General Electric

Greece keen to utilize American RES technology; funds eyeing market

Posted on by admin

The government wants to utilize latest American technology for more recent RES and RES-related domains such as offshore wind farms and energy storage, the energy ministry’s secretary-general Alexandra Sdoukou noted yesterday during a meeting with US Secretary of State Mike Pompeo and other US officials in Thessaloniki.

For quite some time now, American renewable energy producers, institutional investors and funds have been scanning the Greek market for RES market opportunities.

A complete framework for offshore wind farms in Greece will be presented early in 2021, Sdoukou pointed out during yesterday’s meeting.

Major offshore wind farm development has been achieved off the American west coast, featuring, like the Mediterranean, waters of sudden depth, ideal conditions for the development of offshore wind farms.

US firms such as Invenergy, one of North America’s biggest wind energy producers; 547 Energy, a RES platform for Quantum Energy Partners; National Energy; and wind energy equipment manufacturer General Electric, have displayed a rising interest in the Greek market.

Besides RES and RES-related companies, a number of American funds are seeking investment opportunities in Greece.

At least ten US funds appear to be keeping a close watch on power utility PPC as a result of the corporation’s strategic turn to renewable energy.

They include Bell Rock Capital, Sephora Investment Advisors, Waterwill Capital Management, Cleargate Capital, Golden Tree Asset Management, Helm Investment Partners, Knighthead Capital Management, Craftsman Management, Colt Capital Partners and Kirkoswald Αsset Μanagement.

 

 

 

 

 

US investments in Greek RES sector rising, LNG imports up

Posted on by admin

New US investments in Greece’s RES sector are on the rise, the energy ministry has stressed following a meeting yesterday between Greek energy minister Costis Hatzidakis and the U.S. Ambassador to Greece, Geoffrey Pyatt, for a discussion on major energy project plans in the wider region and the related American investment activity.

U.S. companies such as ONEX, Black Summit, with support from DFC (International Development Finance Corporation), Quantum Energy Partners, National Energy, General Electric, Fortress Investment Group, Blink and Tesla are all currently pursuing investments in the Greek market.

Hatzidakis, the energy minister, expressed satisfaction over the level of foreign investments in Greece, noting U.S. participation has significantly increased, especially in the energy sector.

Last month, 547 Energy, an American renewable energy venture backed by Quantum Energy Partners, participated for a third time in a row in a RES auction staged by RAE, the Regulatory Authority for Energy, adding 107 MW in wind energy capacity to its Greek portfolio for a current tally of eight RES projects and 390 MW, the energy ministry noted.

National Energy is drawing American funds to develop wind and solar energy projects in Greece with a total capacity of 270 MW, the statement added.

Also, the energy ministry noted, General Electric has supplied equipment for a wind energy farm in Fokida, west of Athens, a project being partially financed by the Fortress Investment Group; Blink recently began an investment plan in the electromobility sector, for rechargers and other equipment; while Tesla, a producer, amongst other things, of electric vehicles, recently announced a plan to expand its operations into Greece.

During their meeting, Hatzidakis and Pyatt also discussed the partnership between Greece, Cyprus and Israel, plus the U.S.

The progress of work at the Greek-Bulgarian IGB gas pipeline, whose geostrategic importance was stressed by the Greek minister, was also addressed. A closer association with Bulgarian contractors is being sought for the project’s punctual delivery.

Work on the Alexandroupoli FSRU in northeastern Greece is progressing at a satisfactory pace, the two officials agreed, noting the project will have a positive impact on geostrategic and energy matters.

The U.S. supplied nearly half of the 2,651,903 cubic meters of LNG imported into Greece in the first half of 2020, almost quadruple the amount supplied by America to Greece during the equivalent period a year earlier.

Energy exchange launch date rescheduled for September 17

Posted on by admin

The energy ministry is set to reschedule the energy exchange market’s launch date for September 17, two-and-a-half months beyond the original June 30 date, following commitments made yesterday, during a virtual conference, by the power grid operator IPTO and Hellenic Energy Exchange (HENEX) administrations on the delivery of information systems and time required for trial runs.

The energy ministry is now expected to soon deliver a related ministerial decision, probably next week, setting the new schedule for the target model, or, more specifically, the energy exchange’s spot markets.

The compatibility of platforms and other applications being co-developed by the Greek energy exchange and IPTO for the balancing market is seen as crucial to the success of the new schedule.

As has been previously reported, a delay in the delivery of a balancing market platform to IPTO by General Electric, commissioned this project, has been a key factor behind the inability of officials to meet the original June 30 launch date.

A GE team that was stationed in Athens for this project left the country without notice, citing the possibility of greater pandemic danger ahead, in reaction to the outbreak.

