The Greek energy company Archirodon did not sign the contract for construction of the large Cebren hydro plant by the end of the year – as was requested – and also has not yet agreed to create a joint venture with the Macedonian ESM/ELEM for this purpose.

This means that the much advertised energy project is on the verge of collapse, for the 14th time in a row. A number of previous offers made to interested foreign companies failed in the past, for various reasons. Kovacevski’s Government insisted that this time it’s different and Macedonia will get a billion EUR investment – at a high cost – giving away a long term lease on the water potential of Crna river and also the smaller Tikves plant.

It’s not clear at the moment if the Greeks have withdrawn from the deal completely or if there may still be some agreement to be made. Environment Minister Kaja Sukova is expected to submit her recommendation to the Government soon after which matters will be clearer.