Cyprus Electricity to get first cheque for 10 mln

A number of reservations raised by the reinsurers in London seem to have been lifted and the Electricity Authority of Cyprus should receive its first payment of 10 mln euros towards repair costs for the damaged units at Vassiliko that were partly or fully destroyed in the July 11 blast that plunged the island into darkness.
The EAC has already received an unspecified amount as interim payment for the 220MW Unit 5 gas turbine which is expected to be back inline on July 1.
Now that the obstacle has been lifted, insurance experts suggest that “money should start flowing to the EAC” as from January.
However, according to local news reports, any money received will be placed in an escrow account and will be used exclusively for repair costs and part at Vassiliko, so as to avoid any funds being directed to other EAC operating accounts.
Within the next few days, officials from the reinsurers are expected to visit Cyprus in order to review the whole situation.
Meanwhile, parliament has approved a supplementary budget of 24.5 mln euros for the EAC to overcome some of its current funding problems.