Target model wholesale prices up as uplift charges at €8.55/MWh

Uplift charges rose to reach a total of 8.55 euros per MWh during the first week of the model, significantly pushing up wholesale electricity price levels.

One of three uplift charges, applied to share costs of national grid losses, reached 1.39 euros per MWh in the first week of the target model, the Greek electricity market’s most significant reform, enabling market coupling with equivalent European markets.

The second uplift charge, applied to share capacity balancing costs, reached 2.02 euros per MWh.

A third uplift charge, for additional balancing costs, reached 5.14 euros per MWh.

Conditions set for new energy efficiency category subsidies

Four new categories included in the latest Saving at Home program subsidizing energy efficiency upgrades at existing properties (photovoltaic systems with net metering; energy storage systems; vehicle recharging units; energy management systems) will only be made available for program applicants if older energy-saving categories (window frame replacement; external wall insulation; heating-cooling systems; hot water supply) are incorporated into applications and, in addition, elevate the energy status of residencies by at least three categories, according to a guide just released by the energy ministry.

The new program will feature offer energy efficiency upgrade subsidies of up to 85 percent and will be made available to virtually all property owners as income-related criteria will be relaxed. For example, families with annual income totals of as much as 120,000 euros will be eligible.

Greater subsidy amounts will also be made available for applicants following an increase of a previous 25,000-euro upper limit to 50,000 euros.

Greek state budget recorded a primary deficit of 9.056 billion euros in Jan-Oct

The Greek state budget recorded a deficit of 13.442 billion euros in the January-October period, from a budget target for a shortfall of 987 million euros and a surplus of 906 million recorded in the same period last year, the finance ministry said in a report on Monday. The state budget also recorded a primary deficit of 9.056 billion euros in the 10-month period, from a budget target for a primary surplus of 3.261 billion and a primary surplus of 5.739 billion euros in the corresponding period in 2019.

Net revenue amounted to 38.403 billion euros, down 11.1 pct from targets, reflecting a decline in economic activity due to the pandemic crisis, the impact of government support measures and increase tax returns.

Regular budget revenue was 42.984 billion euros in the January-October period, down 8.5 pct from targets. Tax revenue totaled 35.564 billion euros, down 14.5 pct from targets (6.052 billion), but only 43 million euros lower compared with a provisions included in a draft budgetary plan for 2021.

Tax returns totaled 4.581 billion euros, up 778 million from targets, while Public Investment Programme revenue was 4.436 billion euros, up 1.681 billion from targets.

State budget spending was 51.845 billion euros in the 10-month period, up 7.668 billion frmo targets, reflecting spending on government support measures. Budget spending was 9.383 billion euros, up compared with the same period last year.

In October, net revenue was 4.899 billion euros, down 72 million from monthly targets, while regular budget revenue was 5.393 billion euros, down 5.0 million from targets. Tax revenue was 4.569 billion euros, down 561 million from monthly targets, but only 137 million lower compared with provisions included in a draft budgetary plan. Tax returns totaled 494 million euros, up 67 million euros from monthly targets, while Public Investment Programme revenue was 606 million euros, up 524 million from monthly targets.

State budget spending was 7.079 billion euros in October, up 2.666 billion from targets.

Industry still awaiting mid-voltage energy tax cut four months on

Industrial enterprises of the mid-voltage category are still waiting for the implementation of a special consumption tax (EFK) reduction more than four months after the measure was first announced by the government.

Though this tax cut would have minimal impact on the government’s tax revenue, it is important for a large number of companies – approximately 170 with annual energy consumption levels of more than 13 GWh.

Last July, Prime Minister Kyriakos Mitsotakis announced the special consumption tax for mid-voltage industrial firms would be lowered from 5 euros per MWh to 2.5 euros per MWh, the level imposed on high-voltage producers.

The measure’s total cost, estimated at 3 million euros, promises some energy-cost relief for mid-voltage industrial enterprises.

