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Competition remains strong for second storage auction

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A total of 55 applications representing standalone batteries with 1,668 MW in capacity have been submitted by RES investors to a second auction offering investment and operational support for standalone batteries, a solid turnout ensuring the strong competition registered at the first auction will be maintained.

Investment and operational support will be offered to projects totaling 288.21 MW, meaning applications for participation have oversubscribed this capacity by 5.7 times.

The field of contestants will be finalized at noon today, when a deadline for letters of guarantee expected from participants is set to expire.

According to sources, most participants have already submitted their letters of guarantee with applications. As a result, the number of participants is not expected to diminish.

All participants face 100-MW capacity limit totals for projects submitted to the first two auctions. Helleniq Energy, power utility PPC and Intrakat already exhausted this limit through the first auction and, as a result, cannot participate in the follow-up procedure.

Virtually all other major energy groups with a market presence in Greece have applied to  participate in the second auction, sources informed. These include, TERNA Energy, Mytilineos, the Copelouzos group, Elpedison, MORE, Enel, EDF, EDPR, BayWa, KiEFER and Faria.

A total of 12 projects were successful in the first auction, securing guaranteed revenues of between 34,000 and 64,100 euros per MWh for a year. A starting price of 115,000 euros per MWh, for a year, has been set for the second auction. Bidding is not expected to drop below 45,000 euros per MWh, for a year, market officials have projected.

 

Motor Oil buys 51% of Unagi, indirect RES partnership formed with PPC

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Two of the country’s leading energy groups, power utility PPC and Motor Oil, have entered an indirect partnership in the RES sector following an announcement, by the latter, of a 75 acquisition of Unagi.

According to MORE, a Motor Oil subsidiary, Unagi holds a 51 percent stake in a portfolio of 1.9 GW in solar energy projects, in Greece, currently at various stages of development. The other 49 percent of the Unagi portfolio was acquired by PPC Renewables approximately a year ago.

Unagi’s 1.9-GW in solar energy projects, located in northern and central Greece, have involved three companies, Baliaga, Pivot Solar and Teichio. Control of these projects will now be assumed by PPC and Motor Oil.

Development of the first project in this 1.9-GW portfolio is expected to commence early in 2024, PPC and Motor Oil officials have informed.

PPC plans to sign PPAs to purchase electricity produced by the Unagi solar energy facilities.

Some of the 1.9-GW portfolio’s solar energy projects located in northern Greece’s west Macedonia region are expected to soon receive connection terms from power grid operator IPTO.

Most of the Unagi portfolio’s other projects are at advanced stages of maturity, have received environmental permits, and should secure connection terms by the end of this year.

 

Motor Oil’s MORE subsidiary eyes new RES projects, steps abroad, storage

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MORE (Motor Oil Renewable Energy), the Motor Oil group’s new green-energy subsidiary, just officially presented, will strive for further RES portfolio growth, expected to reach 1 GW once an agreement with ELLAKTOR is finalized, involvement in new green technologies, including energy storage, as well as expansion abroad as its next steps.

MORE already ranks as one of the country’s biggest RES producers, following its agreement with ELLAKTOR, officials noted during yesterday’s official presentation of the Motor Oil subsidiary.

MORE stands to be a company with an EBITDA figure of approximately 130 million euros and capital investments of 1.6 billion euros, they said.

Speaking at MORE’s presentation, Petros Tzannetakis, Motor Oil’s deputy managing director, described the new subsidiary as a significant pillar in Motor Oil’s development as a vertically integrated energy group.

Victor Papakonstantinou, MORE’s general manager, noted Motor Oil group’s involvement with renewable energy is a conscious choice as both the sun and wind are key features of Greece, represent low energy production cost, have a small environmental footprint, and enable electricity generation close to points of consumption, facilitating distribution.

MORE is aiming to complete its deal with ELLAKTOR by the end of the year, company officials noted.

RAE approvals steps towards new FSRUs off Corinth, Thessaloniki

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RAE, the Regulatory Authority for Energy, has approved Elpedison’s Thessaloniki FSRU project as well as the final phase of a market test for Motor Oil’s FSRU plan, Dioryga Gas, off Corinth, west of Athens.

For Elpedison, the authority’s approval essentially signals the go-ahead for the Thessaloniki FSRU (floating storage unit) as the decision awards a 50-year project license until 2072.

A 50-50 joint venture involving Elpedison’s two partners, Edison and HELLENiQ, formerly known as Hellenic Petroleum (ELPE), the Thessaloniki FSRU will be developed at the Thermaic Gulf, just a few kilometers from Dock 6 at Thessaloniki port.

The Thessaloniki FSRU, planned to consist of four storage tanks offering a total of 170,000 cubic meters, is scheduled to be launched in 2025.

Besides approving guidelines for the final phase of Motor Oil’s market test concerning the Dioryga Gas FSRU project off Corinth, RAE also approved a capacity boost for this project, to 210,000 cubic meters from 170,000 cubic meters, as had been specified in the project’s original license, as well as Diorygas Gas’ transfer to Motor Oil’s MORE subsidiary, also hosting the petroleum group’s RES projects.