Watch live coverage of the 1st Hydrogen & Green Gases Forum by Energypress

The 1st Hydrogen & Green Gases Forum, organized by Energypress, takes place on Friday, June 23rd, at the Wyndham Grand Athens Hotel.
The Forum includes 46 top-level speakers and moderators and will cover every aspect of the growing hydrogen and renewable gases market in Greece and in the EU.
Current Energy and Environment Minister, Pantelis Kapros, will open the conference with his keynote speech.
You can see the Forum’s program here.
You can watch the Forum live in English here.

46 leading speakers at 1st Hydrogen & Green Gases Forum in Athens, June 23

A total of 46 leading speakers will participate at the upcoming 1st Hydrogen & Green Gases Forum, organized by energypress, on June 23 at the Wyndham Grand Athens hotel.

The event will be launched by the caretaker government’s energy minister Pantelis Kapros.

Speakers will include Alexandra Sdoukou, Secretary General of the Ministry of Environment; Yannis Xifaras, Secretary General of the Ministry of Transport; Maria Spyraki and Nikos Papandreou, both Members of the European Parliament; George Hatziimarkakis, CEO of Hydrogen Europe; Maria Georgiadou, Senior Expert European Commission DG Research & Innovation; Andreas Poullikkas, President of the Cyprus Energy Regulatory Authority; Konstantinos Papaloukas, Coordinator of the National Hydrogen Committee of the Ministry of Environment and Natural Resources; Nikolaos Lyberopoulos, Project Officer στο Clean Hydrogen Partnership; Sotiris Karellas, Professor at the National Technical University of Athens (NTUA) and the energy ministry’s technical adviser on biomethane; Dimitris Lyridis, Professor of Naval Engineering, NTUA – Director of the Marine Transport Laboratory; Antonis Metaxas, Assoc. Professor of EU Law, University of Athens; Manos Stamatakis, Researcher at the Institute of Geoenergy; Alexandros Yfantis, President of the Hellenic Association of Biogas Producers; Nikos Davos, from the Cluster of Bioeconomy and Environment of Western Macedonia (CLuBE); and Nektaria Karakatsani, energy ministry adviser.

The business community is being represented, amongst others, by: Maria-Rita Gali, CEO of DESFA; Konstantinos Xifaras, CEO of DEPA; Dimitris Triantafylopoulos, CEO of Hellenic Hydrogen; Vassilis Grigoriou, President and CEO of Advent Technologies; Vassilis Galanis, from CENERGY HOLDINGS; Alexandros Soumelidis, Director of New Generation Activities, PPC; Ioannis Stefanou, Partner, Head of Energy Sector, Grant Thornton Greece; Konstantinos Levogiannis, Head of EU Affairs of NEL Hydrogen; Konstantinos Hatzifotis, Head of European Affairs of Motor-Oil Group; Kyriaki Karakitsou from DEPA Commercial; Karolos Antonios Vidalis, Hydrogen Director at Centrica British Gas Zero UK; Ariadni Psimara from ATTICA GROUP; and Alexandros Lagakos, General Manager of Blue Grid Gas & Power.

Persons interested in attending the event may register through the forum website ( until Monday.

Places are now limited. However, all proceedings will be broadcast live, in Greek and English, through and social media.


Energy ministry multi-bill at parliamentary committee

Greek Parliament’s Standing Committee on Production and Trade begins is set to begin discussions today on a multi-bill covering a wide range of energy-sector issues. The committee’s talks are expected to continue during the week, but a date has yet to be set for the multi-bill’s tabling in Parliament for ratification.

Energy-sector issues included in the multi-bill include a formula for filtering out stagnant RES projects as a means of freeing up required grid capacity.

Non-auction tariff levels in 2023 for small-scale wind and solar energy projects of up to 6 MW is another matter included in the energy ministry’s multi-bill, as are power purchase agreement (PPA) rights for RES projects, instead of fixed tariffs, which were trimmed as part of the new deal.

Also included is an article concerning a compensation amount for gas company DEPA Commercial following the cost of its recent decision to cancel LNG orders, not required as a result of lower energy demand this winter.

It also includes revisions exempting businesses and farmers from public service compensation surcharges, included in electricity bills, worth 63 million euros.

In another section, the multi-bill includes terms increasing upper capacity limits to 100 kW on solar energy panels installed for net-metering purposes by churches, charities, NGOs and schools.

Moreover, the revisions include an EU formula to be adopted for the development of offshore wind farms as a pilot project off Alexandroupoli, northeastern Greece.


Final touches added to draft bill for RAE’s expanded role

Final touches are now being added to a draft bill concerning the new administrative structure at RAE, the Regulatory Authority for Energy, set to assume expanded executive powers also giving the authority water and waste management duties.

The authority will be renamed RAAEY, or the Regulatory Authority for Waste, Energy and Water. Its expanded role will facilitate the country’s eligibility for EU Recovery and Resilience Facility (RRF) funds.

Three new divisions will be created as part of the authority’s expansion, each supervising its respective sector. These divisions, all of which will remain under the control of the expanded RAAEY authority, will each consist of a vice chairman and three or – based on a latest proposal – four committee members.

Also, a main board to be headed by the RAAEY president will include the three vice presidents of each division as well as their committee members.

RAE’s current president Athanasios Dagoumas will hold the vice chairman’s position of the energy division during the authority’s transition from RAE to RAAEY. He is also a candidate for RAAEY’s presidency, a political decision to be decided on at a latter date.

Also, RAE’s current board members will be given the opportunity to occupy posts at either the water or waste management divisions.

Expanded RAE role to bring about administrative changes

A prospective expansion of the executive powers at RAE, the Regulatory Authority for Energy, to result in the addition of water and waste management duties, will bring about administrative changes at the authority, which will be renamed RAAEY, or the Regulatory Authority for Waste, Energy and Water.

Three new divisions will be created as part of the authority’s expansion, each supervising its respective sector. These divisions, all under the control of the expanded authority, will each consist of a vice chairman and three members.

Also, a main board will be comprised of 13 members, chaired by the RAAEY president.

The energy ministry plans to soon stage a consultation procedure for a draft bill concerning the authority’s expanded role.

RAE’s expanded role will facilitate the country’s eligibility for EU Recovery and Resilience Facility (RRF) funds.

Greek energy market attracting major interest at London roadshow

Foreign funds are expressing major investment interest in Greece’s renewable energy market as well as the country’s plan for green energy transportation from the Middle East, while major international energy groups appear extremely interested in Greek upstream developments and the ongoing transformation of Greece as a natural gas hub, a series of one-on-one and group meetings between highly ranked officials of Greek energy groups and international investors have highlighted following the first day of a roadshow in London.

The London event, co-organized by the Athens bourse and Morgan Stanley, has already indicated that 2023 could be a bumper year for foreign investments in Greece’s energy sector.

Of 29 Greek companies taking part in the road show, ten hail from the energy sector, a representation highlighting the strong international investment interest in Greece’s energy market.

Power grid operator IPTO’s ADMIE Holdings, Cenergy, Ellaktor, Elvalhalcor, Helleniq Energy, Motor Oil, Mytilineos, PPC, TERNA and Viohalko, the ten Greek energy groups taking part, will hold further meetings with investors today. These sessions could lay the foundations for new deals.

Over 300 meetings are scheduled to take place at the London event. Many of these will purely focus on energy matters.


European action taken to avoid energy-led bankruptcy crisis

Energy retailer bankruptcies in countries such as the UK and energy group nationalizations in France and Germany, worrying developments of recent months, have emerged as a severe warning that a 2008 Lehman Brothers-type bankruptcy crisis in Europe is possible.

The energy crisis in Europe has placed the entire economy in peril as it could prompt a series of devastating knock-on effects.

Concern is high as a result of the high exposure of energy companies to margin calls, serving as guarantees that exist to ensure that if one counterparty goes bankrupt, the other will collect money it is owed.

The problem is that wildly fluctuating electricity and natural gas prices have forced companies to drastically increase their guarantee sums, even if just temporarily, a demand greatly pressuring their finances.

Highlighting this increased pressure, Greek power utility PPC’s chief executive Giorgos Stassis recently noted that PPC needed – for the aforementioned reasons – to commit one billion euros one day in August before being reimbursed half this amount shortly afterwards, when prices eased.

Margin-call demands have a multiplying effect that could turn the energy crisis into a debt crisis, as was the case with the financial crisis of 2008. This explains why European governments are rushing to offer capital guarantees and liquidity to energy companies in an effort to avoid bankruptcies caused by an inability to meet current needs.

It is estimated that such support measures in Europe will cost in excess of 1.5 trillion euros and could reach as high as two trillion euros.




International Energy Exhibition introductory session a success

The completion of the short introductory, part of the International Energy Exhibition of Greece 2022 (IEEG) & 6th Cretan Energy Conference (CEC) taking place in 1 – 3 of July in 2022 at Chania, Crete proved a success.

The event is under the auspices of the Ministry of Environment and Energy, Ministry of Maritime and Insular Policy, Ministry of Foreign Affairs and Ministry of Development and Investment. The Region of Crete is supporting the event as well.

Following the latest geopolitical situation, the organizing committee is opening the participation spots in order to express in the decisive worldwide energy issue. Honored Country for 2022 is Egypt. More information:

Opening the new circle of participants, we would like to quote part of introductory speeches from the ‘’Pre – Virtual conference IEEG, Energy Matters: What 2022 holds’’. 

Mr. John Sitilides, diplomacy consultant at the US Dept. of State, provided a geopolitical overview and assessment of the regional and global energy markets from a US perspective with main focus on the South Europe and in the frame of Ukraine crisis.

In brief, he stated that Europe has all energy sources needed, both fossil and nuclear, for countering the Russian tactic of weaponizing gas supplies -especially during US presence in Ukraine- and that the European intensive investment on renewables during last decades has failed. He paralleled Europe’s energy dependence on Russian gas to the US dependence on China as a manufacturer of energy components. Moreover, Mr. Sitilides highlighted the US as world’s top natural gas producer and estimated that without the US oil supplies to the European market, oil prices would have been even higher. US exports of LNG to satisfy Europe’s needs have exceeded Russia’s pipeline deliveries. In fact, Russian exports account for 30-40% of Europe’s gas use, while EU gas prices quadrupled.