Producers have not received any further news on the consumption tax cut measure since it was announced in July, prompting concern and frustration among industrial circles.

Energy cost represents a considerable part of total production costs for energy-intensive producers.

Wholesale electricity prices in Greece are 47 percent higher than the EU average and nearly 70 percent higher than the lowest price level in the EU, according to official European Commission data.

Distributor DEDA wants swifter delivery of operator projects

Gas distributor DEDA, covering all areas around Greece except for wider Athens, Thessaloniki and Thessaly, wants gas grid operator DESFA to complete key grid projects six months sooner so that the distributor may proceed with tenders for distribution network expansion projects.

DESFA needs to construct metering/regulating stations in Livadia, central Greece, as well as the Kastoria and Kozani regions in northern Greece.

DEDA called for a swifter delivery of these stations in public consultation staged for DESFA’s ten-year development plan covering 2021 to 2030.

DESFA plans to complete work on the Livadia metering/regulating station in March, 2022. However, DEDA has requested the station’s completion six months earlier, explaining it will not be able to distribute to consumers in the area until the station’s construction has been completed.

DEDA also called for the Kastoria and Kozani stations to be complete six months earlier, citing the same reasons.

In addition, DEDA requested the development of a natural gas compressor station close to the areas of Karpenisi, central Greece, and Amfissa, slightly southeast, to facilitate CNG supply to these regions.

Crete interconnection to require new energy control center

Crete’s grid interconnection with the mainland will require the development of a new, upgraded regional energy control center on the island, according to power grid operator IPTO’s ten-year development plan covering 2021 to 2030.

The new center will be needed to ensure effective management of new energy market data, not achievable through the existing center’s means and infrastructure, as these would not be able to incorporate new technologies, IPTO stresses in its ten-year development plan.

Also, the existing energy control center’s maintenance has become extremely difficult and costly due to the unavailability of spare parts and experienced technicians for its type of technologies, the operator added.

Siemens Gamesa turbine, boosting low-wind site output, ideal for Greece

Siemens Gamesa, a global leader in the wind power industry, has added a new turbine to its 4.X platform, the SG 4.7-155, combining the company’s expertise and track-record in the 4 MW segment with a 155-meter rotor and state of the art blades to significantly increase energy production at low-wind sites, the company has announced in a statement.

The SG 4.7-155 features make it a perfect fit for Greece, the statement noted, as the new turbine has a nominal power rating of 4.7 MW and is equipped with OptimaFlex technology, enabling it to operate between 4 MW and 5 MW depending on site conditions. The platform will be enhanced by one of the two rotors developed for the more powerful Siemens Gamesa 5.X platform, representing an important step forward in the company’s strategy to adopt the best technology across all its platforms.

The development of low wind turbines is especially important for already well-developed onshore wind markets, like Greece, where the space for higher wind sites is limited. By increasing the size of the rotors, wind turbines are therefore capable of providing a successful business case to produce higher clean energy production even with lower wind conditions.

The model will use a 76-meter blade made of fiberglass reinforced with pultrude carbon, integrating innovative aerodynamics to guarantee the best balance between high energy production and reduced noise emission levels.

Indeed, the Annual Energy Production in average low wind conditions is 5% higher than that of the SG 5.0-145. The turbine also has a low noise output of 105 decibels, making it suitable for countries with strict noise restrictions. In addition to these functionalities, the lifetime of the new turbine has been increased to 25 years from 20 years at IEC-Class 3 sites.

A prototype of the new model is expected to be ready by mid-2021, with the start of production planned for the end of 2021.

“The new model will make us much more competitive in Greece, complementing our SG 5.8-170 to offer our customers broader options depending on their project characteristics and needs. This type of modular approach using the best of our onshore innovation will help us lower the cost of energy for them and offer the best solutions for the energy transition,” said Siemens Gamesa managing director in Greece Spyros Rozis.