IPTO, now closely coordinating with GE for a specific delivery date following the relaxation of lockdown measures, has promised to gradually deliver required information systems as of this month, prompting Greek authorities to set a new launch date.

According to the new schedule, certain trial runs testing combined energy exchange and IPTO systems will begin on June 22. Simulated testing, or a dry run, of all systems is expected to start on August 3 and last until markets are actually launched on September 17, given no issues arise.

Target model, energy exchange plans shaped by meeting today

Posted on by admin

The energy ministry intends to set new launch dates for the target model and energy exchange markets once it has drawn conclusions from a crucial meeting today with representatives of RAE, the Regulatory Authority for Energy, the Greek energy exchange, and power grid operator IPTO.

A previous June 30 target model launch date will definitely be missed as a result of various delays, including a pandemic-related hold up in the delivery of a balancing market platform by General Electric to IPTO.

The revised target model schedule, to be included in a related ministerial decision, will be based on the new feasible launch date for energy exchange markets.

No pending issues remain concerning the operating regulations to apply for the new markets. All rules have been approved.

Certain formula details, including a much-debated formula concerning the percentage of production each producer will be able to secure through contracts, are expected imminently, prior to June 22, when the tenure of RAE’s head official is set to expire.

A GE team that was stationed in Athens for the balancing market platform project left the country without notice, citing the possibility of greater pandemic danger ahead.

IPTO is now closely coordinating with GE for a specific delivery date, following the relaxation of lockdown measures.

Well-informed authorities insist that the energy exchange’s spot markets cannot be launched before mid-September.

 

Monitoring mechanism ‘needed prior to target model markets’

Posted on by admin

A monitoring mechanism enabling RAE, the Regulatory Authority for Energy, to protect target model electricity markets from abusive, non-competitive behavior by electricity producers, must be ready before target model markets are launched, the European Commission has stressed in its latest post-bailout report on the Greek economy.

Legislation ratified by the Greek government late in 2019 strengthened RAE’s powers by giving it authority to raid company offices and impose fines for abusive behavior.

The crucial role of the monitoring mechanism has also been pointed out in Greece’s revised National Energy and Climate Plan.

The monitoring mechanism, to collect data from power grid operator IPTO and the Greek stock exchange, will be able to identify wholesale trade irregularities.

The European Commission report projects Greece’s target model will be launched in the third quarter of this year, beyond a June 30 target date. The pandemic has negatively impacted the delivery date of a trading platform by General Electric.

Earlier this week, market officials contended that a launch of spot markets at the Greek energy exchange is not possible until September, rejecting IPTO claims of an earlier target model start within August.

August launch of target model not possible, pundits insist

Posted on by admin

A launch of spot markets at the Greek energy exchange is not possible until September, well-informed market officials insist, rejecting recent claims by power grid operator IPTO deputy chief Yiannis Margaris of an earlier target model start within August.

The energy ministry is currently coordinating with IPTO, the Hellenic Energy Exchange (HENEX) and RAE, the Regulatory Authority for Energy, for clarity as to when the launch of the target model’s energy exchange markets is feasible.

A June 30 launch date will inevitably be missed, a key problem behind the delay being the absence of a specific date for the delivery of a balancing market platform to IPTO by General Electric, commissioned this project.

A GE team that was stationed in Athens for this project left the country without notice, citing the possibility of greater pandemic danger ahead, in reaction to its outbreak. This has delayed the delivery of the platform.

IPTO is now closely coordinating with GE for a specific delivery date, following the relaxation of lockdown measures.

Trial runs of all market systems linking IPTO, HENEX and EnexClear were scheduled to begin April 10. Dry-run testing, or continual simulation, of market systems was scheduled for May 15, ahead of the June 30 launch date for the target model’s day-ahead, intraday and balancing market launches, now all out of the question.

 

 

RAE starts target model delay investigation, hearing possible

Posted on by admin

RAE, the Regulatory Authority for Energy, has launched an investigation seeking to pinpoint the causes behind the delay of the target model’s first stage.

An April 10 deadline was missed for trial runs of all market systems in a procedure involving power grid operator IPTO, the energy exchange and EnexClear.

IPTO was unable to complete the development of a balancing market platform needed for the trial runs. The operator attributed its delay to a coronavirus-related inability by General Electric to deliver required software on time. This delay has now clocked up some 60 days.

The energy authority wants to determine whether any other factors, besides the coronavirus pandemic’s inevitable effect, have played a role in the delay of the trial run.

RAE also wants to examine the impact of the delays until now on the target model’s next stages. A full-scale launch scheduled for June 30, when day-ahead, intraday and balancing markets are expected to begin operating, now appears to be out of the question, while a delay beyond summer is feared.