Regarding EU commitment to green energy and long-term goals to fight climate change, Mr. Sitilides mentioned that energy crisis has provided a painful demonstration that unconditional reliance on Renewables is not realistic for covering the 21 century needs and highlighted energy affordability as the major concern, especially since commodity prices predictably will not fall as fast as they rose and will remain at exceptionally high levels throughout 2022. The democratically elected European governments will have to address border concerns about inflationary energy costs. Mitigating this damage necessitates embracing the “intermediary step” of expanding supplies of natural gas. That especially is going to be the case with TAP as a means of supplying non-Russian gas. Moreover, he mentioned that the expansion of Revithousa LNG terminal has enabled the expansion of US LNG deliveries to Greece and regional markets, and that the FSRU unit in Alexandroupolis will contribute from 2023 and on to the diversification of regional energy sources around.

Even further, Mr. Sitilides considered US commitment from the Biden Administration of reducing carbon emissions by 65% by 2030 and reaching net zero by 2050. Since the US allocate 76% of their overall energy budget to their military, with the largest part of this energy coming from fossil fuels, Mr. Sitilides further questioned climate change and transition to renewables as “energy myths” that are devastating the energy industry and durability to deliver profits to the shareholders. He mentioned that practically less than 3% of global energy is RES-driven (even after the investment of 2.7 trillion $ during the past decade) and that such technologies overconsume land and minerals, while the risk of energy poverty overwhelms climate change. He brought to the audience’s attention that in Germany citizen electricity bills doubled, whereas US green energy policy will cost 12% of US GDP and 1000 $ per US citizen for the next 30 years.

Mr. Sitilides concluded suggesting the use of fossil fuels to be the best solution for Greek, European and international future as cost-effective and reliable source of energy.

Mr. John Maniatis, former Minister of Energy, included all energy sectors combining the technical, financial and political issues.

The former Minister stressed that the energy crisis started as a global crisis and mainly evolved into a European crisis. Natural Gas is highly priced for long time intervals, three times or five times more than other regions of the planet due to the needs of this continent.

Additionally it was highlighted the great wound of EU where one trillion euros will be lost and more specific Italy, which will lose 38 billion euros.

He mentioned that this crisis should teach us what we need to do and what we should avoid. EU needs to increase its natural gas independence and SE Mediterranean could be the main core of this energy strategy. Moreover he stressed that we need a new energy dogma not of 2000 but 2020 – 30 with emphasis at the pipelines and the electric pipelines EuroAsia & EuroAfrica Interconnector.

Finally he stressed that we are heading to green transition as Europe and as Greece and we need to complete this quickly but by realizing that:

Sustainable energy is equal-sided triangle:

With equal sides and angles, where we should not forget that Europe is populated by 54 million energetically poor citizens.

His Excellency Dr. Ahmed Mohammed Mohina, First Undersecretary for Research, Planning and Authorities Follow-up, represented the Egyptian Ministry of Electricity and Renewables. He discussed the forecasts and the planning of the Egyptian side in view of the developments in the energy market in 2022 and thanked the Greek Government for the dialogue step through this event.

He noted that Egypt perceives energy as a matter of national security and politically supports its energy sovereignty. For this reason, in its effort to deal with issues such as electricity & fuel shortages, availability of production units and transmission losses, the Ministry has since 2014 implemented major upgrade programs. It thus managed to increase its installed capacity from 32.2GW (in 2014) to 59.5GW (in 2021) in combination with the addition of 8 million more consumers to the grid and the increase of the electricity share per capita.

Regarding the penetration of RES, Egypt’s “Strategic Vision” for 2030 for sustainable development is in line with its “Energy Strategy 2035” but also the goals of sustainable development of the United Nations, aiming to cover 42.7% of the domestic production from RES to 2035 and providing strong incentives for private investment. By the end of 2021 it had achieved 6,148 GW of installed capacity, which is equivalent to approximately 20% of peak load. Indicative of the political weight of RES for Egypt is the creation of the world’s largest photovoltaic park in Aswan with a 2 billion dollar investment (1,465GW of installed capacity).

With regard to Egypt’s energy interconnection with foreign countries, the Ministry has proceeded to the expansion and gradual upgrade of the transmission and distribution networks, based on the high solar and wind potential of the country, its energy surplus, its strategic position as well as and the strong domestic manufacturing industry of electrical systems. Part of Egypt’s extroversion in this area are the current electricity interconnection projects with Greece and Cyprus, accompanied by the signing of MoU among the parties involved.

Finally, it is worth mentioning that the Egyptian Government has targeted and invested in future projects. These notably include the impressive 2.61 billion dollar-high pump storage project with a capacity of 2.4GW, with the main contractor being the Chinese state-owned Sinohydro, as well as “Waste to Energy” technologies, while studies on hydrogen technology infrastructure are currently ongoing. Hydrogen infrastructures have now been given special importance by the Egyptian Government resulting to a PM decree that mandates setting up an inter-ministerial committee responsible for drawing up the respective Roadmap for future steps using hydrogen, which will include the final version of the strategy. In present time, the committee has finished the final report and recommendations, whereas the necessary arrangements are being made for the preparations of the National Hydrogen Strategy.

The Minister of Maritime Mr. G. Plakiotakis, mentioned that the event’s actions will operate as node for exchanging ideas regarding the developing prospects of the energy sector in the coming years.

He talked about shipping where the path taken by the industry is dedicated in protecting the environment and in the gradual detoxification from carbon.

Greece is strongly supporting the promotion of innovations and realistic solutions for decreasing carbon dioxide emissions under the guidance of the International Marine Organization. Only within the context of IMO it’s possible to take measures which do not only guarantee an essential carbon footprint improvement but will ensure the long-term sustainability of this strategic sector.

Moreover, Greece aside of being a global naval power it’s also an important hub of transit trade, due to the strategic location of it’s ports. Among others things, it was mentioned that Greece has 115 inhabited small and large islands, where their regular connection with Greek mainland must be ensured, as well as the transport of goods and passengers in combination with the fulfillment of international and European environmental goals.

Right now, the Ministry has created a strong legislative framework which has provided the tools needed to plan the future of Greek islands with security, realism and perspective for the future, together with the local communities. Thus, the Greek port system will actively participate in the development of local economies, as well as in the national economy of the country. Also, all those scenarios are being studied that would create in the rest of our major regional ports the necessary background that would lead them to the next day.

We are now in the final stage of utilizing the ten largest regional ports in the country, with attracting of investment interest having exceed all expectations. In 2022, the selection phase of the first contractors for four of them is expected to be completed and we will intensively continue the international tenders for the remaining six.

It was also reported that the digital platform e-pilotage is immediately activated through which all navigation processes in all ports of the country are automated. The platform will be able to extract and exchange data through interconnection with third party systems while it will result in direct communication and cooperation, between the involved entities, both in information and in the payment of navigation rights.

Finally, he stressed that for the Government of Kyriakos Mitsotakis, ports are not just facilities for loading and unloading goods, goods and people. They are levers of development of the Region and as they are historically closely connected with the urban tissues of the cities in which they are located, they are levers of development of the local communities, with what this implies both for the investments that will be made in them and for securing the places. but also their connection to local economies.

Ms. Maria Boile, Director of the Postgraduate Program in Shipping, Department of Maritime Studies, University of Piraeus but also with a broader biography in the field of shipping, also stressed that Greece is a global shipping power with about 20% of Greek shipowners controlling of the world fleet in capacity. And respectively at European level 58%. For Europe, 75% of foreign trade is transported by sea, while worldwide more than 90% of goods are transported by ship.

She spoke about the strategy that envisages a reduction of greenhouse gas emissions from international shipping by 50% by 2050 compared to 2008, while in terms of carbon dioxide emissions the projected reduction by 40% until 2030, with aim to reduce by 70% by 2050 and gradually eliminate carbon emissions. She referred to key proposals being evaluated including electricity, biofuels, ammonia, hydrogen and methanol. However, the shift to these fuels also presupposes appropriate technological developments on ships, appropriate storage facilities and facilities in ports, as well as facilities for the production and distribution of fuel. She also mentioned as the coordinator at European level of the Waterborne Technology Platform. The role of the Platform is particularly important, as it helps to achieve the defined objectives, through the coordination and support of research and innovation actions, which aim to serve the transition to zero-emission maritime transport.

The priority axes set by the Technology Platform are 6 and include the use of alternative fuels, electricity, energy efficiency, design and conversion, digital green and ports. In each axis, the goal is to have developed the necessary technologies, standardizing the processes and to have presented large-scale applications before 2030. Every year in this context, research actions on these issues are funded.

Coastal shipping have a particularly important role at national, economic and social level. Greece has 15,000 kilometers of coastline, over 3.5 thousand islands of which 115 are inhabited as mentioned by the Minister and about 14% of the country’s population lives on them. Coastal shipping, coastal ships, are the very roads or the imaginary bridge that connects the islands with each other and with the mainland, in order to achieve the seamless connection of all areas and to ensure the territorial continuity.

In the context of a program study prepared by the Institute for Sustainable Mobility and Transport Networks for the Ministry of Shipping and Island Policy, we study the coastal network with emphasis on barren lines. One of the issues we are looking at is the energy consumption of coastal vessels and the pollutants produced as well as the possibility of using alternative forms of energy. Taking into account the average age of the fleet of coastal vessels, we understand that there is an urgent need to find solutions to these issues. The solutions should focus on  the forms of energy that are suitable for the coastal shipping ships but also the way of production and storage of energy and the facilities that should exist in the ports.

Furthermore Mr. A. Savvakis, President of the Hellenic Energy Exchange, spoke about this newly established entity, but necessary and crucial for the future.

HEE was founded in June 2018 and consists of the Hellenic Energy Exchange SA. (Hellenic Energy Exchange SA – HEnEx) and the Energy Exchange Clearing Company (EnEx Clearing House SA -EnExClear). Since being appointed by the Hellenic Energy Regulatory Authority (RAE) as the Designated Electricity Market Administrator (ODAE), HEE has evolved according to the European agenda for a single and integrated European Energy Market.

November 2020: Integration into the European Target Model of the EU

– Integration of the Greek electricity market with the target model of the EU

– Day-Ahead Market Intra-Day Market with local auctions (LIDAs) December 2020 & May 2021: Price coupling of the Next Day Market through the interconnections of Greece with Italy (2020) and Bulgaria (2021)

– 15 December 2020 – coupling of the Greek Day-Ahead market with the EU markets – over the interconnection between Greece and Italy

– 11 May 2021 – Extension of the market coupling through the interconnection with Bulgaria

October 2021- EnExGroup and the ATHEX cooperate with the Cyprus Stock Exchange (CSE) to establish a new model for the liquidation of the Cyprus Electricity Market. The CSE is responsible for the financial settlement of the obligations and receivables of the Market Participants as well as for the risk management in relation to their obligations. EnExClear provides ongoing support to the CSE for the development of the necessary regulatory framework and the provision of its services, while the ATHEX provides the IT support infrastructure.