Siemens Gamesa maintains a strong presence in all facets of the wind power business: offshore, onshore and services. The company’s advanced digital capabilities enable it to offer one of the broadest product portfolios in the sector as well as industry-leading service solutions, helping to make clean energy more affordable and reliable.

With more than 107 GW installed worldwide, Siemens Gamesa manufactures, installs and maintains wind turbines, both onshore and offshore. The company’s orders backlog stands at €30.2 billion. The company is headquartered in Spain and listed on the Spanish stock exchange, trading on the Ibex-35 index.

Energean Israeli exploration to focus on gas deposits estimated at 62 bcm

Energean Oil & Gas will now focus its Israeli exploration activities on the Karish, Tanin and Block 12 fields in an effort to boost its certified natural gas and liquid hydrocarbon reserves.

Following yesterday’s announcements by the Greek company, according to which an independent Competent Persons Report by DeGolyer and MacNaughton certifies 98.2 Bcm (3.5 Tcf) of gas and 99.6 million barrels of liquids (MMbbls) at the Karish, Karish North and Tanin offshore fields of Israel, the exploration program will restart in 2022 for a boost of reserves through the Karish, Tanin and Block 12 licenses. Energean plans to stage its next drilling efforts in two years.

Estimates indicate 62 billion cubic meters of natural gas and 33.4 million barrels of liquid hydrocarbons, representing 431 million barrels of oil equivalent.

Energean will also focus on Block 12 targets – named after the Greek gods Zeus, Hera, Apollo, Athena and Hestia – estimated to carry prospective gas reserves measuring 32.7 billion cubic meters, more than half the overall 62 billion cubic meters.

Discovery of these prospective reserves is expected to further reinforce the Greek company’s standing on the southeast Mediterranean energy map.

RAE deciding on DEDDIE 2020 WACC, terms for 2021 to 2024

RAE, the Regulatory Authority for Energy, intends to reach decisions this week on the WACC and allowable income levels for 2020 of distribution network operator DEDDIE/HEDNO, both pending regulatory factors needed ahead of the operator’s privatization.

The authority has already approved a formula determining the required network earnings.

RAE intends to approve the operator’s WACC level for 2021 to 2024 by the end of the year before deciding early in 2021 on the regulated earnings and a network business development plan covering 2021 to 2024.

The distribution network operator’s WACC level for 2021 to 2024 is expected to be set at just below 7 percent, sources informed. Such a level would be seen as highly attractive by investors given the far lower yields offered by respective European distribution network operators.

Decisions on all these regulatory matters will enable prospective buyers to evaluate DEDDIE/HEDNO’s prospects and shape their offers for a 49 percent stake to be offered through the operator’s privatization.

The sale could be completed by the first quarter of 2021. Pundits anticipate the sale price could reach approximately 1.5 billion euros.

In accounting terms, the operator’s fixed assets – networks covering 239,000 kilometers and substations – are worth 3.5 billion euros.

PPC awaiting Brussels verdict on lignite unit exit compensation

The European Commission could reach a decision by the end of November on an energy ministry request seeking compensation for state-controlled power utility PPC’s plan to withdrawal lignite-fired power stations ahead of schedule.

The ministry has requested a compensation package of 180, 150 and 200 million euros for 2021, 2022 and 2023, respectively, for the power utility.

European Commission officials are currently closely examining the data and information accompanying the Greek application, energypress sources informed.

At best, a decision could be delivered in approximately three weeks, the sources estimated, adding that the Greek request has been favorably received.

Last May, the European Commission released a 52.5 million-euro compensation package to the Netherlands for the country’s premature closure of its Hemweg coal-fired facilities.

Greek officials had initially sought, quite some time ago, the approval of a cost recovery mechanism for PPC’s lignite-fired units, implemented in Germany as a strategic reserve capacity.

This proved too complex, prompting Greek officials to shift their focus onto the current compensation request for the country’s effort to decarbonize.

The European Commissioner for Competition Margrethe Vestager declared, in May, when the Hemweg compensation bid was approved, that EU member states must be compensated for their decarbonization efforts, adding that the Dutch compensation amount does not cause European market distortions.

