Greek enterprises face April 27 date for hydrogen project proposals

Leading Greek energy players are gearing up to participate in a European Commission effort concerning the development of the continent’s first major investments in eco-friendly hydrogen production, a key aspect in Brussels’ decarbonization drive.

Interested parties face an April 27 deadline to submit proposals concerning a number of categories, including PCI-supported sustainable low-emission hydrogen production, the emphasis placed on RES-generated hydrogen.

The White Dragon project, as it has been dubbed, has brought Greece’s biggest industrial corporations closer, as they prepare to jointly bid for project categories Brussels will subsidize in the context of the Hydrogen Europe program.

The White Dragon project provides for investments of 2.5 billion euros in electrolytic hydrogen production by means of solar energy from photovoltaic parks with a capacity of 1.5 GW. They are planned for northern Greece’s west Macedonia region, a lignite-dependent economy.

Gas utility DEPA, gas grid operator DESFA, petroleum group Motor Oil, the Mytilineos group, Terna, Hellenic Petroleum ELPE, Polish company Solaris, as well as the Demokritos National Center for Scientific Research and the Center for Research and Technology Hellas (CERTH) are taking part.

The hydrogen to be produced will be used for district heating, fuel to be exported via the Trans Adriatic Pipeline, and as fuel for large vehicles such as lorries and buses.

 

Electricity market shares unchanged in March, imports up

The overall market share of independent electricity suppliers remained unchanged at 34.2 percent in March, without any surprise reshuffling between these suppliers, as power utility PPC held on firmly to its previous month’s 65.8 percent share, a latest monthly report issued by the Greek energy exchange has shown.

Like PPC, the market shares of some independent suppliers remained unchanged in March, compared to the previous month, the report showed.

Mytilineos registered a 7.97 percent market share in March, unchanged from February.

Heron’s market share fell marginally to 6.34 percent in March from 6.38 percent in February; Elpedison’s market share rose to 4.85 percent from 4.79 percent; NRG captured 4 percent, up from 3.89 percent; Watt and Volt fell to 2.58 percent from 2.73 percent; Volterra registered 1.93 percent, from 1.96 percent; Fysiko Aerio Attikis rose to 1.81 percent from 1.75 percent; Volton captured 1.41 percent, from 1.39 percent; Zenith reached 1.41 percent, from 1.36 percent; ELTA’s market share remained unchanged at 0.63 percent; and KEN fell slightly to 0.56 percent from 0.58 percent.

Electricity imports exceeded electricity exports, in terms of volume, the energy exchange report showed.

Also, the number of hours of net imports grew against the number of hours of net exports, the data for March showed.

IPTO warns PPC against Megalopoli III closure this year

Power utility PPC’s Megalopoli III lignite-fired power station must not be withdrawn within 2021 – let alone about now, as the utility had initially planned – for reasons of grid sufficiency, the power grid operator IPTO has advised in a letter forwarded to PPC and RAE, the Regulatory Authority for Energy.

IPTO, in its letter, warns against the consequences of two PPC plans, the first, an intention to shut down Megalopoli III by the end of March, and, the second, premature withdrawal of its entire portfolio of lignite-fired power stations by the end of this coming August, or to the extent that is feasible, given grid sufficiency requirements.

Premature withdrawal, this summer, of all the lignite units would result in a capacity shortage measuring approximately 1,000 MW, which would need to be covered by electricity imports, IPTO has warned.

PPC’s chief executive Giorgos Stassis refenced the IPTO letter during yesterday’s Power and Gas Supply Forum, an online event staged by energypress, while commenting on the need to maintain lignite-fired power stations for grid stability, even if these units are now loss-incurring because of elevated CO2 emission right costs.

IPTO does not consent to any lignite unit withdrawals that would be ahead of schedule – based on a PPC plan for 2021 to 2023 – the power utility’s boss stressed during yesterday’s forum.

As a result, Stassis added, PPC will need to be compensated by the European Commission, through a support mechanism proposed by Greek officials, for needing to maintain loss-incurring units.

IPTO, in its letter, reiterated the findings of recent grid sufficiency study, noting that the two-year period from 2021 to 2022, especially the current year, will be crucial. The grid would be particularly exposed to deficiencies if generating capacity is reduced without replacement, the operator warned.