November 2021: Launch of the hybrid operating model of the small connected judge system.

The Energy Exchange Group in collaboration with the Managers of IPTO, HEDNO, DAPEEP and the Energy Regulatory Authority put into productive operation on October 31, 2021 for the first day of natural delivery on November 1, 2021 the Hybrid Model of the Small Market (Small Market) based on the provisions of the Regulatory and Legislative framework that covers the first phase of the start of the interconnection of Crete with the mainland System. The integration of the market of MSS Crete with the hybrid model, proposed and implemented by EnExGroup in close collaboration with the Administrator of ESMIE one year after the launch of the Target Model, now provides the Suppliers and Producers of Crete with the advantage of a single liquidation most of their transactions for Crete in the EXE Markets maximizing the participation of RES in the MSS of Crete.

February 2022: The Athens Stock Exchange Group (ATHEXGroup) and the Energy Exchange Group (EnExGroup) jointly undertook, in the context of a public offering, to provide the Albanian Energy Exchange (ALPEX) with the Infrastructure & Services for its operation and specialization. Trading Platform for the Next Day Market and Intraday Market and the Services required for the operation of the Regulated Market in Albania and Kosovo.

HenEx already offers training programs for its participants. Participants in the Natural Gas Trading Stand can be the Transport Users and DESFA. DESFA participates by trading in short-term standardized products for reasons of balancing the National Natural Gas Transmission System. The transactions that take place are anonymous while their quantities are automatically notified to DESFA. Based on the transactions made at the Natural Trade Trading Stand, the ERA calculates and publishes a set of Reference Prices, including Closing Prices, the Next Day Gas Index (HGSIDA) and the Intraday Gas Index (HGSIW) and HGSIW Gas Balancing (OTAAE and OTPAE).

“Where do we want to go”

The establishment of an regional energy regime in the SE Mediterranean and in the Balkans in particular. Play a regional role by integrating neighboring energy markets under an efficient, secure and reliable trading umbrella, strictly based on European regulatory standards, providing shareholders with transaction transparency, low transaction costs and the elimination of hedge risk management. Given EnEx’s position in the region, we are confident that our efforts will soon bring positive results for shareholders as a whole.

Mr. P. Ladakakos, President of ELETAEN (the Greek entity for Wind Energy) referred to the Agenda of wind energy until 2021 as well as 2022 and the subsequent course.

The Installed Power by 2021 was 4,451 MW in the national interconnected and non-interconnected network. In 2021 we had 340 MW which was less than in 2020 and 2019 due to license delays and that with the existing rates it is difficult to catch the ESEK targets. For this reason, he suggested simplifying the licensing framework and that the key word in it is flexibility.

There are many facilities that are in the mature stages, but with the development of technology, it is necessary to update their licensing, referring to them as more modern, large, and productive wind turbines. The industry targets are fewer wind turbines, with larger engines, that increase productivity, and therefore lower production costs for the network. Therefore, lower cost risk compared to fossil fuels, ie cost predictability advantage. Hence independence from commercial & geopolitical parameters such as Natural Gas.

He also referred to the challenge for the full integration of RES in the full operation of the new electricity markets.

Finally, he stressed the new target model, that of offshore wind, which must be given great weight, for which until now we did not have the satisfactory technology but it is now mature and we can still take advantage of the large wind potential of the Aegean.

Finally, it was stated that we must seriously consider from now on and for the future the issue of energy storage as well as the proper information of local communities.

Dr. Pantelis Biskas, Associate Professor at the Department of Electrical & Computer Engineering (Aristotle University of Thessaloniki) discussed the impact of new interconnector between Greece and Egypt in the greek wholesale electricity market in the frame of the highly important ‘’GREGY’’ project.

He mentioned that almost 1.5 years ago, the case of GREGY interconnection between Greece (region of Attica) and Egypt (Wadi El-Natroon) was studied that comprises an Extra High Voltage line with  3.000 MW of maximum transmission capacity hence allowing for bi-directional power flow between the two countries.  A 100% share of Renewable Energy Sources (RES) generation is aimed to be transferred from Egypt to Greece starting from 2028. The relevant study included scenaria that considered greek load sensitivity analysis, Greece’s load profile, the RES-based and storage element installed capacities, Natural Gas pricing and CO2 costs. Particular focus was made on favorable scenario S1 and the extreme scenario S5.

The study has shown that the exported 3.000 MW from Egypt to Greece on a yearly scale (excluding maintenance periods) will significantly affect the production planning of domestic power plants that use Natural Gas, given that the cost of the imported electricity from Egypt will be decidedly lower than the cost of their produced power. Prof. Biskas thus commented that a need for storage stations will emerge, in addition to the reduction of gas fuel imports to Greece.

The basic contribution of this study was to assess by how much GREGY interconnection could release capacity for commercial exchanges to Italy and Bulgaria (approximately 500-700 MW), which is a satisfied specific criterion set by EU Regulation 347/2013 in order for the interconnection to be considered eligible for assessment and inclusion in the European Union “Projects of Common Interest” (PCIs) list.

Mr. A. Marinos, Office Manager of the Secretary General of the Ministry of Energy, spoke in detail about the Developments and new goals of FitFor55: the new Green Deal.

The latest version of the European Green Deal is the so-called Fit-For-55. Through this, the European Commission approved a package of proposals to enable the European Union’s climate, energy, land use, transport and tax policies to reduce greenhouse gas emissions by at least 55% by 2030. Compared to 1990 levels. In the integration of the principles of the circular economy, so that all together contribute to the achievement of the broader goal, tackling climate change and Europe ‘s climate neutrality by 2050.

  1. Dritsas, Office Manager of the Deputy Minister of Development and Investment Dr. Christos Dimas, responsible for the research – technology – innovation portfolio, referred to the energy sector of the Ministry.

Research, Technology and Innovation are the catalyst for humanity’s progress and prosperity.

The Greek innovation ecosystem includes 25 universities, 11 Research Centers, 3 Technology Bodies, 1,100 companies that are actively involved in innovation and 600 start-ups that have been registered in the National Register “Elevate Greece”.

The country participates in most of the European and international developments, while it has expressed its interest in participating in 2 important projects of common European interest ’(IPCEIs) in the field of Hydrogen as well as Batteries.

It is pointed out that Greece, in the very competitive programs of Horizon 2020, in Pillar 3, Greece did much better than the European Average in terms of participation, both in the thematic area of ​​Energy (Transport) and Transport (Transport).

From the 28 National Research Infrastructures financed by the Ministry of Development, we single out 3 “networks” of Research Bodies that are active in specific vertical sectors:

  • the Research Infrastructure “PROMETHEUS”, in the field of Energy
  • PANACEA “Environmental Sector” Research Infrastructure dealing with climate change and climate change
  • the INVALOR Research Infrastructure concerning waste utilization and sustainable resource management

At the national level, the flagship action “Research-Create-Innovate” in the energy sector is in progress, the approved proposals constitute 7% of the total budget. It includes 69 projects with a budget of € 50.5 million in which 216 partners participate: companies and Research Centers.

Also the energy-related sectors: Transport and Supply Chain, also accounts for 7%, while the sector Environment and Sustainable Development, 9.4%.

More “active” scientific entities in the field of Energy:

  • The NTUA, the Aristotle University of Thessaloniki, the University of Patras, the             University of Crete together with the Mediterranean University, the University of West Attica, the University of Western Macedonia and the Democritus University stand out from the universities.
  • CERTH, FORTH and DEMOKRITOS stand out from the Research Centers, while the                  National Observatory of Athens and the emblematic CLIMPACT initiative stand out in        terms of climate change.

At the same time, a Competence Center in the field of energy has been set up with the scientific leadership of the National Technical University of Athens, while 3 Innovation Clusters in Sustainable Development and the Circular Economy and a Cluster in Transport and Smart Mobility are also being set up.

In start-ups, 8.3% are companies active in the field of Environment and Energy. Regarding StartUps, we have registered 44 companies, where 7 of them are spin off by Research Institutions. The companies are active in the field of Energy storage through batteries, hydrogen, Renewable Energy Sources and Smart Mobility.

Today, the Ministry of Development and Investment and the GGEK, has already completed its planning for the next financial period of Research, Technology and Innovation that extends until 2030 with a total budget of the NSRF 1.3 billion and an additional 500 million. by the TAA (RRF), as well as additional Public Investment Resources and the Regular Budget.

It will participate in National Actions and European Joint Initiatives (European Partnerships).

The National Energy Research and Technology Strategy covers 9 areas:

1 Energy efficiency and energy saving

2 Energy from RES

3 Energy Saving

4 Hydrogen technologies and systems and climate neutral fuels

5 Smart grids – demand response – decentralized production

(Smart Grids – Energy Response – Decentralized Production)

6 Reduction of Fossil Fuel Impacts

7 Smart communities – cities with low energy and almost zero emissions

8 Energy and Transport

9 Energy and Agriculture


Eastern Mediterranean Conference & Exhibition makes Cyprus return

EMC, the Eastern Mediterranean Energy conference and exhibition, will take place in Nicosia, Cyprus, from 10 – 12 November 2021. EMC is the essential platform for more than 3,000 domestic and international energy stakeholders and investors to meet, engage, share new ideas and create new partnerships.

Thousands of industry leaders and innovators will converge as part of the effort to drive the industry towards a more sustainable future.

The IEA – International Energy Agency – has once again confirmed that natural gas demand will continue to increase on a global level by nearly 15% by 2030, replacing coal and oil and complementing renewables as the world transitions towards a more sustainable and cleaner energy mix. All of this puts EMC at the heart of regional energy transformation and brings together thousands of industry experts to debate the industry’s immediate future.

The Eastern Mediterranean Conference & Exhibition 2021 has confirmed that it will take place under the auspices of the Ministry of Energy, Commerce and Industry, Republic of Cyprus, and that the Minister of Agriculture, Rural Development and the Environment, Costas Kadis, will be delivering the Opening Keynote Welcome Address at the Plenary Session on the morning of 11 November 2021. With so many exciting new discoveries in the Eastern Mediterranean basin, the strategically located island of Cyprus is poised to become a sustainable gas, offshore and energy partner for its European partners.