PPC’s lignite unit losses are reported to have reached 300 million euros last year. The utility is seeking to limit such losses by closing such units sooner than planned.

PPC has announced its Megalopoli III facility will be shut down six months earlier, in the first half of 2021 instead of early 2022. If accomplished, this closure will represent PPC’s second PPC lignite unit withdrawal following Amynteo, closed down in May.

The utility intends to push for a swifter withdrawal of all other lignite-fired units, except Ptolemaida V.

Survey Digital Photovoltaics investments progressing

Survey Digital Photovoltaics Single Shareholder SA recently received a production certificate from RAE, the Regulatory Authority for Energy, for 125 MW from its privately owned portfolio of 500 MW, the company announced in a statement. These are the following projects:

  1. PV Unit 6,000.96kW at the location “Kalamitis” of the Municipality of Thebes in the Prefecture of Viotia.
  2. PV Unit 6,360.44kW at the location “Paliodendros” of the Municipality of Aktio-Vonitsa in the prefecture of Etoloakarnania.
  3. PV Unit 9,999.00kW at the location “Koumaries” area Agios Ioannis, Municipality of Katerini, Prefecture of Pieria.
  4. PV Unit 44,645.00kW at the location “Yangova” area Arnaia, Municipality of Aristotle, Prefecture of Chalkidiki.
  5. PV Unit 58,437.72kW at the location “Yangova” area Arnaia, Municipality of Aristotle, Prefecture of Chalkidiki.

The company has secured for its entire approved portfolio the financing of the investments by Alpha Bank, while the permitting of the projects is performed with company’s own funds and with signed pre-lease-purchase agreements for the land plots. The entire permitting process (environmental and grid connection terms) is expected to be completed by April 2021.

The company’s target is the participation of these first projects in the RAE tenders for locking a guaranteed price within 2021, with the start of the construction of the projects and the relevant interconnection networks from the summer of 2021.

It is worth noting that Survey Digital Photovoltaics Single Shareholder SA is a company of purely Greek interests, with strong extroversion and vast experience in the photovoltaic sector. The company has been active in the sector since 2006.

For more information, visit the company website www.survey-digital.com, or contact through the social media (www.linkedin.com/company/survey-digital, www.facebook.com/SurveyDigitalPhotovoltaics, www.instagram.com/surveydigitalphotovoltaics).

 

Environmental terms for RES licenses ‘still tough’, investors note

Contrary to popular opinion, recently ratified environmental impact licensing rules remain strict for renewable energy investors despite upper-limit capacity increases for wind and solar energy installations, sector officials have pointed out in comments to energypress.

Last August, the energy ministry increased the upper-limit capacity for Category B wind energy installations from 5 MW to 10 MW and Category B solar energy installations from 2 MW to 10 MW.

Investors behind Category B projects do not need to provide environmental impact studies but must meet predetermined environmental terms and all related terms included in a ministerial decision implemented back in January, 2013.

“It is not true that investors merely submit statements declaring that their projects do not have environmental impact, as has been generally said,” a sector official explained. “Investors must observe specific environmental terms and submit studies and data required by the ministerial decision from 2013,” the official added.

Special Ecological Assessments must be conducted for projects planned for protected Natura areas. Also, bird fauna studies must be included in investment applications for Special Protection Zones.

Furthermore, the ministry has advised licensing authorities to be particularly careful when examining project applications slicing big RES projects into a series of smaller projects as a means of simplifying licensing procedures. Such practices need to be stopped, the ministry has stressed.

Professionals want more time ahead of energy upgrade offer

Civil engineers and architects, citing inevitable lockdown-related obstacles, are calling for a delay in the launch of the latest Saving at Home program subsidizing energy efficiency upgrades and energy independence system installations at existing properties.

The Technical Chamber of Greece, the official technical advisor of the Greek state, could offer an opinion today or tomorrow on whether a delayed launch is necessary.

