Energy crisis uncertainty and the singling out of natural gas for its exorbitant price levels are factors troubling investors behind new combined cycle gas turbine (CCGT) plant projects.

Some investors have stalled their CCGT investment plans, waiting to see how developments unfold concerning gas prices and availability, while, on the other hand, more aggressive players are forging ahead.

Elpedison has yet to reach an investment decision on a new 860-MW CCGT at the company’s Thessaloniki refinery facilities. Despite having begun some preliminary work, Elpedison’s partners – HELLENiQ ENERGY, until recently named Hellenic Petroleum (ELPE), and Edison – have put their Thessaloniki CCGT project on hold to appraise international and European energy market developments.

If developed, Elpedison’s prospective 860-MW Thessaloniki facility would add to the joint venture’s two existing facilities. The HELLENiQ ENERGY petroleum group is also planning an FSRU at the Thermaic Gulf, which would establish a Thessaloniki hub for the company.

The Copelouzos group has also been troubled by the adverse market conditions. Group member Damco Energy had secured a license for an 840-MW CCGT in Alexandroupoli, northern Greece, but the high cost of natural gas and overall market uncertainty prompted the company to not go it alone and seek partners for the project.

According to sources, power utility PPC and gas company DEPA Commercial have joined Damco Energy for the Alexandroupoli CCGT. Official announcements on the partnership are expected soon.

Elsewhere, the GEK TERNA and Motor Oil groups have begun working on an 877-MW CCGT in Komotini, northeastern Greece. The former, in its publication of first-half results, noted work on the “Thermoilektriki Komotinis” project is continuing, its scheduled launch unchanged for 2024.