Author: admin

RES operating restrictions influencing bank financing

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Grid-injection limits faced by renewable energy facilities are being factored into formulas applied by banks when considering loan requests for RES projects, banking industry executives have told energypress.

This increased-risk factor being taken into account by banks has, so far, not denied renewable energy project investors of loans, the banking sources noted.

Investments are being examined on a case-by-case basis and any precautionary financing measures taken reflect the respective profiles of investors, the sources added.

Banks are subjecting RES project loan requests to a full range of scenarios, including worst-case scenarios, regarding the impact of operating restrictions on revenues throughout entire loan periods.

Banks are still waiting for policymakers to crystallize RES operating restriction rules before deciding on whether to make further changes to their lending formulas for the RES sector.

In any case, borrowing terms appear to have become tougher for smaller market players as they possess less flexibility than larger players, who, despite operating restrictions, can maintain robust credit profiles through other activities in their portfolios and, as a result, keep borrowing on favorable, lower-risk terms.

Most recently, foreign investors have shown greater apprehension towards RES investments in Greece by delaying decisions while seeking to achieve better understanding of local market conditions.

 

Saudi Greek Interconnection study based on Egypt route

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A feasibility study to be conducted by Saudi Greek Interconnection, an SPV established by Greek power grid operator IPTO and Saudi Arabia’s National Grid for a prospective electricity interconnection linking Greece and Saudi Arabia, is widely expected to be based on a longer route via Egyptian territory, bypassing Israel, as a result of frosty relations between Saudi Arabia and Israel that have not shown any signs of improvement for the foreseeable future.

Though a joint announcement released by IPTO and National Grid earlier this week makes no reference to the project’s route or transit countries to be included in the feasibility study, Israel’s exclusion from the plan has become a common secret.

Egypt’s inclusion as an alternative route to Israel makes the project more complex, but it remains feasible from a technical point of view, experts ascertain.

The project’s feasibility studies, expected to be completed in the first quarter of 2025, will be based on HVDC technology, considered ideal for long-distance grid interconnections.

HVDC technology, ensuring consistent power, voltage, and frequency, while enhancing grid stability efficiency, is being used for the Athens-Crete grid link.

It is still too early to make any estimates on the cost of the Saudi Greek Interconnection as the project’s capacity has yet to be specified.

This will depend on the volume of sales agreements Saudi Arabia can establish with end buyers in Europe for the country’s production of renewable energy. Saudi Arabia’s sunny weather conditions all year round promise great solar energy production potential at relatively low prices.

PPAs at levels of roughly 10.4 dollars per MWh, unheard of in the international solar energy market, were signed in Saudi Arabia just months ago, according to recent reports.

Saudi Arabia aims to establish itself as a major exporter of low-cost solar energy to Europe and achieve net zero emissions by 2060.

Electricity suppliers’ windfall earnings confirmed at €250m

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Latest data collected by authorities to determine windfall earnings gained by electricity suppliers between August, 2022 and the end of 2023, the period during which energy-crisis measures were implemented, have confirmed an earlier projection of roughly 250 million euros.

RAAEY, the Regulatory Authority for Waste, Energy and Water, had conducted its windfall earnings calculations in February, informed the energy ministry of its results.

However, distribution network operator DEDDIE/HEDNO still needed to determine and factor in a normalization coefficient before this sum could be confirmed.

The normalization coefficient is designed to adjust megawatt-hours suppliers are charged monthly – based on their declarations submitted to the Energy Exchange – with actual megawatt-hours they have used.

Now that the coefficient has been finalized, the energy ministry can issue a ministerial decision, expected within the next few days, to validate the windfall earnings sum and proceed with its recovery from electricity suppliers.

As previously reported by energypress, virtually all windfall earnings will go towards partially covering amounts owed by municipal water supply and sewerage companies (DEYA) to power utility PPC.

Italy’s Edison determined to keep 50% stake in Elpedison

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Italy’s Edison does not intend to sell its 50 percent stake in energy retailer Elpedison to its partner in the joint venture, Helleniq Energy, formerly named Hellenic Petroleum (ELPE), a representative of the Italian company has indicated following latest talks between highly ranked officials of the two sides in Athens earlier this week.

Helleniq Energy and Edison, preparing to end a 15-year association as equal partners in energy firm Elpedison, are currently evaluating prospective offers for the other side’s 50 percent, but neither side has revealed any price tag.

The partner to offer the biggest sum is expected to take full control of Elpedison, estimated to be worth between 400 and 500 million euros, according to market officials.