The energy ministry has not ruled out new dates, in various regions, for the launch of the subsidy program’s platform.

At present, the program is scheduled to start on November 30 in Crete, the north Aegean and the south Aegean. A December 2 starting date has been set for east Macedonia and Thrace. The starting date for west Macedonia is December 4 start and December 7 for central Macedonia. The dates for all other regions are: Thessaly – December 9; Epirus, Ionian Islands – December 11; Wider Athens area – December 14; mainland Greece, Peloponnese – December 16; western Greece – December 18. A January 11, 2021 starting date has been set for apartment blocks.

 

Significant 2P reserves increase at Energean’s Israeli Assets

Energean plc has announced the completion of an independent Competent Persons Report by DeGolyer and MacNaughton, which certifies 98.2 Bcm (3.5 Tcf) of gas and 99.6 million barrels of liquids (MMbbls) gross (Energean 70%) 2P reserves in the Karish, Karish North and Tanin fields.

Energean’s gross 2P reserves in Israel now total approximately 729 million barrels of oil equivalent which represents a 44% uplift to previously estimated 2P reserves.

The increase was principally driven by the upgrade of resources following approval of the Karish North Field Development Plan by the Israeli government in August 2020. A Final Investment Decision for Karish North is expected in 4Q 2020.

The CPR also results in a 21.4% (17.5 MMbbls) increase in gross 2P liquid volumes and the field is now expected to average 28 kbpd liquid production over a plateau period of approximately five years. The additional liquids production is expected to have no discernible impact on the scope 1 and scope 2 carbon intensity of the fields, which is expected to remain at approximately 6 kgCO2/boe, (significantly lower than the E&P global average of 18 kgCO2/boe).

Further upside potential is represented by gross risked prospective resources across Energean’s Israeli portfolio of 62.0 Bcm of gas plus 33.4 MMbbls of liquids (approximately 431 MMboe in total). These prospective resource volumes will be targeted by Energean’s next exploration campaign, which is expected to commence in early 2022. All prospects are situated in close proximity to the Energean Power FPSO, representing potential low-cost tie-back options for future developments.                                                                                                                                                                                                      Mathios Rigas, CEO of Energean, commented: “We are delighted that our independent reserves auditor has confirmed 2P gas volumes of 98 Bcm within our Karish, Karish North and Tanin fields, offshore Israel, representing another year of continuous reserves growth in our portfolio. This gas, the majority of which has already been contracted, will be sold under fixed-price gas sales agreements that will protect our revenue stream from commodity price fluctuations, which underpins our strategic goal of paying a sustainable dividend.

The approximately 100 MMboe of 2P liquids reserves and production plateau averaging 28 kbpd over five years, represents a substantial increase on previous estimates, which further supplements our shareholder returns profile with high-margin production that has no incremental impact on our scope 1 and scope 2 CO2 emissions intensity.

We look forward to progressing the 62 Bcm and 33 MMbbls of risked prospective resources across our Karish and Tanin leases and in Block 12, with the intention to recommence our successful exploration programme in early-2022 and, through doing so, will continue to contribute to the diversity and security of natural gas supply into Israel and the wider Eastern Mediterranean.”

 

Electricity theft cost gradually shifted to operator DEDDIE

The cost for the market of electricity theft will be gradually shifted to distribution network operator DEDDIE/HEDNO, ridding suppliers and, indirectly, consumers, of this financial burden, according to a new formula for the operator’s required revenue established by RAE, the Regulatory Authority for Energy.

The operator will need to reduce, on an annual basis, its percentage of required revenue covering electricity theft losses until these have been eliminated. If annual electricity theft reduction objectives are not met, then the operator will assume the resulting cost. On the contrary, if these objectives are exceeded, then the operator will keep surplus amounts for the company coffers.

Representing between 4 and 5 percent of overall electricity consumption, electricity theft, a major problem for the Greek market, increased during the recession. The responsibility for its cost had even generated friction between power utility PPC and DEDDIE/HEDNO, the utility’s subsidiary.