EMC 2021 has support from the entire oil & gas and energy sectors, of which many have had explorations in Cyprus and the Eastern Mediterranean region. The event has generated a great degree of industry interest, with the exhibition hosting 100 exhibiting companies and around 3000 international visitors. The conference has six plenary sessions with 28 technical sessions and 20 workshops, with an expected attendance of 400+ international delegates.


With the development and investment in cleaner energy in the Eastern Mediterranean, attending EMC provides the perfect platform to connect with the leading natural gas, renewables and hydrocarbon stakeholders in the region.

For more information or to register for the event, please visit


Energy privatizations exceed forecasts, raising nearly €3bn

Two major energy-sector privatizations whose bidding procedures were completed last week, the 100 percent sale of gas company DEPA Infrastructure and 49 percent sale of electricity distribution network operator DEDDIE/HEDNO, exceeded even the most optimistic of expectations, resulting in total revenue, from both sales, of 2.849 billion euros, well over initial projections of 2.2 billion euros.

Australian fund Macquarie’s 2.116 billion-euro winning offer for 49 percent of DEDDIE/HEDNO, being offered without managerial control, stands as a record sum for Greek privatizations.

The DEDDIE/HEDNO sale’s amount will be used by power utility PPC, the parent company, for network modernization, RES growth, and improved customer services.

Italy’s Italgas secured 100 percent of DEPA Infrastructure with an improved follow-up offer of 733 million euros. Thus sum is expected to exceed 800 million euros once the buyer’s bid for a 49 percent stake in distributor EDA THESS, covering the Thessaloniki and Thessaly areas, is submitted and added to the tally.

According to the DEPA Infrastructure sale’s terms, the winning bidder must also purchase EDA THESS’s 49 percent stake, held by Italy’s Eni gas e Luce, wanting to sell.

The favorable outcomes of the two privatizations highlight the country’s improving investment climate as well as the confidence of foreign institutional and strategic investors in the prospects of the Greek economy, Prime Minister Kyriakos Mitsotakis noted. This improvement is also confirmed by yet another upgrade of the Greek economy, this time by Scope Rating, he added.

Besides signaling good news for the Greek economy, the DEDDIE/HEDNO and DEPA Infrastructure privatizations also send an upbeat message on the prospects of the domestic energy market.


International Energy Exhibition of Greece staged successfully

The inauguration of the International Energy Exhibition of Greece was successfully completed at 5th Cretan Energy Conferences 8-10 July in Crete. Under the auspices of Ministry of Environment & Energy, Ministry of Maritime affairs & Island Policy, Ministry of Infrastructure & Transport and the support of Region of Crete and the attendance of international companies, academics and institutes.
The event was inaugurated with a combination of culture and energy, with the Ariadne thread giving the baton to innovation. Entities from all spectrum of energy sector had the chance to communicate both physically and by distance, to exchange views and compose new perspectives. Among the numerous topics, there was particular interest at the hydrogen topic where international challenges were expressed along with developmental opportunities, the formulation of national strategy and the importance of the hydrogen usage in the local infrastructure of Crete.
Material from the content of the International Energy Exhibition of Greece will be available in our website and our Youtube channel.

Reduction of GHG emissions is a distinct challenge

Minister of Maritime Affairs and Insular Policy, G. Plakiotakis, writes for the 5th Cretan Energy Conference – International Energy Exhibition of Greece

The history, culture and economy of Greece are inextricably linked to sea and shipping. Shipping has constantly and substantially supported economic development bringing at the same time added value to all connected sectors.

Though the country accounts for only 0.16% of the world’s population, Greek ship-owners own 21% of global tonnage and, post Brexit, 58% of the EU’s controlled tonnage. The Greek maritime cluster comprises more than 1.440 shipping companies engaged in ocean-going shipping and further 3,700 maritime companies active mainly in cabotage and short-sea shipping, highlighting Piraeus as a maritime center of global range and a centre of excellence in ship-management. These companies, having under their management over 4.700 ships, greek-flagged and greek-owned, offer direct employment to almost 18.000 employees and are the driving force for the entire maritime cluster, which in turn offers directly and indirectly quality jobs to nearly 200.000 people. For 2020, the abovementioned operations and synergies contributed to our economy more than 13.8 billion Euros.

We live in challenging times and it is the case that the pandemic derailed or rescheduled our priorities, as happened all around the globe. In this respect the main priority for 2021 is to put strong foundations for the recovery of all economic activities, including shipping.

The maritime environment is our common, global heritage. And shipping is a global industry. The IMO Initial GHG Strategy needs to be implemented as a matter of urgency, with focus on the practical implementation of the short-term technical and operational measures to be adopted by the IMO mid-June. The next step, to start already within the current year 2021 is to create the necessary preconditions that will enable the decarbonization of shipping, as the ultimate objective of both the European Green Deal and the IMO GHG Strategy.

This pathway necessarily involves the development and deployment of new fuels and propulsion technologies, suitable for each and every shipping mode. The most important sectors in Greece are, first, ocean going shipping and Ro-Ro passengers, which need to provide frequent, regular and quality connections to an extensive network of more than 400 routes serving 115 inhabited islands.

In both sectors, reduction of GHG emissions is a distinct challenge and I believe that the business partnerships to be explored and eventually established will provide very useful solutions. The same is true as regards more sustainable and efficient port operations, as well as the fuel supply industry, which will need to provide safe alternative low carbon fuels not only in the EU but worldwide.

Mechanisms, competition on Vestager agenda, here May 13

Energy minister Kostas Skrekas intends to present his case for the introduction of five support mechanisms encouraging energy-sector investments in Greece’s ongoing transition towards carbon neutrality to the European Commission’s Vice-President Margrethe Vestager, also Brussel’s Commissioner for Competition, on the occasion of the official’s upcoming visit to Athens, scheduled for May 13.

Vestager will be in the Greek capital with an agenda featuring two pending competition issues concerning state-controlled power utility PPC.

Greece has faced charges for PPC’s monopoly of the country’s lignite sources but an agreement was reached to end the case by introducing a mechanism offering the power utility’s rivals access to lignite-generated electricity.

A market test for this mechanism was completed some time ago but failed to attract any real interest from rival suppliers.

The percentage of lignite-based electricity made available by PPC, initially set at 50 percent of total lignite-fired output and then lowered to 40 percent, is viewed, by third parties, as too small for any real gains.

The second PPC-related matter to be discussed during Vestager’s visit concerns a recently initiated investigation by Brussels seeking to determine whether the power utility has engaged in activities impeding market competition.

Private-sector investors are pushing for a capacity remuneration mechanism (CRM) in order to go ahead with the development of natural gas-fueled power stations, needed as Greece heads towards a post-lignite era. Skrekas, the energy minister, has repeatedly said a CRM will be launched in June.

The minister also supports a strategic reserve mechanism to compensate PPC’s lignite-fired power stations, still needed for back-up services but nowadays loss-incurring as a result of higher CO2 emission right costs.

In addition, the government is seeking compensation for the premature closure of PPC’s lignite-fired power stations and related mines, being phased out until 2023.

The minister also supports a support framework for hybrid units on non-interconnected islands combining RES electricity generation and energy storage.

Skrekas is also striving to establish a mechanism that would subsidize RES producers for power purchase agreements (PPAs) with energy-intensive industrial enterprises as well as suppliers selling to major-scale consumers.


Power & Gas Supply Forum returns for second edition

Returning after a successful inaugural staging last year, the Power & Gas Supply Forum, organized by the energypress team, is taking place today as an online event.

Free access to livestreaming of the forum is available through the website.

Members of the public who tune in will be able to participate interactively by forwarding questions to the forum’s speakers, making observations and providing comments.

The event will be opened by energy minister Kostas Skrekas through a live interview.

Brussels reiterates call for single energy, water authority

The European Commission has reiterated, in latest contact with the energy and environment ministry, a recommendation for the establishment of a single Regulatory Authority for Energy and Water as an independent monitoring body with a broadened task range, including regulation of rules for investments, management and pricing of water, especially drinking water, energypress sources have informed.

This time around, the recommendations by Brussels come as part of a strategy promoting the development of a circular economy and sustainable growth.

The European Commission was prompted to readdress the issue as it believes the existence of 120 or so municipal water supply and sewerage companies around the country – each applying their own and inexplicable, to a certain extent, pricing policies – does not contribute to rational water management.

Single regulatory authorities supervising the energy and water sectors have already been established in many EU member states, including neighboring Italy.

This country’s initiative was discussed, among other topics, at a meeting yesterday between energy minister Kostas Skrekas and Italy’s Ambassador to Greece, Patrizia Falcinelli, sources noted.

The establishment, in Italy, of a single regulatory authority for energy, water and wastewater has led to impressive social and economic benefits, the Italian diplomat is believed to have informed the Greek minister during their meeting.

The energy ministry is reportedly working on a plan designed to broaden the tasks of RAE, the Regulatory Authority for Energy, sources informed, stressing finalized decisions had yet to be taken.

Energy managerial posts held by women below global average

Have you ever imagined how your world would look like if one morning you woke up and 8 out of 10 women you knew had been replaced by men?

Diversity and inclusion has been the subject of increasing interest and attention over the years. The emergence of the UN Sustainable Development Goals and the rise of the Environmental, Social and Governance performance as a key driver of shareholder support, along with a growing body of evidence demonstrating the benefits of increased gender diversity have all contributed to that. Diversity has also been a major discussion point for the energy industry, which is widely regarded as one of the least gender diverse markets internationally.

While the case for change toward greater gender diversity in the energy industry is strong, the matter seems to have been overlooked in Greece. Acknowledging this gap, the Greek Energy Forum (GEF), always committed to promote the principles of diversity and inclusion, embarked upon a new initiative ‘Diversify Greece – Gender Balance’. The aim of this initiative has been the development of a platform which will foster dialogue and share international best practices, all the while driving the empowerment of women through the promotion of role models of women and men active in supporting the principles of diversity and inclusion in the energy sector.

A first step toward the achievement of this goal has been the development of a quantitative and qualitative study undertaken by the GEF team in order to develop a better understanding of the current baseline of the gender balance in Greece. The findings of this study have not been very encouraging so far, with women being significantly underrepresented in the energy industry, and especially at higher echelons. Speaking of the latter, which is this year’s UN theme for the International Women Day, GEF Gender Balance findings show a mere 12% representation of women in top management positions in the Greek energy sector, significantly lower than the already low global average of the industry which stands at 17% (with developing countries also included in the calculation). These are significant discrepancies, especially when we consider that women make up almost half of the total labour force in the Greek economy. Just imagine how your world would look like if one morning you woke up and 8 out of 10 women you knew had been replaced by men. This is the reality that we are observing in the energy market in Greece.