Helleniq Energy’s CFO Vassilis Tsaitas and his Edison counterpart Ronan Lory were joined by other company officials from both sides for the meeting in Athens earlier this week.

The Italian company appears determined to remain in the Greek market for further investments in Elpedison that could make the energy retailer competitive again, an Edison official indicated.

The Greek government is keeping a close watch on developments as the Greek State holds a 31.18 percent stake in Helleniq Energy through TAIPED, the Greek privatization fund. Paneuropean Oil & Industrial Holdings, a member of the Latsis group, is the main shareholder with a 40.41 percent share.

Should Helleniq Energy acquire Edison’s 50 percent stake in Elpedison, it could opt to sell the company to another corporate group, Mytilineos being the likeliest potential buyer, sources believe.

Evangelos Mytilineos, chairman and CEO of the Mytilineos energy and metals group, has set a 30 percent market-share target for his corporate group’s energy retailer Protergia by 2026. The supplier currently holds a 15.08 percent share and Elpedison’s share is at around 6 percent.

 

Suppliers turning away from net metering as losses grow

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Many of the country’s electricity suppliers do not intend to offer contract extensions for existing net-metering contracts as this supply category has developed into a loss-incurring service.

The energy ministry held a meeting earlier this week to discuss the issue with suppliers as well as officials from distribution network operator DEDDIE/HEDNO and RAAEY, the Regulatory Authority for Waste, Energy and Water, energypress sources informed.

Policymakers are examining possible revisions that could allow suppliers to recover additional costs more effectively, but no decisions have been reached, the sources added.

The meeting was held as a number of energy communities planning to develop net-metering systems to offset their members’ consumption have not been able to find suppliers for such contracts. It was the second meeting to be held on the matter.

According to suppliers, existing offsetting terms disregard the value of electricity involved, leading to losses for suppliers.

In practice, PV net-metering systems experience production peaks during midday hours, discharging excess production to the grid as a means of storage that enables usage, in accounting terms, during the evening hours, when PVs do not produce.

However, given the fact that consumers have entered into net-metering contracts with suppliers at specific prices, normally costlier energy of evening hours that is drawn from the grid to meet customer energy needs ends up being purchased by suppliers without this additional cost being recovered in any way.

A draft bill proposed by the energy ministry, currently under discussion in Parliament, is poised to bring significant alterations to self-production practices. Net-metering for residential PVs will be terminated May 15 and replaced by net-billing.

 

 

Prospective RES projects worth €12bn, investor clarity needed

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A big wave of RES projects planned for development offers an upbeat picture of the sector, but further clarity concerning rules and operating restrictions such as mandatory grid-injection cuts will be needed if investors are to push ahead with plans.

RES projects (wind and PV projects) possessing connection terms yet still undeveloped or at early stages of development are worth 12 billion euros, market officials have estimated.

This prospective turnover figure stands to increase further if new RES projects set to be granted connection terms in return for PPAs established with industrial consumers are also taken into account.

A total of 3,673 RES projects representing a capacity of 12,876 MW (wind energy: 2,567 MW, PVs: 10,309 MW) received connection terms between 2020 and 2023, according to data presented by power grid operator IPTO’s Konstantinos Tsirekis, Director of Strategy & System Development Planning, at an annual event staged recently by POSPIEF, the Pan-Hellenic Federation of Photovoltaic Producer Societies.

This pipeline of prospective RES projects could be stifled if investors lack clarity on grid-injection cut rules as such operating restrictions affect earnings potential of projects, and, by extension, the willingness of banks to finance projects.

RES units over 1 MW face real-time grid-injection cuts

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RES units with capacities of 1 MW and above will be subjected to real-time grid-injection cuts by distribution network operator DEDDIE/HEDNO, while smaller RES units of between 400 KW and 1 MW will not face such cuts, according to an energy ministry bill currently being discussed in Parliament and expected to soon be implemented.

However, smaller units spared of grid-injection cuts will need to compensate larger units for output they would normally inject into the grid, according to the injecting-cutting plan’s framework.

RES units with capacities exceeding 1 MW will need to have injection-cutting equipment installed within a six-month period beginning May 1, according to the draft bill.

DEDDIE/HEDNO will manage this new grid injection-cutting system, based on a model already adopted by power grid operator IPTO, for projects representing a capacity of between 2.5 and 3 GW.

The decision to restrict the grid injection-cutting system to RES units of 1 MW and above is favored at the ministry as it will be easier to implement, given the large number of PVs with capacities below 1 MW.