The authority could summon all parties involved to a hearing to determine whether penalties need to be imposed.

Target model schedule’s first major deadline hit by coronavirus

Posted on by admin

Trial runs of energy exchange market systems, the target model’s first major deadline, were officially scheduled to commence today but have been postponed as a result of coronavirus-related delays, power grid operator IPTO has informed.

IPTO, the energy exchange and EnexClear were scheduled to start system tests today.

General Electric, citing the period’s extraordinary conditions, has explained it is not in a position to deliver finalized version of a platform needed for the balancing market.

The company estimates a 50-day delay in the delivery of the related software, based on current data.

This delay will have a knock-on effect on the schedule mapping out an energy exchange launch on June 30.

According to law, RAE, the Regulatory Authority for Energy, will need to begin an investigation process on the matter and determine responsibilities for the delay. Presumably, IPTO and the energy exchange will need to offer explanations.

A new official date will then need to be set once the investigation has been completed. Now set to be dragged into the summer period, the energy exchange launch may be further delayed, beyond August.

 

Siemens-Terna awarded converter stations contract for Crete-Athens link

Posted on by admin

Power grid operator IPTO’s fully-owned subsidiary Ariadne
Interconnection has successfully completed a tender process for the Converter Stations of the Crete-Athens Interconnection, awarding the contract to Siemens – Terna, a member of the GEK TERNA group, ADMIE (IPTO) Holding has announced. 

After the submission of an improved bid on March 26, the contract price was set at 370 million euros, of which 358.6 million euros concern the construction of the converter stations. The remaining 11.4 million euros concern maintenance of these stations.

The contract calls for a 36-month implementation period and will be signed after approval by the Court of Auditors.

The project will be included in the list of the Operational Program “Competitiveness, Entrepreneurship and Innovation” of the NSRF 2014 – 2020.

Τhe tendering procedure for the design, supply and installation of two Converters and a Substation for the DC Electrical Interconnection between Crete and Athens was launched on May 24, 2019.

The tender attracted the interest of world leaders in the industry and on November 1, 2019 the GE-Nari-Mytilineos and Siemens-Terna consortiums submitted binding offers.

The evaluation of the offers submitted by the consortiums, both of which possess strong technical backgrounds and specialized experience in similar projects abroad, required more than four months due to the project’s elevated technical demands. 

The technical evaluation was completed on March 13 and the Siemens-Terna consortium’s offer qualified, taking into account all relevant issues related to the interconnection.

Commenting on the tender, the IPTO group’s CEO Manos Manousakis noted: “During these challenging times, the tender process for our
flagship project, amounting to 1 billion euros, was successfully completed without problems.
IPTO will continue to focus all its efforts in order to protect the timely implementation of the project and ensure the safe and reliable power supply of Crete through the mainland system by 2023. Apart from the economic benefits of the interconnection of Crete for all Greek consumers, through the decline of Public Service Obligations (PSO), the implementation of this
project paves the way for accelerated RES integration on the island based on the principles of sustainable development.”

Crete link environmental terms, needed for contracts, soon

Posted on by admin

The energy ministry will publish the environmental terms for Crete’s major-scale grid interconnection with Athens, needed for project contracts, within the first ten days or March, power grid operator IPTO, the project’s promoter, anticipates.

The delivery of these terms will enable the winning bidders for the project’s cable installations, Prysmian, Nexans and Hellenic Cables – NKT, to sign project contracts with the operator, probably two to three weeks later, somewhere between late March and early April.

Meanwhile, appraisals of offers submitted by bidders for project converter stations are believed to be nearing completion. Two consortiums, Terna-Siemens and Mytilineos-General Electric-Nari have submitted offers to the tender for converter stations.

Construction of the major-scale grid interconnection, from Crete to Athens, will be able to commence once the cable and converter station contracts have been signed.

IPTO insists the project will be fully operational in 2023.

Work on Crete’s small-scale grid interconnection with the mainland, from Crete to the southern Peloponnese, is progressing as scheduled, IPTO has informed.

The installation of this segment’s submarine cables, awarded to Prysmian and Hellenic Cables, is scheduled to be completed around November, according to IPTO’s schedule.

This segment involves deep-sea cable installation work at more than 1,000 meters below sea level, an effort said to be unprecedented anywhere in the world.

Swift solution needed for Crete link project’s local resistance

Posted on by admin

The energy ministry is working to overcome resistance raised by regional authorities in Crete against the installation of a converter station needed for a submarine electricity grid interconnection project to link the island with Athens.

Cretan regional authorities have delivered a negative report on a plan by power grid operator IPTO, the project’s promoter, to install a converter station at Damasta in the Heraklion province.