Digging a little deeper into the data, the representation of women in Greek corporations where there is some form of state participation seems to be higher, at 15%, potentially driven by certain hiring practices and preferences, compared to the private sector where the presence is just at 9%. A striking finding has been the fact that, in almost half of the companies in the sample, top management roles have been exclusively comprised of men, while almost half of the women in senior management positions have non-Greek origin. The latter is also the case for the two only women in the sample that occupy the position of CEO/Chairman. Another noteworthy point has been the fact that half of the women identified in the sample (50%) are mentioned as members of management boards without a particular role assigned, with the second most popular position being that of the general advisor/director (25%). While these are very interesting facts that confirm the poor presence of women in the Greek energy sector, the GEF Gender Balance team has also communicated a short survey to all public and private companies involved in the Greek energy industry aiming to give a clearer picture of the situation across all levels.

Of course, one cannot help but wonder why the representation of females remains meagre, especially at higher level positions. While there is still no single convincing explanation for that, one could potentially look for the answer into a combination of factors. Most of the times, the usual suspect has been the low presence of females in STEM (Science, Technology, Engineering and Mathematics) academic disciplines, where most of the jobs associated with the energy sector usually fall under. However, in Greece, the picture seems to be better, with the percentage standing at 40%, compared to the global average of around 25%.

Several international initiatives have been established on an international level over the past decade which have been very successful in promoting the diversity principles. Similarly, many of the international energy companies have started reporting publicly their gender balance and pay data and have launched initiatives to promote diversity and inclusion, not only in terms of gender, but also race and sexual orientation. Government support has also gone a long way in driving this change through targeted legislation (i.e. UK requires all private and voluntary-sector employers with 250 or more employees to publish data on their gender pay gap).

However, despite the efforts and the fact that there seems to be plenty of room for the industry to clearly communicate its breadth of opportunities and attract more female candidates, it will take time to get the equation right as we are starting from a very low base. Also, the challenge will be to maintain meritocracy all the way and get the gender diversity properly achieved as we do not wish to create positive discrimination.

The GEF Gender Balance team, led by Dr Valentina Dedi with the active involvement of Mary Mavrokapnidou, Dr Angelos Gkanoutas-Leventis, Eleni Sotiropoulou, Melissa Vrapi, Nikolas Trikeriotis and Christine Daskalopoulou, is doing its outmost to promote it within the activities of GEF, while remaining committed to use its voice, influence and energy in trying to promote the matter in all its shapes and forms.

Considering the great support and interest that the GEF initiative has received, it seems that the issue of diversity does not only sit very closely in the GEF team’s hearts, but it is also receiving a wide recognition. However, the challenge of driving impactful change on this front requires a collective effort to be successful. Anyone, interested in the GEF Gender Balance activities and in contributing to the team’s efforts to bring change forward, can contact the team via the email


Energy storage manufacturer Sunlight, BMG Energy join forces

Energy storage manufacturer Sunlight and BMG Energy have joined forces to create a large-scale sales and service organization, which will enable them to further expand in the Italian market and become a market leader, Sunlight has announced in a company statement.

This agreement, just reached, will lead to a newly formed joint entity that will be owned 78% by Sunlight and 22% by BMG Energy.

This move is part of Sunlight’s strategy to establish strong presence in large markets. Especially in the Italian market, Sunlight is rapidly increasing its footprint with a total investment plan reaching 5M for the years 2018-2022. The outlook for the next 5 years is to expand dramatically the revenues targeting a 9 figures range.

Sunlight already has a significant presence in Italy through its assembly unit, SEBA (Sunlight European Battery Assembly), established in 2018 in Verona. The business model of SEBA was and remains to serve Western European Markets with complete batteries as well as OEMs in Europe.

“We see Italy as a strategically significant market and value the long market experience of our partners” says Lampros Bisalas, CEO of Sunlight. “Our long and close cooperation has helped us form a unique partnership. We believe this move will increase our footprint in the region, help us enrich our product and services portfolio offering and meet the needs of our customers in the Italian market”.

Sunlight Group will appoint Davide Pesce as CEO of its Italian operations and Sunlight Italy will focus on local Italian sales and service expansion in both lead and lithium technologies across all industries. Pesce has a wealth of experience in the storage energy market with a proven track record in international competitors such as Enersys and Exide. He holds a bachelor’s degree on Physics from Università degli Studi di Bari.

“Joining forces with Sunlight will only provide a unique leverage to us and our customers.  The innovative product portfolio along with SUNLIGHT’s mission to become a technology agnostic company, provide confidence to our leadership team that this can only be a fruitful partnership,” announced Wilhelm Menghin and Flavio Scaramuzza, BMG Energy CEOs.

This strategic move contributes to the company’s staggering upward trajectory for a 25 percent capacity increase (2020), US market entry and R&D division expansion for lithium technologies.

These agreements come at a time when Europe is gearing up for a green energy transition, with all sectors urged to electrify to meet Europe’s 2050 net-zero greenhouse gas emissions ambition.

Sunlight is already playing an active role in this transition with its range of lead-acid and lithium ion batteries servicing the industrial, renewables, e-transport and marine sectors.


Enel 2030 vision in 2021–2023 strategic plan: A Decade of opportunities  

The Road to 2030 

Over a decade of profound transformation, the Group is placing at the core of its strategy the acceleration of the energy transition, alongside sustainable and profitable growth to create significant value shared with all stakeholders and attractive returns for shareholders over time.

Group Ordinary EBITDA is expected to increase at a 5%-6% Compounded Annual Growth Rate (“CAGR”) while Net Ordinary Income is expected to increase at a 6%-7% CAGR between 2020 and 2030.

The Group expects to mobilize investments of 190 billion euros in the 2021-2030 period, boosting decarbonization, electrification of consumption and platforms to create sustainable shared value for all stakeholders and profitability over the medium and long term.

The Enel Group’s leadership position in the industry and its journey towards becoming a fully digital company enable the implementation of two business models: the traditional one, called “Ownership”, where digital platforms are a business enhancer supporting investment profitability, and the “Stewardship” model, which catalyzes third-party investments in partnership with Enel or where platforms are a business generator.

The Group plans to directly invest around 160 billion euros, of which over 150 billion euros through the Ownership business model and around 10 billion euros through the Stewardship business model, while further catalyzing around 30 billion euros from third parties.

As for the investment planned under the Ownership business model:

  • Nearly half will be devoted to Global Power Generation, with Renewables totaling around 70 billion euros, which are expected to lead to around 120 GW of installed capacity by 2030, 7 times higher than the approximately 45 GW currently installed. This will be accomplished by leveraging on a growing pipeline of more than 140 GW, alongside a worldwide platform-based Business Development, Engineering and Construction as well as Operation and Maintenance model;
  • Around 46% is expected to be deployed in Infrastructure and Networks, to address quality and resiliency improvements, new connections and infrastructure digitalization, resulting in a Group Regulated Asset Base (“RAB”) of some 70 billion euros in 2030 and over 90 million end users 100%-digitalized through smart meters, leveraging on an unparalleled scale of operations, the highest digitalization expertise and a distinctive intellectual property value;
  • The remaining amount relates to Customers and is expected to lead, by 2030, to a steep increase in customer value. The Group will enable electrification, accelerating customers’ path to sustainability and energy efficiency, combining traditional offerings with “beyond commodity” services. This business will leverage on the largest customer base worldwide, digital platforms and a growing integrated portfolio of offerings.

As for the investment under the Stewardship business model, the Group is expected to invest, approximately, an additional 10 billion euros, while catalyzing around 30 billion euros from third parties, enabling an overall amount of some 40 billion euros of investments, mainly related to Renewables, alongside Fiber, e-transport and flexibility.

The Group will reach an 80% reduction in direct CO2 emissions versus 2017 (Science-Based Targets initiative, SBTi-certified) and contribute to the creation of over 240 billion euros of Gross Domestic Product in Enel’s countries of presence through local investments in generation and electrification.

The 2021-2023 Strategic Plan

The Group plans to directly invest around 40 billion euros, of which around 38 billion euros through the Ownership business model and around 2 billion euros through the Stewardship business model, while further catalyzing 8 billion euros from third parties.

More than 90% of Enel’s consolidated investments will be in line with the UN Sustainable Development Goals (“SDGs”). In addition, according to Enel’s initial calculations, between 80% and 90% of the Group’s consolidated capex will be aligned to EU Taxonomy criteria for its substantial contribution to climate change mitigation.

The growth rate in investments versus the previous plan is expected to be around 36%.

As for the investment planned under the Ownership business model:

  • More than half is dedicated to Global Power Generation, with around 17 billion euros to Renewables, which will lead to an overall installed consolidated renewable capacity of 60 GW by 2023 (+33% versus 2020). The Group will further accelerate decarbonization by adding renewable capacity that will more than offset thermal decommissioning. As a result, the Group’s Scope 1 CO2 emissions are set to decrease by more than 30%, from 2020 to 2023, positioning the Group on track to achieve its 2030 science-based decarbonization target of 80% greenhouse gas (“GHG”) emission reduction versus 2017, in line with the 1.5°C pathway scenario;

Around 43% is expected to be deployed in Infrastructure and Networks. Capex acceleration is expected to drive the Group’s RAB up by 14% versus 2020, reaching around 48 billion euros in 2023;

  • The remaining amount relates to Customers. The value of Business to Customer (“B2C”) clients is expected to increase by around 30% and that of Business to Business (“B2B”) by around 45%, thanks to the elimination of regulated tariffs, mainly in Italy, and to the electrification of energy consumption trends that will call for “beyond commodity” services.

As for the investment under the Stewardship business model, the Group is expected to invest, approximately, an additional 2 billion euros, while catalyzing around 8 billion euros of investments from third parties, therefore enabling an overall capex of around 10 billion euros, mainly related to Renewables, alongside Fiber, e-transport and flexibility.

The outcome of these investments will show, across all businesses, double digit growth in the three-year plan period. Managed renewable capacity is expected to reach around 8 GW in 2023, more than double versus 2020. Additionally, with Enel X, the Group aims to increase the number of electric buses by more than 6 times to around 5,500 units in 2023, as well as to grow demand response capacity to 10.6 GW (+1.8 times versus 2020) and storage capacity to 527 MW (+4.2 times versus 2020). Finally, in 2023, Enel X is expected to reach around 780,000 public and private charging points made available worldwide (+4.5 times versus 2020).