Energy-intensive industry to make ministry’s 1.5-GW PPA cut

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PPAs established by RES producers with industrial consumers for connection-term priority concerning new RES projects developed by the former add up to a total capacity of more than 3.9 GW, but just under half of this capacity, or 1.5 GW, linked to energy-intensive industry, is expected to be approved by authorities.

The energy ministry is still processing PPA applications submitted by RES producers, eager to secure connection-term priority for their projects.

Given the overwhelming response, the ministry has decided to trim the number of applications by 20 percent, through an imminent ministerial decision, in an effort to secure connection terms for a greater number of projects.

However, despite this cut, the capacity will remain elevated, at 3 GW, well over the 1.5 GW in industry-related PPAs the ministry intends to approve.

PPA applications linked to energy-intensive industries represent a total of 1.8 GW, a figure expected to prompt the energy ministry to trim further for a final figure of 1.5 GW.

The ministry’s evaluation process of applications is expected to be completed today. The finalized list of industrial-consumer PPAs will be decided by energy minister Thodoros Skylakakis.

Energy-intensive industries appear most certain to secure PPAs as the energy ministry’s key aim, through this initiative, is to lower industrial energy costs.

According to energypress sources, the list of main PPAs concerning energy-intensive industries is as follows:

Power utility PPC – Viohalko (520 MW), concerning PVs jointly owned by PPC and Motor Oil; PPC – Titan (300 MW), also concerning PVs jointly owned by PPC and Motor Oil; Mytilineos (300 MW) for self consumption; Helleniq Energy (200 MW) for self consumption; AGET – Macquarie (40 MW); Hellenic Halyvourgia – Interphoton (104 MW); and TERNA – Viohalko (360 MW).

‘PPC ideally positioned to lead energy transition in SE Europe’

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Power utility PPC is ideally positioned to lead the energy transition in southeast Europe, despite complexities in the Balkans ranging from political stability to war, Giorgos Stassis, CEO at PPC, has told the annual conference of the Center for Strategic and International Studies (CSIS), in Washington, D.C., an event for which he was a keynote speaker.

The annual CSIS conference, specializing in international strategy and security issues, also featured Jeffrey Pyatt, US Under Secretary of State for Energy, as a main speaker.

Renewables have a major role to play in “ensuring that we have a planet where we can all live without compromising access to affordable energy,” Stassis, the PPC chief, told the event, adding that, besides offering clean energy, renewable energy also bolsters energy security.

However, there are limits to how far a country can go by relying solely on domestic renewable energy production, Stassis underlined. “Energy systems need to be flexible to ensure stability, reliability and cost-effectiveness. Flexibility is provided by energy assets such as batteries and gas-based power plants, as well as crucial infrastructure, including resilient electricity grids and interconnections between countries,” the PPC boss continued.

Energy market conditions in the Balkans differ greatly from country to country, Stassis pointed out. Romania, for example, relies little on natural gas imports, whereas Bulgaria is very dependent, he explained. Also, some Balkan countries, such as Greece, have made great progress in terms of energy transition, while others, especially in the western Balkans, lag behind, he added.

 

1.5 GW in RES projects with industrial PPAs set for approval

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The energy ministry intends to soon issue a ministerial decision that will result in connection-term priority for roughly 1.5 GW in RES projects that have established PPAs with industrial consumers.

Applications by investors behind RES projects seeking connection-term priority through industrial PPAs have reached a total capacity of approximately 3.8 GW.

At this stage, the ministry’s main aim is to offer local industries benefits lowering their energy costs rather than to promote new RES projects through fast-track procedures.

Projects included in a top-tier category will be given connection-term priority through the ministerial decision, while remaining capacity will be offered to second-tier projects.

Macquarie exits Crete link tender over role restrictions

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Australian fund Macquarie has withdrawn from a tender offering a 20 percent stake in Ariadne Interconnection, a Greek power grid operator IPTO subsidiary established for the development of a 1.1 billion-euro grid interconnection to link the power grids of Crete and Athens, the fund has announced.

According to sources, the fund took its decision as a result of a revision to the subsidiary’s statutes that restricts the winning bidder to a minority role in Ariadne Interconnection without voting rights or board participation.

Macquarie was swift to object to this revision following its announcement. Its partner for this tender, Copelouzos group member Faethon, will now be joined by France’s Meridiam Europe.

The revision to statutes of Ariadne Interconnection was requested by RAAEY, the Regulatory Authority for Waste, Energy and Water, in late 2023.

Meridiam Europe, Macquarie’s replacement, is entering a tender offering a major infrastructure contract in Greece for the third time.