North Macedonia eyeing 25% stake in Alexandroupoli gas facility, PM says

North Macedonia may participate with a 25 percent stake in a natural gas facility in Alexandroupoli, northeastern Greece, that promises to offer a production capacity double the size of the country’s gas shortage, totaling 2 GWh, North Macedonian Prime Minister Zoran Zaev has told state broadcaster Alsat.

Also, bureaucratic procedures concerning the development of a natural gas pipeline from Greece to North Macedonia are close to being completed, while talks with Okta, a Hellenic Petroleum (ELPE) subsidiary, for a relaunch of the company’s oil pipeline running from Thessaloniki to Skopje are continuing, Zaev noted.

The North Macedonian leader also expressed an interest for the country to participate as a shareholder in the company to develop the Alexandroupoli FSRU, noting the country plans to utilize natural gas for all state facilities as “American LNG is far cheaper”.

The Alexandroupoli FSRU is expected to facilitate supply of American LNG to the Balkan region.

Schools, airlines, heating fuel to contain lockdown effects on fuel

Fuel market officials are hoping certain lockdown exemptions, such as the non-closure of primary schools, plus airline traffic and heating fuel demand, will result in smaller losses for the sector compared to the country’s first lockdown earlier this year.

If the latest measures remain as they stand for the lockdown’s duration of at least three weeks, beginning last Saturday, then the decline in fuel sales is expected to be far milder than the 45 percent reduction experienced during the country’s first lockdown, implemented last March, fuel market officials have projected.

Seasoned authorities estimate the fuel market’s reduction in sales could reach 20 percent.

The ongoing transportation by parents and guardians of primary school students to school, continuation of flights, as well as greater heating fuel needs of household members kept in by the lockdown, are all expected to help contain the drop in fuel sales.

Though these factors may offer fuel professionals some consolation, the fuel market is entering uncharted territory as the eventual duration of the lockdown remains unknown.

Also, a large number of households have yet to recover from the financial consequences of the first lockdown. Their budgets will have tightened.

Gas bill public service charge for CNG supply to remote areas

A decision by RAE, the Regulatory Authority for Energy, to set uniform rules for gas distribution companies in matters concerning the development of CNG technology for supply to remote regions not connected to the national grid could lead to the introduction of a public service compensation (YKO) surcharge on retail natural gas bills to help cover related costs.

The need for a clearer framework resulted from European Commission directives concerning state aid concerns.

Authorities are determined to avoid a repeat of events in the electricity sector, where the introduction of high-cost electrification solutions for remote areas, originally intended as temporary plans, ended up being permanent.

The public service compensation surcharge on electricity bills is used to subsidize high-cost electricity generation on Greece’s non-interconnected islands and offer lower-cost electricity for underprivileged households.

RAE has approved five-year development plans submitted by gas distribution companies but, in doing so, demanded revisions requiring a switch to pipeline gas supply for cities where CNG supply was originally intended.

Until now, additional installation and operating costs for CNG facilities have been recovered by gas distribution companies, themselves.

Though bigger companies with a wide customer base have the ability to spread out this cost for minimal impact on consumers, smaller players with not so many customers cannot rely on such a cost recovery solution.

The new framework is expected to soon be forwarded by the energy ministry to Brussels for approval that would enable its implementation by 2022.