The Mytilineos group plans to launch a new 826-MW combined cycle gas turbine (CCGT) plant next year. Testing is expected to begin in the fourth quarter this year. Also next year, PPC plans to launch its Ptolemaida V unit, initially as a lignite-fired power station.

Elpedison launches tender for Thessaloniki power station

Energy company Elpedison has launched an international tender for procurement of mechanical equipment concerning its 826-MW gas-fueled power station project in northern city Thessaloniki’s Diavata area, sources have informed.

The company, also moving ahead with the project’s environmental permit procedure, is expected to soon finalize its investment decision.

Besides Elpedison, a number of other energy firms are also moving ahead with gas-fueled power station plans.

GEK-TERNA is planning a 665-MW facility in Komotini, northeastern Greece; power utility PPC recently secured a license for a 665-MW unit, also in Komotini; Elvalhalkor is pursuing plans for a 566-MW unit in Thisvi; the Copelouzos group is moving ahead with a 662-MW project in the industrial area of Alexandroupoli, in the northeast; and the Karatzis group is planning a 660-MW power station in Larissa, in the mid-north.

The Mytilineos group has already begun constructing an 826-MW gas-fueled power station in Viotia’s Agios Nikolaos area, northwest of Athens, a project expected to be launched late this year or early next year.

The establishment of a permanent CAT mechanism, anticipated by the investors behind these projects, promising grid flexibility, is crucial for the investment plans.

Electricity demand levels in the Greek market as well as the course of Greece’s decarbonization effort, expected to create openings for new power stations, are also vital factors.

 

Work on PPC Renewables 200-MW solar park starting April

Development of a major-scale 200-MW solar farm planned by PPC Renewables in Ptolemaida, northern Greece, a project budgeted at 110 million euros, is expected to begin in approximately one month.

A series of pre-construction procedures are expected to be completed within the next four weeks, enabling the Mytilineos Group’s METKA EGN, the project’s contractor, to begin work on this project. It represents the biggest part of a 230-MW solar energy project cluster planned by PPC Renewables.

A first 15-MW cluster has already been completed, while a second section representing an equivalent capacity is now being developed and should be ready by autumn.

Work on another big solar farm project planned by PPC for Megalopoli in the Peloponnese, to offer a capacity of 50 MW, is expected to begin in June.

On another front, PPC Renewables is currently working on establishing a major joint venture with Germany’s RWE by July or August.

PPC Renewables and RWE are currently working through a series of matters, including a number of legal issues. RWE will hold a 51 percent stake in this venture.

The two partners plan to equally contribute solar energy projects for a total capacity of 2 GW and a total value of approximately one billion euros, once developed, to this joint venture.

Talks on which projects each partner will choose to contribute to this joint venture remain at an early stage.

PPC Renewables is expected to contribute PV licenses concerning the west Macedonia and Megalopoli areas, while RWE is seen contributing project licenses or anticipated Greek project acquisitions being eyed by the German company for quite some time.

 

Appraisal of initial bids for Larymna assets lease contract by April

Privatization fund TAIPED and a supporting body are expected to complete, by early April, their appraisal of non-binding expressions of interest submitted to a tender by six investors for the lease of the Larymna smelting plant, Larymna and Loutsi mines, and relevant mining rights and other assets, all belonging to the Greek State and currently leased to troubled nickel producer Larco.

Expressions of Interest were submitted by the following Interested Parties (in alphabetical order):

  1. COMMODITY & MINING INSIGHT IRELAND LIMITED
  2. GEK TERNA S.A. – AD HOLDINGS AG
  3. MYTILINEOS S.A.
  4. SOLWAY INVESTMENT GROUP LIMITED
  5. THARISA PLC
  6. TRAFIGURA GROUP Pte Ltd

The six bids are currently being examined by the country’s foreign and defense ministries for any possible national security issues, sources closely monitoring the overall procedure have informed.

Once past this stage, the supporting documents accompanying the six non-binding offers will be examined by TAIPED and its supporting body.

Qualifiers making the tender’s second round will be given access to a video data room containing technical and financial data on Larco.