At Group level, Ordinary EBITDA is expected to be in a range between 20.7 and 21.3 billion euros in 2023, implying a 5%-6% CAGR. Net Ordinary Income is expected to be in a range between 6.5 and 6.7 billion euros in 2023, implying an 8% to 10% CAGR, thanks also to the continued optimization of Group financial management – particularly through an increase in sustainable finance, which will account for around 50% of total gross debt in 2023 – leading to a lower cost of debt.

Enel has set up a simple, predictable and attractive dividend policy for the period. Shareholders will receive an increasing guaranteed fixed Dividend Per Share (“DPS”) over the next three years with a target of 0.43 euros/share in 2023, translating into a CAGR of approximately 7%.

Francesco Starace, CEO and General Manager of Enel said: “With this new Strategic Plan we are setting a direction for the next 10 years, mobilizing 190 billion euros in investments to pursue our goals in a decade full of opportunities. To realize this vision, we can leverage on our clear leadership in the utility sphere across three main elements, all driven by an innovative platform-based model. First, as a ‘Super Major’ in the renewable sector, we operate the world’s largest private generation fleet. Furthermore, we have an unparalleled global network system, where the platform-operating model drives improvements in quality, resiliency, efficiency and flexibility. Last but not least, we count on the largest customer base worldwide to which, through our business platforms, we provide innovative services and integrated offerings. Throughout the decade, we will strengthen the creation of sustainable shared value for all stakeholders, which is also embedded in an attractive remuneration for our shareholders.”

Energy companies, including PPC, look to reinforce ahead of tough winter

Energy sector companies, including power utility PPC, are looking to financially reinforce ahead of what is likely to be a challenging winter in terms of cash flow.

Though overall market activity is clearly better compared to last March, when lockdown measures were introduced in Greece, persisting four-digit figures for new domestic coronavirus cases and hints of tougher pandemic measures in Athens, as is already the case in Thessaloniki, leave no room for complacency.

PPC, fearing stricter lockdown measures could last a while, is working intensively to collect some 500 million euros stemming from two securitization packages for unpaid receivables by late November or early December. The company is also intensifying its hunt for payments from consumers regarded as able but unwilling to service electricity bill arrears.

The power utility has a number of fronts to cover financially. Firstly, the company has offered employees voluntary exit packages as part of its decarbonization drive to phase out lignite-fired power stations. PPC is also preparing to make the first of a number of major RES investments. The utility is also in the midst of a successful and fast-moving effort to reduce debt owed to operators – power grid operator IPTO; distribution network operator DEDDIE/HEDNO; and RES market operator DAPEEP; as well as sub-contractors.

PPC’s total debt to third parties, which was at a level of 900 million euros in July, 2019, was reduced to approximately 650 million euros in June and fell further to 580 million in a latest measure.

The company aims to reduce this debt figure to 550 million euros by the end of the year. However, tougher lockdown measures would probably slow down this debt-reduction effort.

Enel’s Francesco Starace named chief at SEforALL, supporting SDG7

Sustainable Energy for All (SEforALL), a non-profit international organization that works closely with the United Nations to accelerate and deliver at scale the solutions needed to achieve Sustainable Development Goal 7 (SDG7) – access to affordable, reliable, sustainable and modern energy for all – by 2030, has appointed Francesco Starace, Chief Executive Officer and General Manager of Enel S.p.A., as Chair of the SEforALL Administrative Board, SEforALL has announced in a statement.

With less than 10 years to meet SDG7, and with increasing urgency for the world to get on track to meet the Paris Agreement climate goals, SEforALL’s role in driving a global clean energy transition has never been more important, Starace, who has been CEO and General Manager of Enel, one of the largest utilities in Europe, since May 2014, begins in the role with immediate effect.

Speaking on the announcement, Elizabeth Cousens, Vice-Chair of the SEforALL Administrative Board, and President and Chief Executive Officer of the UN Foundation, noted: “Francesco is a visionary energy leader with a long track record in driving business ambition around climate action, sustainability, and energy access for hundreds of millions of  people around the world who lack it. He is a natural choice for this important role at such a critical moment. With SEforALL’s unique mandate from the UN to drive SDG7 action in line with the Paris Agreement, his leadership can help support the organization go even further and faster to achieve our goal of universal energy access.”

As Chair of the Administrative Board – the principal governing body of the organization – Mr. Starace will help shape strategy and operations for the organization at the highest levels. Mr. Starace currently also serves as a member of the UN Global Compact Board of Directors and the Global Commission to End Energy Poverty. He previously served as a member of the former SEforALL Advisory Board and President of EurElectric, the European association for the electricity industry.

“Energy must be at the heart of the global agenda to lead the world on a more sustainable pathway, focusing multi-stakeholder action especially on renewables and energy efficiency, which are key for delivering on the goals of energy access and climate mitigation. I am very proud to join SEforALL and to support its efforts for the clean energy transition and to work together toward achievement of SDG 7,” noted Starace. “My main objective as Chair of the SEforALL Administrative Board will be to cooperate with leading actors to accelerate the critical shift to a more sustainable, modern and accessible energy for all. I have great confidence in SEforALL leadership and its unique strengths to tackle the complexity of the energy challenges and to support ensuring the fundamental right to electricity for everyone, globally.”

The announcement comes after SEforALL recently released a new three-year business plan to help drive scaled action towards sustainable energy for development and energy transitions. The ambitious plan recognizes the need to strengthen global advocacy while expanding activities that prioritize data-driven decision-making, strategic partnerships and country-specific implementation.

Welcoming his appointment, Damilola Ogunbiyi, CEO and Special Representative of the UN Secretary-General for Sustainable Energy for All and Co-Chair of UN-Energy, said: “With ambitious action we can still achieve SDG7 by 2030, but the next few years are critical to increase energy access – especially in the wake of the COVID-19 pandemic. SEforALL’s leadership is pivotal to deliver this vision and why I’m delighted to welcome Francesco Starace as our new Chair of the Administrative Board. Francesco brings incredible experience that can help SEforALL deliver an energy transition that is truly inclusive, equitable and leaves no one behind.”

ELPE seeking greater North Macedonia market share

Hellenic Petroleum ELPE, aiming to capture a bigger share of the North Macedonian market, is currently negotiating for extrajudicial solutions that would enable the reopening of a company oil pipeline linking Thessaloniki with Skopje.

In an effort to help resolve this issue, ELPE has proposed a series of RES investments in the neighboring country as well as a conversion of its Okta refinery into a petroleum products hub facilitating distribution to the western Balkans.

December will be a crucial month for the negotiations between ELPE and North Macedonia as a verdict is scheduled to be delivered on an ELPE compensation request for 32 million dollars for a breach, by the neighboring country, of contractual obligations concerning minimum supply amounts between 2008 and 2011.

The North Macedonian oil market is dominated by two Russian companies, Gazprom and Lukoil, both gaining further ground. Gazprom supplies fuel products to North Macedonia via Serbia and Lukoil does so from Bulgaria.

US officials, seeking to inhibit the dominance of Russian energy firms in North Macedonia, have intervened to help resolve the country’s differences with ELPE.

Just days ago, a meeting on ELPE’s effort to reopen the oil pipeline was held in Thessaloniki during an official visit to the city by US Secretary of State Mike Pompeo. US government officials, Greece’s energy minister Costis Hatzidakis and North Macedonian government deputies participated.

For quite some time now, Washington has made clear its stance aiming to limit Europe’s energy dependence on Russian companies and, as a result, is promoting the ELPE oil pipeline as an alternative supply route into North Macedonia.


Energy ministry seeks recovery fund support for many domains

The energy ministry, seeking to ensure EU recovery-fund support for mature projects in key energy-related domains, has proposed their inclusion in a national plan whose first draft will be submitted by the government to the European Commission this month.

Greece is entitled to approximately 32 billion euros from the EU recovery fund, worth a total of 750 billion euros (390bn in subsidies and 360bn in loans) and established to counter the impact of the global pandemic.

Approximately 37 percent of the recovery funds will be used for green-energy development.

Energy efficiency upgrades of buildings; grid interconnections and RES initiatives, including energy storage; electromobility; nature protection; decarbonization; spatial planning for RES development; solid and liquid waste management; and smart power meter installations, a severely delayed project in Greece, are among the domains the energy ministry wants included in the national plan for EU recovery funds.

The energy ministry has previously sought support for some of these domains through the National Strategic Reference Framework.

A total of 130,000 efficiency upgrades of buildings have so far received subsidy support over a decade-long period through Greece’s Saving at Home program. The ministry is looking to significantly increase this rate to 60,000 upgrades per year through the recovery funds program.

Greece’s energy ministry will also seek recovery fund support for two major electricity interconnections – Crete’s major-scale interconnection,  to link the island’s grid with Athens; and the fourth phase of the Cyclades interconnection – both being developed by power grid operator IPTO.


Ellaktor investment choices of last 2 years yielding results

Despite the impact of the measures implemented to limit the pandemic, Group EBITDA marked an increase in H1 2020 in three of five key segments in H1 2020, namely RES, Environment and Real Estate compared to the respective period in 2019, while adjusted EBITDA margin improved to 18.8% compared to 15.2% in H1 2019, the Ellaktor Group has announced in statement.

Concessions is gradually recovering, recording a moderate change in monthly vehicle traffic in August compared to the corresponding month last year, while the restructuring plan for Construction is progressing, the group’s statement noted.

The plan includes the reduction of staff costs and cost of sales, the disposal of non-operating assets, as well as the preparation of a “road map” alongside Greek banks, in order to further support Construction.

As a result of the Group’s strategy to limit Construction exposure to Greece and Romania and also due to the lockdown’s impact to vehicle traffic in Concessions, Group revenues stood at €438m in H1 2020 compared to €705m in H1 2019. At profit before tax level the Group recorded losses of €21.2m compared to profit of €29.4m in the corresponding period of last year, and in terms of profit after taxes and minority rights the Group recorded losses of €37.5m compared to losses of €8.4m in H1 2019.