The field of candidates vying for a 20 percent stake in Ariadne Interconnection now consists of GEK TERNA; Meridiam Europe- Faethon; Terna, operator of the Italian transmission system; and China’s SGCC.

The candidates have been given a deadline extension until June 21 to submit their bids.

The Crete-Athens grid link is expected to be electrified ty late 2024 and commercially launched in the summer of 2025.

Once Ariadne Interconnection is operating, Crete, Greece’s largest island with a population of roughly 650,000, will be supplied its electricity from the mainland system rather than costly local power plants now operating on the island.

The interconnection promises to reduce a public service compensation surcharge included in electricity bills by some 600 million euros annually, 400 million euros of which concern Crete.

 

Priority RES processing slowed down by industry, farmer PPAs

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Power grid operator IPTO’s processing of applications for finalized connection terms concerning RES projects in the top-priority Group A category is proceeding slowly and has yet to be completed, Nikos Boulaxis, General Manager of the operator’s regulatory policy has informed.

The procedure is just over the half-way mark with processing of six of Group A’s ten sub-groups virtually completed, the official noted.

The energy ministry, through a recent legislative revision, offered absolute priority to RES projects that enter into renewable-energy PPAs with energy-intensive industries and farmers, which has slowed down the issuance of finalized connection concerning Group A applications.

Based on data released this month, RES projects already operating have reached 13.1 GW, of which 5.4 GW are linked to power grid operator IPTO’s network and 7.7 GW are linked to the DEDDIE/HEDNO distribution network operator.

The sum of operating RES projects and RES projects that have received finalized connection offers has reached 28.5 GW, of which 19.2 GW concerns the IPTO network and 9.3 GW concerns the DEDDIE/HEDNO network.

Given the fact that these figures already exceed the National Energy and Climate Plan target by 5 GW, the pace of granting finalized connection offers is not expected to change drastically in the short term.

 

RES output facing 10 TWh cut by 2030 without demand rise

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Green energy production cuts can be expected to reach roughly 10 TWh by 2030 if electricity demand does not increase, Greek power grid operator IPTO data has indicated.

Assuming installed RES capacity has reached 30 GW by 2030, annual RES production can be estimated to reach 67 TWh, above that year’s electricity demand forecast of 59 TWh, while international grid interconnections are expected to facilitate a further 2 TWh in exports, all of which leads to an annual RES production cut of approximately 10 TWh in 2030, data presented by IPTO’s Konstantinos Tsirekis, Director of Strategy & System Development Planning, at a recent event staged by POSPIEF, the Pan-Hellenic Federation of Photovoltaic Producer Societies, has indicated.

Under current conditions, this 10 TWh surplus will result in annual RES production cuts of 14 percent for producers.

Energy storage boosts cannot completely resolve the issue as they have their limits. The use of storage systems allows time shifts of RES production (for example PV production from midday to evening hours), but without sufficient demand, this stored energy will be lost.

Registration begins for 2nd Hydrogen & Green Gases Forum

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The registration process has begun for the 2nd Hydrogen & Green Gases Forum, an energypress event to take place on June 20, 2024, at the Wyndham Grand Athens Hotel.

Given the heightened level of interest expressed last year by persons who wished to physically attend the inaugural event – a considerable number who left registering until late ended up missing out – organizers warmly request interested parties to secure their places by registering early this time around. The registration procedure will be terminated as soon as the event hall’s full capacity has been reached.

For registrations, enter https://2nd-hydrogen-forum.eventsadmin.com/Register

On the strength of last year’s event, the conference has secured its goal of establishing itself as an annual industry benchmark.

As has been the case with all other thematic forums organized by energypress, the Hydrogen & Green Gases Forum will essentially be a working conference rather than a celebratory event.

This means that a group of politicians from Greece and abroad, authorities, scientists, academics, representatives of institutions and businesses, will strive to delve into all issues arising on the present and future of the crucial Hydrogen and Green Gases sector.

Main themes of the conference:

Policies and decisions in the EU

  • Adjustment initiatives in Greece
  • Hydrogen and biomethane readiness – Networks
  • Hydrogen transportation
  • Industry – Key investment projects in Greece
  • Technological Developments and Challenges

The conference will be held with speakers and participants at the venue. All proceedings will be broadcast live, in Greek and English.

Visit the event’s website https://www.hydrogenforum.gr/

See videos and photos of last year’s conference https://2023.hydrogenforum.gr/

See impressive statistics on last year’s conference https://energypress.gr/news/deite-ta-binteo-tis-fotografies-kai-tis-paroysiaseis-ton-omiliton-toy-1oy-hydrogen-green-gases

For further information and sponsorship details, contact:

Maria Delli (2108217446, mariadelli@energypress.gr)

Anna Kalyva (2108217446, secretariat@energypress.gr).

