The board at RAE, the Regulatory Authority for Energy, has approved preventive action and risk preparedness plans for the country’s electricity sector, two tools shaped in response to soaring gas and electricity prices, breaking records, in the energy crisis.
Though it is generally hoped they will be needless, the two tools could prove useful during what is expected to be a challenging winter throughout Europe, including Greece.
The preventive action plan was approved by RAE following certain revisions to the initial plan, concerning gas reserve requirements.
According to the plan, a new floating storage unit installed in June at the LNG terminal on the islet Revythoussa, just off Athens, will maintain 0.57 TWH in strategic reserves for electricity production, while 1.14 TWh in gas supplier reserves will be stored at an Italian storage facility.
However, the plan is non-binding as these gas reserves may also be stored at other facilities if preferred by players, who are required to maintain strategic gas reserves.