Mytilineos extending global partnership with Huawei

Following the successful cooperation with the Renewables and Storage Development (RSD) Business Unit of MYTILINEOS (METKA EGN) in Greece, Huawei extends its business partnership with MYTILINEOS globally, signing a memorandum of cooperation regarding the supply of innovative and reliable Huawei string inverters, for PV plants including but not limited to the UK, Uzbekistan, Spain and Cyprus.

Huawei inverters, harnessing more than 30 years of expertise in digital information technology, rethink PV with regards to power generation, O&M, grid connection, and safety. Their robustness and reliability is based on Huawei’s mature string technology, coupled with built-in digital technologies, increased dynamic MPPT efficiency, as well as TUV verified >99.996% inverter availability. Therefore, making Huawei’s solution the best choice in terms of technological superiority and high efficiency at a low maintenance and service cost with a minimum failure rate.

Huawei’s innovative features such as MBUS communication running on AC-line and Smart IV Curve Diagnosis, have completely enhanced traditional manual inspection mode. By integrating advanced digital technologies, Huawei inverters can proactively identify the electrical features of the PV plant and automatically adjust grid connection algorithm to match the power grid, therefore proving Huawei to be the best fit for large-scale projects, meeting even the most demanding of grid connection requirements.

As Nikos Papapetrou, General Manager of the RSD Business Unit of MYTILINEOS stated: “We have decided to strengthen our cooperation further with Huawei in a large part of our portfolio globally, greatly based on the reliability of the inverters that ensure our plants’ performance even in harsh environments, as well as on their integrated advanced attributes that facilitate installation and reduce our operating cost.” Mr. Papapetrou added: “Huawei’s leading position worldwide, its comprehensive service offering as well as its customer-centric approach have convinced us that we made the secure choice”. 

As Jacky Chen, Managing Director Huawei Technologies South Balkan Region stated: “We are extremely delighted that MYTILINEOS, one of the most successful solar development and EPC companies globally, trusts us with the opportunity to be actively part of the largest PV plant portfolios worldwide. We are committed to providing increased performance, with smart devices that maximize efficiency and minimize operating costs, therefore ensuring a world-class photovoltaic installation and a long-term investment”.   

About Huawei

Huawei is a leading global provider of information and communications technology (ICT) infrastructure and smart devices. With integrated solutions across four key domains – telecom networks, IT, smart devices, and cloud services – the company is committed to bringing digital to every person, home and organization for a fully connected, intelligent world. Huawei’s end-to-end portfolio of products, solutions and services are both competitive and secure. Through open collaboration with ecosystem partners, the company creates lasting value for its customers, working to empower people, enrich home life, and inspire innovation in organizations of all shapes and sizes. At Huawei, innovation focuses on customer needs. The company invests heavily in basic research, concentrating on technological breakthroughs that drive the world forward. The company has more than 194,000 employees, and operates in more than 170 countries and regions. Founded in 1987, Huawei is a private company wholly owned by its employees. For more information, visit Huawei online at www.huawei.com.

About Huawei FusionSolar

Huawei offers leading Smart PV solutions harnessing more than 30 years of expertise in digital information technology. By integrating AI and Cloud, Huawei further incorporates many latest ICT technologies with PV for optimal power generation, thus making the solar power plant to be Highly Efficient, Safe & Reliable with Smart O&M and Grid Supporting capabilities and builds the foundation for solar to become the main energy source. For solar energy users, Huawei launched advanced solution for C&I and residential customers based on the ‘Optimal Electricity Cost and Active Safety’ concept. By improving the utilization of solar power, Huawei has helped to power millions of residents and hundreds of industries globally.

Huawei will continue to innovate and enable renewable energy to empower each individual, home, and organization.

For more information, visit Huawei online at https://solar.huawei.com/ or follow us on:

 

PPC seeks IPTO support for EC lignite compensation request

Power utility PPC wants power grid operator IPTO to provide a statement declaring whether the power utility’s lignite-fired power stations, nowadays loss-incurring units as a result of elevated carbon emission right costs, are still necessary for the achievement of grid sufficiency, the utility’s objective being to gain support for a lignite compensation request submitted to the European Commission, not to immediately shut down its lignite units, sources have informed.