Independent suppliers make slow but steady gains on PPC

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Independent electricity suppliers are slowly but steadily gaining ground on power utility PPC, the Greek retail electricity market’s dominant player, an annual market share report published by the energy exchange has shown.

PPC ended 2023 with a market share of 57.43 percent, down from 63.14 percent a year earlier, while the independent players gained ground for a collective market share of 42.57 percent at the end of 2023, up from 36.86 percent at the end of 2022.

These inversely related trajectories have generally been sustained since the launch of the target model in 2020. PPC has shed approximately 10 percent of its market share over this four-year period.

As for the country’s independent suppliers, Heron led the pack at the end of 2023, overtaking Protergia, the independent frontrunner in 2022.

In 2023, Heron, as supplier, gained two industrial consumers, metal processing company Viohalko and cement producer Titan. Both switched from PPC, which maintained its role as producer. Other industrial consumers also switched from PPC to rival suppliers, resulting in a sharp market share contraction for the power utility in the high-voltage category.

Island RES project support of at least €1.59bn via new fund

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The energy ministry is planning distribution details of proceeds to be collected by the forthcoming Island Decarbonization Fund through auctions, in 2024 and 2025, of 25 million CO2 carbon emission rights that have been allocated to the fund.

These rights are expected to raise between 1.5 and 3 billion euros through auctions over the two-year period.

Proceeds raised by the CO2 carbon emission rights allocated to the fund will be used to offer subsidy support for island projects such as new RES and battery installations, grid interconnections, offshore wind farms, as well as island infrastructure development facilitating greater RES penetration.

The Island Decarbonization Fund’s launch, now imminent, will be officially launched with the signing of an agreement by the European Commission’s Directorate-General for Climate Action (DG CLIMA) and the European Investment Bank.

As part of its planning for the new fund, the ministry is dividing prospective projects into two tiered groups, the first of which will be given priority status to secure 1.59 million euros from the Island Decarbonization Fund, roughly the minimum sum expected to be raised by CO2 carbon emission rights.

 

RES projects given conditional reference price extensions

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RES projects will be entitled to extensions for tariff reference prices obtained either administratively or through auctions, but, in exchange, investors behind these projects will need to accept lower tariffs, according to a legislative revision submitted to Parliament.

RES projects for which investors have secured tariff reference prices through auctions will be entitled to extensions of up to 12 months.

In order to secure this additional time, investors will need to have submitted procurement agreements concerning equipment for their projects to RAAEY, the Regulatory Authority for Waste, Energy and Water, one month before project launch deadlines.

Investors behind RES projects that have obtained tariff reference prices administratively will be given three additional months to submit declarations of readiness or activation requests to the operator.

An August 31, 2024 deadline included in a previous draft of the now-finalized terms has been extended to November 31, 2024.

RES units in industrial PPAs for fast-track links reach 2 GW

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RES investors looking to benefit from a recent legislative revision offering connection-term priority to projects that have established PPAs with industrial consumers have until today to submit power purchase agreements to authorities.

RES projects signed up so far for PPAs with industrial consumers represent a total capacity of 2 GW, energypress sources have informed.

These PPAs include renegotiated agreements between power utility PPC and metal processing company Viohalko and cement producer Titan, for respective capacities of 520 and 300 MW, the sources noted.

Both Viohalko and Titan had signed PPAs with PPC prior to the energy ministry’s amendment offering connection-term priority to RES projects, but were renegotiated at the initiative of the two industrial consumers after they pointed out that new market conditions had been shaped by the legislative act.

According to sources, both Viohalko and cement producer Titan achieved deals well below the level of 56 euros per MWh agreed to for their original PPAs.

MED POWER 2024 14th edition in Athens November 3 – 6

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The 14th Mediterranean Conference on Power Generation Transmission, Distribution and Energy Conversion – MED POWER 2024, is scheduled to be held at Royal Olympic Hotel, Athens, Greece, November 3 – 6, 2024. The Conference is organised by IET Hellas, IET Cyprus Local Networks and the Malta Group of Professional Engineering Institutions (MGPEI) in cooperation with the National Technical University of Athens and the University of West Attica with the support of IET.

MEDPOWER 2024 belongs to a series of Conferences that have established a major energy platform in the region. The Conference will focus on topics of interest to the Electric Power Industry and Power Conversion and intends to provide power engineers the opportunities to present and discuss current academic and industry developments, achievements, and trends, as well as experiences in the topics of competitive electric energy market and privatization of the European Utilities.