  • EBITDA in Concessions stood at €53.0m in H1 2020 compared to €79.6m in H12019, decreased by 33% due to the lockdown, (traffic reduction in ATTIKI ODOS reached 72% in April 2020, however, there has been gradual improvement since May 2020, with a traffic reduction in this motorway reaching 37% in May, 16% in June, 9% in July and 6% in August compared to the corresponding months last year)
  • EBITDA in Renewables stood at €36.6m in H1 2020 compared to €26.3m in H1 2019, increased by 39% as a result of the increased installed capacity, without impact from the COVID-19 pandemic
  • In Environment EBITDA stood at €6.8m in H1 2020 largely unchanged from H12019, marginally increased by 0.8%, with slight impact from the COVID-19 pandemic
  • EBITDA in Real Estate, given the strong performance before the pandemic, stood at €1.4m in H12020 compared to €0.8m in H1 2019, increased by 84%. Since Smart Park reopened in early May 2020, there has been a gradual recovery in terms of performance, with an increase in footfall of 19% in June and 15% in July compared to the corresponding months in 2019
  • EBITDA in Construction stood at -€12.1m in H1 2020 (excluding non-recurring item with negative impact of €5.2m due to the impairment loss from sale of non-operating asset, including which EBITDA was -€17.3m) compared to €3.2m in H1 2019. Those figures do not include a profit of €6.9m from the sale of Hellas Gold which have been recorded in Other Comprehensive Income in Q2’20.

Commenting on the results, chief executive Anastasios Kallitsantsis noted: “Our choices in the last two years have started to yield results as, despite the lockdown due to the COVID-19 pandemic, EBITDA in three of our five Group segments, i.e. RES, Environment and Real Estate, improved in H1 2020 compared to H1 2019. Traffic in ATTIKI ODOS is rebounding, as the reopening of international flights in August resulted in a [marginal] change compared to August 2019. The restructuring of Construction is also progressing swiftly, as this sector is expected to benefit from the EU “Next Generation Program” package, from which Greece will receive €32b, or 17% of its GDP. Despite the impact of the lockdown on economic activity, the Group Adjusted EBITDA* stood at €82,3 m in H1’2020, with adjusted EBITDA margin improving to 18.8% (compared to 15.9% last year), and Net Debt to adjusted EBITDA of 6.9x.”

(*) Excluding non-recurring items with negative impact of €10m (€4.8m restructuring expenses for Construction and €5.2m from impairment loss due to sale of non-operating property)



Profit and Loss

Revenue decreased

by 38% yoy






Cost of sales decreased

by 42% yoy


Gross profit decreased

by 21% yoy





Administrative expenses decreased by 14% yoy (excluding restructuring costs)



Selling expenses decreased by 12% yoy







Adjusted EBITDA

margin of 18.8%












Loss before taxes of €21.2m




Balance Sheet




Cash and other liquid assets of €400m












Total Equity for the Group of €484m






Redefining the size of

the Construction
















Restructuring of Construction in progress











Vehicle traffic has recovered significantly after the lifting of lockdown







Renewables (RES)

 No impact of COVID-19








Second largest portfolio

in Greece


Key figures of the ELLAKTOR Group in H12020


Consolidated revenue of ELLAKTOR Group stood at €438m in H1’2020 compared to €705m in H1’2019, decreased by 38% (or €267m). The decrease was mainly due to Construction, as revenue in this segment decreased by €265m (from €521m to €257m). Concessions recorded a decrease in revenue of €27m (from €118m to €91m), whereas revenue in the other segments increased or remained unchanged compared to H1 2019.


Cost of sales for the Group (excluding depreciation) stood at €331m in H1’2020, compared to €570m in H1’2019, a decrease of 42%.


Gross profit (excluding depreciation) stood at €106m in H1’2020 compared to €136m in H1’2019, decreased by 21% (or €29.1m). This decrease was mainly due to Concessions, which recorded a decrease by €25.2m due to the impact of the measures against the spread of COVID-19, but it was partially offset by the improvement in gross profit in Renewables, which recorded an increase by €10.1m.


Administrative expenses (excluding depreciation) stood at €32.2m in H1’2020 compared to €31.8m in H1’2019, increased marginally by 1.2%. Administrative expenses in H1’2020 included restructuring costs for Construction, amounting to €4.8m. Excluding these costs, administrative expenses stood at €27.3m in H1’2020, decreased by 14% compared to H1’2019.


Selling expenses (excluding depreciation) stood at €1.9m in H1’2020 compared to €2.2m in H1’2019, decreased by 12%.


Other income (excluding depreciation) and other profit/loss stood at €5.3m and            -€5.3m (including non-recurring item with negative impact of €5.2m due to the impairment loss from sale of non-operating asset), compared to €10.1 m and €0.5 m in H1 2019.


Adjusted EBITDA stood at €82,3m in H1’2020 (or €72.3m including €4.8m of restructuring costs and €5.2m impairment of non-operating property for sale)  compared to €112.2m in H1’2019, decreased by 27% which was mainly due to Concessions (€53.0m in H1’2020 compared to €79.6m in H1’2019).


The adjusted EBITDA margin improved to 18.8% in H1’2020 compared to 15.2% in H1’2019.


Depreciation and amortization stood at €52.4m in H1’2020 compared to €50.6m in H1’2019.


EBIT stood at €19.9m in H1’2020 compared to €61.6m in H1’2019.


At profit before tax level the Group recorded losses of €21.2m compared to profit of €29.4m in H1’2019, and in terms of profit after taxes and minority rights the Group recorded losses of €37.5m compared to losses of €8.4m in the corresponding period of 2019.



Total assets stood at €2,988m as at 30 June 2020 compared to €3,056m at 31 December 2019, a decrease of 2.2%.


Cash and other liquid assets decreased to €400m as at 30 June 2020 compared to €463m at 31 December 2019, mainly due to interest expense and distribution of dividends from ATTIKI ODOS.


Total borrowings stood at €1,543m on 30 June 2020 compared to €1,491m on 31 December 2019. The increase was mainly due to the successful issuance and placement of bonds with face value of €70m in January 2020, with an interest rate of 6.375%, and maturing in December 2024.


Net debt stood at €1,143m as at 30 June 2020 compared to €1,028m on 31 December 2019, with a net debt to EBITDA ratio of 6.9x (calculated on the annualized adjusted EBITDA of H1’2020).


Group total equity stood at €484m as at 30 June 2020, compared to €533m at 31 December 2019, decreased by €49m. The decrease was mainly due to losses after taxes. Equity attributable to shareholders stood at €380m compared to €414m on 31 December 2019, decreased by €34m.


Performance per segment in H12020


Revenues in Construction stood at €257m in H1’2020, decreased by 51% (or €265m) compared to €521m in H1’2019, mainly due to reduced construction activity, as the Group has decided to focus geographically on Greece and Romania.


Adjusted EBITDA in the Construction stood at -€12.1m in H1’2020 (or -€17.3m including impairment of non-operating property for sale) compared to €3.2m in H1’2019.


Losses before taxes stood at €28.2m in H1’2020 vs to losses of €7.5m in H1’2019.


Profit & Loss of H1’2020 does not include a profit of €6.9m from the sale of Hellas Gold which has been recorded in Other Comprehensive Income in Q2’2020.


AKTOR and its subsidiaries’ backlog amounted to €1.3b, of which €326m were signed in 2020. In addition, projects worth a further €587m have been secured the contracts for which are expected to be signed (total backlog of €1.9b)


The restructuring plan for Construction will generate an upside of more than €100m between 2020-2023. Of this, ~€30m will be generated through reduced cost of sales from the new Group Procurement office; €32m from reduced HR costs; and about €38m from the sale of non-operating assets and collection of old receivables.



Revenue in Concessions stood at €91.1m in H1’2020, decreased by 23%, compared to revenue of €118.1m in the corresponding period of 2019. Reduced revenue in H1’2020 is due to the drop in traffic as a result of government restrictions due to the COVID-19 pandemic (ATTIKI ODOS -26%; MOREAS -30%).


There have been clear and encouraging signs of rebounding traffic in ATTIKI ODOS since early May, when the gradual lifting of restrictions began. After a decrease of 72% in April, vehicle traffic followed a continuous upward trend, reaching -16% in June, -9% in July and finally -6% in August.


EBITDA in Concession stood at €53.0m, a decrease of 33% compared to €79.6m in H1’2019.

Profit before taxes stood at €4.4m in H12020 compared to €33.1m in H1 2019 (-87%).



Revenues in RES stood at €45.1m in H1’2020 compared to €33.1m in H1’2019, increased by 36% as a result of the increased installed capacity.


EBITDA in RES stood at €36.6m in H1’2020 compared to €26.3m in H1’2019, increased by 39% also as a result of the increased installed capacity.


PBT stood at €20.1m in H1’2020 compared to €14.2m in H1’2019 (+41%).


Installed capacity stands at 491 MW as of on 30 June 2020, while an additional 88 MW is under construction.


Increase in revenue and profit despite the pandemic










Revenue in Environment stood at €47.3m in H1’2020 compared to €41.4m in H1’2019, increased by 14% due to the increased rate of implementation of construction projects.


EBITDA stood at €6.8m in H1’2020 compared to €6.8m in H1’2019, increased marginally by 1%.


Earnings before taxes stood at €3.9m in H1’2020 compared to €2.5m in H1’2019, increased by 54%.


Prospects appear to be strong, as Greece has to proceed quickly in order to comply with the national and EU legislation on waste management.


Real Estate

Increase in operating profit despite the impact of the COVID-19 pandemic







Revenue in Real Estate stood at €3.1m in H1’2020, compared to €3.1m in H1’2019, decreased marginally by 2% due to the impact of COVID-19.

EBITDA stood at €1.4m in H1’2020 compared to €0.8m in H1’2019, increased by 84%. After the reopening of the park on 11 May 2020, there has been a recovery in footfall, recording an increase by 19% in June and 15% in July.

Losses before taxes stood at €0.2m in H1’2020 compared to losses of €0.9m in H1’2019.




Energy issues ‘perhaps greatest technological challenge of today’

By Mr. Vasilis Digalakis

Undersecretary of Education

Imposed mainly by climate change, the upcoming modifications in the way we produce, distribute, store and consume energy constitute perhaps the greatest technological challenge of our time. Almost all of science and engineering converge in energy technologies, which is why it will be the focus of research activity and the main field of innovation in the years to come.

It is generally admitted that our country has the privilege of possessing a wealth of energy potential. However, we are lagging significantly behind in its exploitation and must move rapidly towards energy transformation, by strengthening our infrastructure and adopting innovative models of production and consumption. There is a range of challenges that we will have to face, especially due to the fact that we are launching from a particularly negative starting point with regard to the existing production and distribution assets.

