The decision acknowledges the consortium's claims and resolves the issue of delays, ensuring the timely completion of the project, which is expected to be delivered in early 2025 by the consortium members GEK TERNA, AKTOR, and AVAX.
The compensation claim began in 2022, when the consortium filed for arbitration, requesting a reassessment of the project’s cost due to increases in material prices and significant hikes in energy and labor costs. At the same time, the consortium also highlighted delays attributed to the Greek state's fault, primarily due to issues with expropriations.
In 2022, Olympia Odos had turned to an arbitration court, seeking recognition of force majeure due to the energy crisis and the war in Ukraine, which led to material price increases. The decision, issued in 2024, favored the consortium, obligating the state to compensate for the incurred damages.
The compensation covers the two extensions of the project's contractual deadlines: from July 18, 2025, to November 30 for the Mitylóngi – Káto Achagía section, and from March 18, 2025, to July 31 for the Káto Achagía – Pýrgos section. Additionally, it includes the revenue losses resulting from the delay in toll collection.
The compensation is outlined in the document "Compensations for Concessionaires in the 2021-2025 Sectoral Infrastructure and Transport Program," with the proposed public expenditure for inclusion in the Public Investment Program amounting to €115.3 million. This decision is incorporated into the total project cost, which now stands at €300 million.
The compensation breakdown is as follows:
- €10.9 million for compensation due to delays to the concessionaire
- €45 million for compensation to the contractor for delays
- €53 million for the increase in project costs due to force majeure (energy crisis, war in Ukraine)
This decision is expected to resolve the long-standing issues with the project and accelerate its completion, with the aim of delivering it to road users by 2025.