Contributions are welcome in both theoretical developments and practical implementations in the following main areas: Planning and operation of power systems Renewable energy sources and storage, Distributed generation and microgrids, Centralized and Local Markets, Reliability and Resilience of power systems, Security assessment and risk analysis, Intelligent distribution networks, Smart grids, E-Mobility, Power quality, Energy efficiency, Electromagnetic transients, Power electronics, Protection and safety, FACTS, Insulation co-ordination, Cables and insulating material, High voltage engineering, Illumination techniques, Electric machines and drives, Information and communication technologies in power systems, Geographic information systems applications, Digital Twins, Optimization and Data Driven Techniques.

Authors can find information about how to send extended abstracts (2 pages) at https://medpower2024.org/call-for-papers/.

Important dates:

30 April 2024 2-page extended abstract submission.
15 May 2024 Notification of abstract acceptance.
15 July 2024

15 August 2024

 Manuscript submission.

Review results.
15 September 2024 Final manuscript submission.
30 September 2024 Advance registration.

Helleniq Energy, Edison continue talks to part ways on Elpedison

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Helleniq Energy, formerly named Hellenic Petroleum (ELPE), and Italy’s Edison are preparing to end a 15-year association as equal partners in energy firm Elpedison.

Officials of both companies are currently evaluating prospective offers for the other side’s 50 percent. The partner to offer the biggest sum is expected to take full control of Elpedison.

Helleniq Energy will seek to acquire Edison’s 50 percent stake in Elpedison and may then opt to sell the energy firm to another corporate group, Mytilineos being the likeliest potential buyer, sources have informed.

During a presentation at the recent Delphi Economic Forum, Helleniq Energy’s CEO Andreas Siamisiis spoke extensively on a 4 billion-euro investment plan at the group’s refineries in Athens and Thessaloniki but made no mention of Elpedison.

This omission has further fueled speculation that Helleniq Energy may be preparing to sell Elpedison if it acquires partner Edison’s stake in the company.

Elpedison holds a portfolio of just under 316,000 customers in Greece’s retail energy market and two power plants offering a total capacity of 820 MW.

Edison executives will be in Athens on Monday for a new round of discussions with Helleniq Energy officials, the sources noted.

Officials of the two sides have already met on numerous occasions to discuss details of their nearing separation. However, a top-level meeting between the CEOs of Helleniq Energy and Edison, Andreas Siamisiis and Nicola Monti, respectively, has yet to take place.

The Greek State will also have a say in the matter as it holds a 31.18 percent stake in Helleniq Energy. Paneuropean Oil & Industrial Holdings, a member of the Latsis group, is the main shareholder with a 40.41 percent share.

Yellow variable tariffs undercut green tariffs again in March

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Variable yellow tariffs offered by electricity suppliers through the country’s new color-coded tariff system, introduced January 1 to simplify price comparisons, were lower-cost options than their variable green-tariff alternatives for a third consecutive month in March, despite a significant drop in green tariffs.

Yellow and green tariffs are both variable tariffs, but the former are set at the end of each month.

Some suppliers offered yellow tariffs that were as much as 18 percent lower than their green tariffs in March, a comparison of offers has shown.

Yellow tariffs averaged a price of 10.27 cents per KWh last month, 3 percent lower than the month’s average for green tariffs, which was 10.58 cents per KWh. Yellow tariffs offered by suppliers ranged from 9.13 cents per KWh to 12.85 cents per KWh in March.

Power utility PPC, the retail market’s dominant player, offered a yellow tariff level of 9.83 cents per KWh in March, for monthly consumption of up to 500 KWh, and a green tariff of 10.83 cents per KWh.

Protergia’s yellow tariff, dubbed Value Fair, was set at 9.18 cents per KWh in March, while its green tariff offer was priced at 10.78 cents per KWh.

Elpedison offered a Smart yellow tariff of 9.83 cents per KWh in March, 9 percent lower than the supplier’s green tariff, priced at 10.76 cents per KWh.

NRG’s Time 4U yellow tariff was set at 10.64 cents per KWh in March, 7 percent below its green tariff offering of 11.50 cents per KWh.

On the same wavelength, Zenith’s Power Home More yellow tariff in March was priced at 9.81 cents per KWh, 6 percent lower than its green tariff, priced at 10.47 cents per KWh.