Crete, in particular, having until now had an autonomous power system and major requirements especially during the summer months, constitutes an extremely urgent priority: in order to offer 1 Kwh of electricity for consumption today, 2.9 KwH of primary energy are needed, with obvious consequences for national economy and the environment.

At the same time, the rich solar and wind energy potential of the island cannot be exploited, due to the regulatory restrictions imposed by a failure of interconnection of the island with the continental network. Worse still, a significant part of the existing Renewable Energy Sources production is discarded and not exploited. This can change with the upcoming interconnections implemented by the Independent Power Transmission Operator, as well as by making use of storage technologies.

Today we have a unique opportunity: we can turn the island into a living laboratory of energy technologies. With excellent research institutes – which in some cases lead European programmes for energy transformation – Crete can and should set an example of successful application of production, management and energy saving technologies:

  • With the implementation of smart grids and the extensive installation of smart meters in order to reduce needs during peak periods, through demand response technologies and IT know-how exploitation.
  • By transforming urban centres into smart cities using intelligent energy management and energy infrastructure improvement systems combined with water management and agricultural production systems.
  • Utilizing energy storage and management technologies in conjunction with the introduction of electric vehicles (Vehicle to Grid – Grid to Vehicle).
  • Through energy upgrading of the building stock with an emphasis on tourism and hospitality and the promotion of zero energy balance buildings and zero energy emissions.
  • By reducing the urban heat island effect, which in turn can lead to a drastic reduction in energy demand during the summer season.

Key reform directions of the current political leadership of the Ministry of Education in the field of higher education are to improve the quality of education and relevance to the labour market, as well as the transfer of knowledge generated in universities to the real economy. In this context, the 5th Pancretan Energy Conference gives the opportunity to the Higher Education Institutes of the country to participate in the dialogue on the energy developments in our region and to highlight their action and research results.


Book review: Does energy cause ethnic war?


‘Does energy cause ethnic war? East mediterranean and Caspian sea. natural gas and regional conflicts’ By Andreas Stergiou and Marika Karagianni, Cambridge Scholars Publishing, 2019

This is an intriguing book which deals with a current and hot issue, the relation of energy supply and energy resources to warfare or conflict. The book analyzes the role of energy wealth and, more precisely, of natural gas in the power game of the Eastern Mediterranean and the Caspian Sea. A key question which permeates the book is whether the prospect of economic benefits in connection with the successful exploitation of energy resources can be an incentive for peace or a catalyst for war for the people living in these regions.

Chapter 1 poses the theoretical considerations between energy and conflict and contrary to other well-substantiated studies, it argues that energy trade, in whatever form, has either a minimal impact or no impact at all on deep-rooted ethnic conflicts and political disputes. This argument is elaborated in detail in chapters 2–4 which mainly focus on a challenging part of the world, stretching from the Eastern Mediterranean to the Caspian Sea.

Chapter 2 stresses the multiple and divergent approaches that the European Union (EU) member states take regarding energy security, as well as their different relations with energy suppliers. It explains all the aspects of the ‘necessarily symbiotic’ relationship between Russia and the EU regarding its energy supply (mainly gas). The EU needs Russia and Gazprom to supply her gas needs whereas Russia needs the EU since the latter is a big gas customer and gas exports to the EU play a key role in Russia’s profits from exports. According to estimations, in 2025 Russia’s share of EU gas consumption will be around 40%. This means that Russia will remain the main energy provider for the European Union (EU) despite the efforts of the latter for energy diversification.

The chapter further analyzes the EU’s attempts to securitize reliable alternative energy suppliers through the establishment of new pipelines such as the Southern Gas Corridor (SGC), the last part of which is the so-called TAP system. The chapter explains also the geostrategic behaviour of ‘intermediate’ countries to the SGC system, such as Turkey, Greece and Italy and argues that the SGC ramifications have even had diplomatic impacts such as upon the Prespes Agreement, which led to a solution of the dispute between Greece and the Former Yugoslav Republic of Macedonia by renaming the latter North Macedonia. The chapter analyzes the ‘response’ of Russian policymakers to the SGC through the so-called Turkish Stream pipeline project and also analyzes US attempts to ameliorate Russian energy dominance over Europe by enabling the EU to import more LNG from the US.

Chapter 3 focuses on Eastern Mediterranean natural gas reserves. The region has attracted attention in recent years, with global energy companies registering their interest one after another due to the promising estimations regarding the amount of hydrocarbon reserves. This chapter describes all the complexities that lay behind this new environment of potential energy exploitation through supranational cooperation between the states in the region. It shows that the discovery of large natural gas deposits in Israel (Leviathan), Egypt (Zohr) and Cyprus (Aphrodite) and the prospect of regional energy market integration and the potential of the East Med gas pipeline to supply Europe could be a driving force for resolving existing conflicts, tensions and rivalries between Lebanese, Syrians, Israelis, Turks, Greeks, and Greek and Turkish Cypriots. Towards this direction, some countries have already signed Exclusive Economic Zone (EEZ) agreements with each other, such as Cyprus and Israel who signed their EEZ as early as 2010. Further important aspects of this chapter explain, among others, why the East Med project is considered a very expensive option, why it is related to the impressive upgrade of relations between Greece, Cyprus and Israel, why it is considered competitive to the gas pipelines that serve Russian interests such – as the Turkish Stream –, why Russia dynamically intervened in the Syrian Civil war – an issue which is connected to the attempts of Qatar to transfer its gas to Europe –, etc.

The book predicted a development that occurred recently in the wake of the Corona virus pandemic, i.e., energy companies’ reluctance to exploit their energy reserves. The authors argued that – long before the corona virus began to wreak havoc across the world’s economies and slash energy demand – prices had been falling sharply because of the simple reason of a gas glut. Another prediction of the book is related to Turkey’s assertive involvement in Libyan War because of its exclusion from the looming energy architecture in the region.

Chapter 4 comes as a sequence in the already existing discussion, this time by analysing the energy deposits of the Caspian Sea as a means of supplying European energy needs. It explains why Azerbaijan is considered an emerging and important strategic gas and oil export outlet for the West. The chapter analyzes in detail the complexities, the limitations and the potential that lay behind between the five littoral states in the Caspian basin: Kazakhstan, Russia, Azerbaijan, Turkmenistan and Iran. These range from fishing rights and navigation routes to hydrocarbon exploitation rights. The chapter explains that, as with the Eastern Mediterranean case, the prospect of monetization of gas played a significant role on the decision of the littoral Caspian states to encourage supranational cooperation between them and overcome their past differences.

This book explains efficiently all the aspects that are included in the relationship between energy, conflict and warfare. Another benefit of the book is that it provides original and tangible evidence through interviews of regional experts, academics, diplomats and politicians. This material is harmoniously combined by evidence extracted through reach academic bibliography and this blend creates a very convincing outcome.

Academics, university students and researchers who focus on strategic studies, economic diplomacy, International Relations theory, as well as political scientists, historians, economists, politicians, policymakers and strategic investment consultants can be benefited from the multi-level evidence and argumentation that is provided by this book.

Remaining energy utility sales, DEDDIE and IPTO, nearing

The time is nearing for Greece’s two remaining energy utility  privatizations, those of electricity distribution network operator DEDDIE/HEDNO and power grid operator IPTO.

An energy ministry official yesterday updated journalists on the progress of both sales at a presentation of gas distributor DEDA’s five-year investment plan.

All details concerning the sale of a 49 percent stake in DEDDIE/HEDNO, a fully owned power utility PPC subsidiary, will be ready and finalized in September, enabling the announcement of a tender that month, according to the ministry official.

Preparations for this sale include the evaluation and transfer of assets used by DEDDIE/HEDNO from PPC to the operator.

As for the IPTO sale, talks between the operator and China’s SGCC – already holding a 24 percent stake in IPTO and first-offer rights in the event of the sale of a further stake in the operator – are still at an early stage.

The energy ministry is moving carefully in an effort to comply with fine details of EU directives concerning the entry of non-EU members into European enterprises and infrastructure.

Role adjustment needed at RAE, former chief notes

The original purpose of RAE, the Regulatory Authority for Energy, to regulate networks and facilitate robust competition, needs to be restored, while adjustments are needed so that the authority can promote technological advancements and investments, Pantelis Capros, Professor of Energy Economics at the National Technical University of Athens, who served as RAE’s very first president, has noted, timing his comments with a change of leadership at the authority.

The government is in the process of filling three vacant positions on RAE’s seven-member board, including chief executive and deputy.

Over the 20 years that have elapsed since RAE’s launch, the authority has changed considerably, taken on many duties, but also become more bureaucratic, possibly more conservative and less independent, Capros pointed out, adding that technological and political developments concerning the energy sector have been enormous during this time.

“I am in favor of a cold restart, in a groundbreaking way,” Capros noted, adding that a new regulatory strategy that may support the transition to carbon neutrality is necessary.

The terms of Nikos Boulaxis, the former chief, his deputy Sotiris Manolkidis, and board member Nektaria Karakatsani have all just ended.

New RAE officials imminent, gov’t seeks upgraded RAE role

The government’s intention to upgrade the role of RAE, the Regulatory Authority for Energy, is expected to be reflected by imminent appointments to fill three vacant positions on the authority’s seven-member board, including a new chief executive and deputy.

Decisions on the new recruits are expected any day now before the new RAE board is presented, by law, to Greek Parliament’s permanent committee on institutions and transparency, probably next week.

A large number of top-credential resumes have been submitted by applicants for the three positions, sources informed.

The terms of Nikos Boulaxis, the former chief, his deputy Sotiris Manolkidis, and board member Nektaria Karakatsani have all ended.

The government wants their replacements appointed as soon as possible to avoid dead time as pending issues await to be resolved.

The administration will push for closer cooperation between RAE and other independent bodies, including the telecommunication and postal authority as well as the competition committee, as the number of issues with common concerns is growing.

Gov’t plans special court divisions for fast-track energy dispute hearings

Jurisdiction of energy-sector disputes will be transferred to special court divisions facilitating fast-track priority hearings, the objective being to end major delays holding back energy investment plans, according to a Ministry of Justice draft bill believed to be headed for Greek Parliament within the next few days.

Besides the energy sector, Greek judicial-system delays have plagued business plans across the board.

The government, through the justice ministry’s draft bill, intends to make incisive revisions that would transform the legal system into a tool for economic growth rather than a deterrent.