included.
Furthermore, compensation for damage caused by the explosion that killed 13 people at the adjacent naval base, has yet to be calculated, as individuals seek reparation from the government, not the EAC.
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