Corinth Power

Court hears case against power producers’ windfall tax formula

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The Council of State, Greece’s Supreme Administrative Court, heard, last week, an appeal filed by energy company Heron and the Mytilineos metals and energy group’s Protergia and Corinth Power companies to challenge a tax formula applied for windfall profits of electricity producers.

The energy ministry has adopted a windfall tax formula proposed last year by RAAEY, the Regulatory Authority for Waste, Energy. It establishes windfall earnings to be taxed by comparing profits in 2022 with those of 2021.

The plaintiffs, in their case, contend that the use of 2021 as a base year for the comparisons is incorrect as it represents the inaugural year of the target model, which brought about anticipated inaccuracies as market players sought to adjust to this new mechanism.

Authorities ought to have gone back further in time for a fairer comparison with 2022 results before determining windfall profits to be taxed, the plaintiffs have argued in their case.

The Council of State will, most likely, uphold the windfall tax formula being applied as it has raised significant amounts for the Energy Transition Fund, helping millions of households and enterprises cope with the energy crisis through subsidized energy.

A decision by the Council of State is expected imminently.

 

Lignite, gas-fueled facilities on full to meet spike in demand

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Electricity demand is expected to peak at 8,190 MW this afternoon, while the day’s overall demand will reach 163.258 GWh, an amount that will require input from virtually all available lignite and gas-fueled power stations so that the country can cope with the Barbara weather system, which has produced freezing temperatures and snowfall.

The RES sector is also greatly contributing to help the grid cope with significantly higher electricity demand and avert any fears of an energy shortage.

The country’s RES units are today expected to offer 79.59 GWh, roughly 50 percent of the day’s overall demand, while lignite and gas-fueled power stations are planned to generate 62.44 GWh.

According to power grid operator IPTO’s schedule for the day, five of power utility PPC’s lignite-fired power stations will contribute to the grid, these being Agios Dimitrios I, Agios Dimitrios III, Agios Dimitrios V, Meliti and Ptolemaida V, a new 660-MW facility still undergoing a full-scale trial run ahead of its launch next month.

As for gas-fueled power stations, PPC’s Aliveri V and Megalopoli V will be called into action, while the private sector will contribute with a Heron unit, two Elpedison facilities, in Thessaloniki and Thisvi, as well as a Corinth Power unit.

The same lignite and gas-fueled power stations were recruited to contribute to the grid yesterday, when the Barbara weather system made landfall, resulting in an electricity demand peak at 7,990 MW and overall demand of 161.080 GWh.

Grid prepared for demand peak of first heatwave this summer

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Given the day-ahead market’s indications, the country’s first heatwave of this summer, expected to increase temperatures to levels of between 37 and 38 degrees Celsius today and tomorrow, should not cause any problems for the grid.

The system is prepared for daily demand levels of 150,760 MWh at a System Marginal Price (SMP), or wholesale price, of 73.549 euros per MWh.

Renewable energy is programmed to cover 21,584 MWh of daily demand and hydropower facilities a further 8,156 MWh.

As for the country’s lignite-fired power stations, power utility PPC’s Kardia II, III and IV, Agios Dimitrios III and IV and Megalopoli III and IV will all be called into action.

So, too, will gas-fueled power stations operated by PPC and private-sector electricity producers (Aliveri V, Lavrio IV and V, Megalopoli V, Heron, ENTHES, Protergia, Corinth Power).

Electricity exports totaling 21,350 MWh have also been planned. Demand is forecast to peak at 2pm, reaching a level of 7,622 MW.

In a statement released yesterday, Greek gas utility DEPA ascertained the country’s gas needs will be covered this summer, as will supply needs for customers in Greece and Bulgaria.

Total gas demand in Greece last year between June 15 and August 15 reached 8.1 TWh and is expected to rise to 9.2 TWh for the equivalent period this summer, according to DEPA.

Gas grid operator DESFA’s incoming LNG shipments for this period this summer will amount to 7.3 TWh, dramatically up from a 2.4 TWh total unloaded at the Revythoussa terminal on the islet off Athens during the summer period last year, according to the operator.