After 14 failed tenders and decades of promises, the state may finally build the Chebren and Galishte hydropower plants itself. Prime Minister Hristijan Mickoski announced the government is close to a decision to carry out the project - worth around 1.5 billion euros (interest included) - on its own, without a private partner.

The history of this project is a textbook on how not to do things. The last attempt, in 2023, collapsed when the Greek contractor "Archirodon" failed to extend its bank guarantee past 31 December. Fourteen times now someone has promised, signed or backed out - while the river keeps flowing, undammed.

Now the maths looks different. According to the government's analysis, the internal rate of return is above 10 percent, meaning the state could finance the project itself rather than share the profit with a private firm. Beyond electricity, Chebren and Galishte would also provide irrigation water for around 60,000 hectares of farmland in the Tikvesh region - where water is worth as much as kilowatts.

It sounds good on paper. But after 14 failures, healthy scepticism is earned: does the state really have the capacity this time to build a billion-and-a-half project on its own, or are we again hearing an announcement that will outlive this government too? The final decision will follow talks with the management of ESM. Until then, the river waits - just as it has waited for the past twenty years.