The ministry needs to resolve the issue in order to issue an environmental permit for the interconnection project. The project’s completion target of 2023 could be threatened if this issue is not swiftly resolved.

A new round of talks involving top-ranked officials at the energy ministry and RAE, the Regulatory Authority for Energy, and Cretan regional authorities could be held during the current week. Alternative solutions and offsetting measures that would compensate locals for any negative impact caused by the project are expected to be discussed.

IPTO appears set to sign an agreement with Prysmian, Nexans and Hellenic Cables – NKT, the winning bidders in a tender for the project’s cables. However, the pending environmental permit is needed.

Technical aspects of bids submitted to another project tender concerning two other converter stations and a substation are currently being assessed. Two consortiums, Terna – Siemens and Mytilineos – General Electric – Nari submitted bids for this tender.

Its next stage, an assessment of financial offers submitted by the aforementioned participants, will be made early in the year, Ariadne, an IPTO subsidiary formed for the Cretan interconnection project, has informed.

One of three Crete link bidding teams wants time or will exit

Posted on by admin

ABB, the world’s biggest developer of power grid interconnection projects, has requested a further deadline extension greater than the one-month periods of additional time already granted twice for a tender concerning the Crete-Athens grid interconnection project’s engineering, procurement and construction of two converter stations and a GIS substation, energypress sources have informed. The tender’s current deadline is set to expire on October 31.

Both the Greek government and power grid operator IPTO appear determined not to accept any further deadline extension requests as this, they believe, would increase the risk of a project delay and, consequently, energy sufficiency issues on Crete.

Outdated, high-polluting power stations still operating on Crete soon need to be withdrawn.

ABB, which has joined forces with Greek maritime infrastructure construction and maintenance group Archirodon for the Cretan project’s tender, has cited the complexity of the project for the additional time the company appears to need. If a sizable extension is not granted, then ABB and project partner Archirodon will most likely withdraw from the tender, it is believed.

On the contrary, two other partnerships established for the tender, according to reliable sources, are preparing to submit their offers. Siemens is believed to have joined forces with Greek construction company TERNA and General Electric is working with Greece’s Mytilineos, according to sources.

The grid interconnection project’s development faces a tight schedule. IPTO chief executive Manos Manousakis told a recent conference the project will be launched early 2023, not at the end of 2022, as was previously believed.

PPC planning ‘new technical firm with GE, plus hirings’

Posted on by admin

The main power utility PPC and General Electric are planning to establish a new venture that will take on board the entire technical team maintaining the Greek utility’s units, PPC’s chief executive Manolis Panagiotakis has just announced.

The PPC boss did not elaborate on the type of company being considered, or its make-up, but did specify that the new firm aims to employ the power utility’s technicians currently primarily focused on providing maintainance work at its wind turbines and generators.

This prospective subsidiary will assume responsibilities for providing maintenance services to all the power utility’s units in collaboration with General Electric, the PPC boss informed.

During his announcement of the plan, Panagiotakis also noted that PPC needs to hire fresh technical staff as its current team is experienced but ageing.

Bailout-related hiring restrictions imposed on Greek utilities will be lifted under the country’s new super privatization fund, the PPC chief executive anticipated. Hiring procedures for new staff will be achievable within three months of approval, he remarked.

Older technical staff members will remain with PPC’s new subsidiary for a period of between two to three years to train fresh staff, Panagiotakis asserted.

The chief executive also noted that PPC currently employs 10,600 persons and needs to renew employment contracts. According to Greek bailout terms, the power utility stands to lose 40 percent of its market presence.

 

General Electric to set up new wind energy business unit in Athens

Posted on by admin

Global corporate giant General Electric, whose divisions include wind energy technology, is preparing to establish a new wind energy subsidiary to cover the Greek and Cypriot markets.

Despite holding a leading position in European and global wind energy markets, General Electric has never before been involved in the installation of wind energy systems in Greece and Cyprus.

The corporation’s administration reached a decision to establish a new business unit to serve these markets following favorable market forecasts concerning wind energy in the region in the years to come as well as the sturdy performance registered by the sector in 2016.

The large number of local wind energy projects considered to be at a mature stage, the heightened activity of sector enterprises, as well as a growing willingness by banks to finance wind energy projects all contributed to General Electric’s decision to set up a wind energy subsidiary here.

General Electric has been active in Greece for over a century, since 1904, offering infrastructure technology services, as well as solutions covering the transport, energy, construction and health sectors.

The corporation’s health division headquarters for southeast Europe are based in Athens. Since its acquisition of Alstom in 2015, General Electric has broadened its technological coverage.

A key player in onshore wind farms, General Electric has installed over 30,000 wind energy facilities in over 35 countries. The company is also a pioneering force in digital wind farm technology.