Energy multi-bill submitted to Parliament, no major changes

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An energy ministry multi-bill submitted to Parliament yesterday includes a model for the country’s next wave of RES auctions that offers renewable-energy producers operating support based on incentives for electrical-grid capacity savings.

RES projects currently being developed and already holding connection terms will be offered premiums as incentives encouraging their respective investors to accept greater grid-injection restrictions, or to equip their projects with batteries.

Other multi-bill details include terms for an SPV to be established by EDEYEP, the Hellenic Hydrocarbons and Energy Resources Management Company, for offshore wind farms; floating PV provisions; as well as revised action on electricity theft and the universal electricity supply service provided to black-listed consumers no longer accepted by electricity suppliers.

No major changes have been made to the multi-bill’s content following consultation and the procedure’s numerous comments.

Special parliamentary committees will begin discussing the multi-bill’s details tomorrow. The energy ministry aims to have it ratified by the middle of next week.

Grant Thornton takes on Green Aegean cost-benefit analysis

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Greek Power grid operator IPTO has commissioned accountancy and advisory services firm Grant Thornton to conduct a cost-benefit analysis on the Green Aegean electrical grid interconnection project, envisaged to stretch from Greece to Germany’s south and provide a transportation corridor for RES output.

The analysis, an important step towards the project ’s further development, is expected to be completed later this year, by September or October. It will provide detailed information on crucial questions concerning whether the project can be deemed viable or not.

These questions include whether RES output will also be let out in Slovenia and Croatia or just Greece and Germany; as well as whether the project will be equipped with two or four cables.

In addition, the study will provide a template for a regulatory framework needed for the project’s operation; specify the project’s potential benefits for Greece and Germany; and offer an evaluation of the project under various scenarios.

Though an investment decision is still a long way off, IPTO wants specific figures offering investment clarity, based on specifications of similar European projects.

Green Aegean is planned to offer a 3-GW capacity for electricity transmission with potential for a further boost to as much as 9 GW.

The project’s initial budget has been estimated at between 8 and 14 billion euros, depending on the route’s specifics. An Adriatic Sea crossing from Greece to Slovenia, followed by an overland route to Austria and Germany’s south is currently envisaged.

Existing project data suggests energy consumers in Greece stand to benefit. The project’s launch has been slated for 2035.

 

Supply chain promise signaled by Greek-Norwegian RES deal

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Greek steel company Lykomitros Steel has reached an agreement with Norway’s Moreld Ocean Wind, one of the world’s leading offshore floating wind farm designers, for a first order of floats, highlighting the opportunities available to domestic industry.

The two companies have signed an MOU concerning production, at the Greek manufacturer’s facilities, just outside Volos, of batches of floats for offshore floating wind farms to be supplied by the Norwegian company to customers around Europe who are entering this rapidly developing, yet still high-cost, nascent RES technology.

In essence, the Norwegian company has reached an agreement with Lykomitros Steel, already supplying floats for offshore wind projects in Scotland, France and Germany, to “jointly carry out the first floating European projects”, Moreld Ocean Wind’s CEO Wolfgang Wandl noted in a joint statement.

The development demonstrates that Greek industry can play a role in the establishment of a domestic supply chain if it can continue securing orders for floats concerning projects in the North Sea and other regions abroad.

The MOU between Lykomitros Steel and Moreld Ocean Wind was signed earlier this week at the Norwegian Embassy in Athens, in the presence of Norway’s deputy minister of foreign affairs Maria Varteressian, who was in Athens for the 9th edition of the “Our Ocean Conference”.

Government pursuing Egypt carbon emissions storage plan

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The Greek government is pursuing the prospect of transporting and storing CO2 emission quantities beyond the EU, in Egypt, as part of a plan to help local industries reduce their carbon footprint through carbon capture and storage (CCS) solutions.

Athens has reached out to the European Commission for a revision of its industrial emissions management strategy that could permit storage of captured CO2 in countries outside the EU.

The Greek government supports that the geology in Europe’s south differs from that in the north, meaning that geological structures suitable for CO2 storage in Mediterranean countries are scarce.

The prospect of Greek industries utilizing carbon emissions storage infrastructure to be developed in Egypt has been extensively discussed at recent meetings between the governments of the two countries.

These talks have been constructive and established firm ground for further cooperation between Greece and Egypt in the CCS sector, amongst other fields, sources told energypress.

Greece’s carbon emissions are estimated to total 15 million tons, annually, well above the storage capacity of the prospective Prinos CCS project planned by Energean in the country’s north. This project is expected to offer a carbon storage capacity of between 3 and 4 million tons.

