CCS technology development promises multiple benefits

The development of carbon capture and storage (CCS) technology promises multiple benefits to the country’s environment, economy and industry as the achievement of carbon neutrality targets and an effective response to growing demand for low-carbon products can establish the country as a leader in sustainable development, EDEYEP (Hellenic Hydrocarbons and Energy Resources Management Company) and professional services firm KPMG have noted.

The development of CCS technology can provide a competitive advantage to Greek industries, creating employment opportunities and attracting EU funding, in particular through the Innovation Fund, they pointed out.

Building a value chain in CCS technology will contribute to the country’s prosperity and the achievement of its climate goals, while contributing to the global effort to combat climate change, EDEYEP and KPMG noted.

Though a related framework has been prepared, it requires more flexibility, according to EDEYEP and KPMG.

An important step in this direction was taken with a new regulation allowing holders of hydrocarbon exploration and exploitation concessions to use surveys they have already carried out, and the data they have collected, to obtain a permit to explore for CO2 storage in parts of the block they have been granted.

 

DEPA in talks with Big Four for ELFE forced administration

Gas utility DEPA is currently engaged in talks with the professional services domain’s four biggest players, PwC, KPMG, Ernst & Young and Deloitte, as part of its preparations for new legal action against troubled ELFE (Hellenic Fertilizers and Chemicals), through which a forced administration request will be made.

DEPA is believed to be examining offers received from each one of the Big Four firms, as they are known, to act as administrators of ELFE, now owing close to 130 million euros to the gas utility.

Just days ago, an Athens Court of First Instance lifted temporary protection measures offered to ELFE, which had enabled the beleaguered producer to issue six-month post-dated cheques to cover DEPA gas supply since 2016, despite DEPA demands for cash payments, based on a decision by company shareholders.

The court verdict paves the way for DEPA to request that ELFE be placed under forced administration. This will enable an administrator to act in the best interest of creditors.

ELFE’s debt owed to DEPA has continued to rise as it is subject to a 7.25 percent interest creating additional amounts of approximately 200,000 euros per month.