Hellenic Petroleum reports positive nine-month results

Hellenic Petroleum Group on Thursday reported positive operating results, with comparable EBITDA at 256 million euros in the January-September period this year amid unprecedented adverse conditions prevailing in the refinery sector globally.
During this period, Hellenic Petroleum recorded a 10 pct increase in exports, which partly offset reduced domestic demand and completed an investment of maintenance and upgrading in Aspropyrgos refinery worth more than 130 million euros. On a comparable basis, net profits totaling 13 million euros in the nine-month period, financial cost was down 14 pct to 78 million euros, the lowest levels in recent years. The Group expects completion of negotiations in the fourth quarter of 2020 on the refinancing of credit lines worth 900 million euros ending in the next six months.
Andreas Shiamishis, Group CEO, commenting on the results said: “During 3Q20, we faced the most adverse industry environment in history. Already many refineries in the region have reduced utilization, while some are curtailing or terminating activities. Despite the partial recovery of the world economy vs 2Q20, the fuels market remains at significantly lower levels, as the pandemic affects tourism and travel in general. Operating environment remains challenging, with the health and safety of our employees, as well as the uninterrupted operation of the supply chain, being top priorities.
“In this environment, we managed to sustain our production at high levels, increasing our exports, while taking advantage of the international market opportunities, in order to mitigate, to the extent possible, the negative impact.
“In terms of strategy implementation, we took important steps in relation to the large RES project in Kozani. We completed the acquisition and secured funding with especially favorable terms and the tangible support of international capital markets and the EBRD.
“The environment is expected to remain difficult in the coming months, with expectations for a substantial improvement after mid-2021.”

(ANA-MPA)

ELPE lockdown impact fears expressed amid poorer conditions

Hellenic Petroleum ELPE chief executive Andreas Siamissis has expressed fears of the latest lockdown’s impact on fuel consumption, which he will believes will be considerable, during a presentation of third quarter results to analysts.

Narrowed refining margins, which dropped to historic lows during the third quarter, combined with a drop in demand, resulted in unprecedently difficult conditions, ELPE officials noted.

However, rays of hope have emerged for an imminent improvement in refining margins, they added.

Elpedison, ELPE’s joint energy venture with Italy’s Edison, registered a strong power generation performance, up 31 percent in the nine-month period, aided by competitively priced LNG for its production units, company officials informed.

Electricity sales rose by 5 percent, while operating profit reached 43 million euros, from 15 million euros a year earlier.

As for the natural gas market, the commercial activity of gas utility DEPA, in which ELPE holds a 35 percent stake, increased in the third quarter.

DEPA – whose two new entities, DEPA Commercial and DEPA Infrastructure, are both headed for privatization in a procedure that is expected to be completed by March, 2021 – reported a 3Q volume-based sales increase of 48 percent. Its EBITDA figure moved up to 18 million euros, up from 6 million euros a year earlier.

ELPE’s list of imminent RES projects has more-than-doubled compared to last year, the company officials informed.

PPC awaiting first securitization deal cash injection this month

Power utility PPC, seeking to financially bolster in anticipation of tougher pandemic-related market conditions, expects, within November, to benefit from an initial collection of approximately 150 million euros following two securitization agreements reached last summer with JP Morgan and Pimco for unpaid receivables.

This forthcoming initial cash injection, expected to eventually reach as much as 200 million euros, concerns a small-scale securitization package, for unpaid receivables of up to 60 days, reached between PPC and JP Morgan early last summer.

PPC then established an additional deal with Pimco for longer-term unpaid receivables of more than 90 days, expected to rake in up to 300 million euros, for a combined securitization total that may ultimately reach 500 million euros.

The power utility expects to receive about 200 million euros from the Pimco deal in December or January. This means PPC should have received a total of about 350 million euros in initial payments from JP Morgan and Pimco by no later than the end of January.

This amount promises to serve as a safety net in the coming months of market insecurity and tightened cash flow, and, in addition, partially fund PPC’s new business plan.

Currently being worked on, and expected to be far more ambitious than a previous version delivered at the end of 2019, PPC’s new business plan should be announced around mid-December.

It is expected to feature swifter RES project development and lignite unit withdrawals, as well as more ambitious electromobility initiatives.

The 500 million-euro securitization amount will certainly be needed for these investments.

PV panel market shortage, higher prices affecting investors

Greece’s solar panel market, reflecting challenging sector conditions that have emerged throughout Europe, faces severe shortages and price increases of between 15 and 20 percent, compared to just a few weeks ago.