CMBlu decision on Thessaloniki battery plant by summer

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German high-performance battery producer CMBlu Energy’s Greek subsidiary CMBlu Greece is expected to make a final investment decision for a new organic battery production plant near Thessaloniki this coming summer, Constantin Eis, CEO of CMBlu, has announced to media.

He was accompanied by the chief executive of CMBlu Greece, Giorgos Paterakis, and the founder of the parent company, Dr. Peter Geigle.

Planning concerning the production unit’s development is moving ahead smoothly, while the company’s management is already engaged in discussions for financing and a local industrial partner, the officials informed.

CMBlu Greece has begun talks with the energy ministry, including a session yesterday, as part of its effort to secure funding support, which the company hopes may cover 60 percent of the total investment, estimated at 70 million euros.

The company plans to supply the prospective plant’s organic batteries in the Greek and Balkan markets, which explains why it is looking to develop a production plant in northern Greece, at a location near Thessaloniki.

CMBlu Greece aims to launch the new plant in 2025. The main objective of the project will be to create batteries for large-scale electricity storage.

CMBlu Energy, headquartered in Alzenau, east of Frankfurt, was established in 2011. It has achieved growing production levels and holds contracts with major utilities.

The company develops and produces high-performance batteries, while its systems are fully recyclable and can store and provide power for two to three times longer per cycle than lithium-ion batteries.

Markets remain composed after Iran attack on Israel

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Oil markets, weighing the consequences of Iran’s first ever direct attack on Israel over the weekend, with missiles and drones, opened cautiously in early Asian trade Monday and will be shaped by the extent of Tel Aviv’s response.

First signs indicate that investors are relieved by the scope of Iran’s attack as it has been perceived as a controlled attack that is not expected to force Israel to escalate action and prompt a forceful response from the US and allies, which would certainly lead to a regional conflict.

In early Asian trading Monday morning, Brent crude oil futures were trading at a level of 90.50 dollars a barrel, marginally up compared to Friday, while WTI futures fell slightly to 85.57 dollars a barrel.

Over the past month, Brent prices have risen by 8.5 percent, in expectation of action by Iran. Though this ascent cannot be ignored, forecasts of a spike to levels of between 95 and 100 dollars a barrel have yet to be confirmed.

Worse-case scenarios entailing further escalation – which would consequently cut off oil supply from the region and, worse still, prompt Tehran to block the Strait of Hormuz, a highly important strategic location for international trade offering passage to a third of the world’s liquefied natural gas and almost 25 percent of total global oil consumption – still seem far off.

Markets have remained composed. Iran has tested reactions, while Israel’s ability to intercept and the support of its allies have both been confirmed.

This means that any oil price rises, as an initial reaction following Iran’s weekend attack, will be short-lived.

Iran launched drones and missiles at Israel over the weekend as retaliation for an attack on its consulate in the Syrian capital Damascus on April 1. Israel has not claimed responsibility for the consulate strike but is widely regarded to have been behind it.

 

Multi-bill terms abolishing RES grid-injection limits

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An energy ministry multi-bill includes a provision abolishing grid-injection upper limits imposed on RES units to maintain a balance between production and demand and help counter local grid congestion. Consultation on the multi-bill ended this morning.

Limits imposed on RES units through legislation ratified in 2022 subjected their grid injections to 5 percent limits of annual production capacity.

According to this limit’s details, the grid operator was not required to offer compensation to RES producers regarding grid-injection restrictions. However, compensation details still need to be clarified.

Under the new terms, the existing 5 percent grid-injection limit will only be maintained for permanent restrictions, as is the case with PVs linked to the grid, facing a 72 percent restriction, and wind energy facilities, permitted to inject 80 percent of capacity between 8am-11am, 65 percent between 11am-3pm, and 80 percent between 3pm-5pm.

 

RES spatial plan facing delays as more revisions requested

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Latest revisions requested by the General Secretariat for Spatial Planning from planners of the country’s Special Land Use Plan for RES facilities will further delay the completion of the plan, now essentially lacking any realistic schedule, energypress sources have informed.

Though planners had completed their work on the plan, they must now work on the latest revisions requested.

A few months ago, authorities had announced the RES spatial plan would undergo consultation around early May, but, given the latest demands, this no longer seems possible.

The latest changes requested by the General Secretariat for Spatial Planning include the designation of “RES acceleration areas”, in accordance with a recent EU directive that has yet to be incorporated into national law, the sources noted.

Such a procedure will require considerable time as designating special RES areas not only requires new legislation but also a series of other actions such as consultation with local authorities and issuance of presidential decrees.