RES investors given extension for misjudged cable payment

Wind energy investors planning to connect their RES facilities in the southern part of Evia, Greece’s second-largest island located slightly northeast of Athens, with a submarine cable interconnection running across to coastal Nea Makri, on the northeastern outskirts of Athens, will be given an additional two to three months to deliver payments securing participation rights to the link as a result of a miscalculation that will increase the cost entailed by 33 percent.

Power grid operator IPTO has informed investors of the miscalculation, which promises to have a knock-on effect on related matters.

A tender planned to offer RES investors the remainder of the submarine cable’s capacity will, as a result, be further delayed. A date in 2018 had already been postponed for early 2019.

The link’s participation cost for producers has developed into an ordeal with a contentious past. A decision had been reached to set a participation rights price tag of 150,000 euros per MW. However, in the middle of last summer, the power grid operator informed investors of its miscalculation and the resulting 33 percent increase.

RES producers swiftly reacted by noting that RAE, the Regulatory Authority for Energy, not IPTO, is responsible for cost revisions.