The challenging situation has led to major project delays. Investors holding purchase agreements for PV equipment are being delayed by weeks for their order arrivals, while others still working on agreements cannot find suppliers offering anything better than delivery by May, 2021, at the earliest.

Some buyers requiring just small orders of solar panels have been lucky enough to land agreements as a result of order cancellations and other irregularities, but, in general, the shortage is prevalent.

Though the adverse conditions are impacting all PV investors, small-scale players are particularly feeling the pinch as they face deadlines to secure tariffs through non-competitive administrative decisions. Making matters worse, the energy ministry has indicated it will reduce non-auction tariff prices.

Pundits have attributed the shortage of PV panels to a significant increase in the number of installations at an international level, including China, nowadays virtually the world’s only producer of solar panels.

Chinese officials have announced a plan to aim for the installment of 65 GW of PV systems, annually, over a five-year period beginning in 2021.

Quite clearly, current PV panel production levels cannot meet global demand. This squeeze is expected to continue until at least the end of the first half of 2021.

Demand for glass has increased as bifacial PV panels now dominate the market, but the pharmaceutical industry, also absorbing large quantities of glass, has priority amid the pandemic.

The sharp increase in the demand for glass has prompted a price increase, for this material, of as much as 71 percent.

GoodWe launches GoodWe PLUS+ including 10-year warranty extension

Following its IPO, GoodWe Europe has announced plans to launch its EMEA-wide PV installer program aimed at consolidating professional PV training and after-sales service under its new GoodWe PLUS+ initiative, the company has announced.

Participating installers will benefit from exclusive training, as well as a warranty extension to 10 years for all on-grid inverters up to 20 kW at no extra cost, the company noted.

The move has been well received in the PV industry and has “attracted the attention of well-established solar professionals” said Ali Bouattour, Technical Director of GoodWe Europe GmbH.

Asked about the purpose of the initiative, Managing Director Thomas Haering stated: “We take great pride in crafting and developing sophisticated solar technology and delivering unparalleled customer service. We have great confidence in our product and want PV installers to feel they have the full support of a world-class brand”.

GoodWe, one of the leading brands of solar inverters, has turned 2020 into a success story, with its IPO on the Shanghai Stock Market, its Global Call Centre, new Global Headquarters and its recent expansion in the utility segment.

The Suzhou-based manufacturer currently occupies the top spot in Wood Mackenzie’s global ranking of hybrid inverter suppliers with a 15% global market share and is expected to bring new technology to add to its existing portfolio in 2021.

GoodWe, a leading global enterprise which focuses on research and manufacturing of PV inverters and energy storage solutions, possesses an accumulative installation of 16 GW installed in more than 80 countries.

GoodWe solar inverters have been largely used in residential and commercial rooftops, industrial and utility scale systems, ranging from 0.7kW to 250kW.

GoodWe inverters offer reliable operation and outstanding performance and are well recognized by customers worldwide. GoodWe’s philosophy is to create partnerships with customers by identifying and integrating the most advanced components and techniques available while offering an unparalleled after-sales service.

Technological innovation is GoodWe’s main core competence. With an in-house R&D team of approximately 200 employees in two R&D centers, GoodWe can offer a comprehensive portfolio of products and solutions for residential, commercial and utility scale PV systems, ensuring that performance and quality go hand-in-hand across the entire range.

GoodWe has set up an integrated service system for pre-sales, in-sales and after-sales and has established service centres worldwide, aiming to offer global support to all customers including project consulting, technical training, on-site support and after-sales service.

Target model’s first two-way contracts for PPC unit telethermal needs

The target model, launched last Sunday, has already produced a first batch of two-way agreements, involving power utility PPC and its supply division, the off-taker, for lignite-fired capacity totaling 309 MW, presumably for telethermal needs at the utility’s Agios Dimitrios III and Kardia III facilities.

PPC’s two-way agreements concerning the lignite-fired power stations do not seem to be influencing market prices – at least not overtly.