Brussels has been examining the PPC compensation request for months, initially as part of a package incorporating the European Commission’s lignite antitrust case against Greece, and more recently, following settlement of the latter, as a separate issue that has dragged on.

Throughout the entire period, officials in Greece have needed to respond to extensive Brussels questioning over PPC’s compensation request. Most recently, the European Commission is reported to have informed PPC, by email, that it would deliver a decision as soon as possible, once all information has been processed.

PPC, in its letter to IPTO, informs that it would be prepared to shut down the lignite units now if the operator considers them unnecessary for grid sufficiency as they are the cause of losses on a daily basis.

The power utility has planned a phaseout of its lignite facilities over the next three years, as part of the country’s decarbonization effort.

IPTO, in a grid-sufficiency study covering 2020 to 2030, conducted within the framework of the National Energy and Climate Plan, has stressed the period between 2021 and 2024 will be crucial as a result of PPC’s planned phaseout of lignite-fired power stations.

Subsequently, the grid’s sufficiency will depend on how soon three new gas-fueled power stations with a capacity totaling 2,150 MW – PPC’s Ptolemaida V, and units being developed by Mytilineos and TERNA – will be ready for launch, IPTO’s NECP-linked study noted.

Electricity demand falls 9.5% in January amid stricter lockdown

Stricter lockdown measures in January and their impact on business activity prompted a big reduction in electricity demand, down 9.5 percent compared to the equivalent month a year earlier, when lockdown measures had yet to be imposed, according to power grid operator IPTO’s monthly report.

Most of the country’s retailers were forced to disrupt their business activities in January following a period of less stringent retail measures in the form of a click-away service, enabling customers to pre-order and pick up goods from shops by appointment or, this measure’s extension, click-in-shop, permitting customers to enter stores, see and even try products by appointment.

Electricity demand in the high-voltage category was down by 3.3 percent in January compared to the same month a year earlier, the IPTO data showed.

Interestingly, despite the plunge in electricity demand, electricity production increased by 12.9 percent in January, hydropower being the biggest mover with a 221 percent increase, following power utility PPC’s decision to use its hydropower units as a result of elevated water reserves.

The domestic production increase was attributed to a fall in electricity imports and rise in electricity exports, the greatest quantity going to Italy (43%), followed by North Macedonia (24%), Bulgaria (22%), Albania (9%) and Turkey (2%).

RES output was higher by 43 percent in January as a result of strong winds during the month, while, on the contrary, lignite-fired generation fell 43 percent. Natural gas-fueled power station output was also down, marginally, by 2 percent.

In terms of energy mix share, natural gas-fueled power stations held a 36 percent share, RES units captured 35 percent, hydropower’s contribution represented 16 percent, and lignite was responsible for 13 percent of total electricity generation in January, the IPTO figures showed.

PPC covered 66.6 percent of electricity demand in January, followed by Mytilineos (7.52%), Heron (5.89%), Elpedison (4.63%), NRG (3.49%) and Watt & Volt (2.74%).

Weather effects lend credibility to PPC lignite compensation bid

The impact of last week’s heavy snowfall around Greece, prompting power outages in various areas, northern parts of Athens being hardest hit, has added credibility to state-controlled power utility PPC’s compensation bid to the European Commission for its need to keep using lignite-fired power stations.

Had IPTO, the power grid operator, not ordered the grid entry of PPC’s lignite-fired power stations, nowadays a high-cost option, widespread blackouts amid the adverse weather conditions would have been inevitable, making matters far worse, including at economic and political levels.

IPTO officials have stressed the country continues to need PPC’s lignite-fired power stations until their production capacity is gradually replaced by cleaner gas-fueled power stations. These are: PPC’s Ptolemaida V; a unit being developed by the Mytilineos Group in Viotia, northwest of Athens; and Terna’s prospective unit in Komotini, northeastern Greece, still at the planning stage.

The period between 2021 and 2024 will be crucial for the country’s power generating sufficiency as a result of the planned withdrawal of existing lignite-fired power stations, a related IPTO study has shown. The system’s sufficiency will depend on how swiftly the aforementioned gas-fueled power stations, totaling 2,150 MW, can be up and running.

If the planned completion dates for these three projects are maintained then there will be no reason to delay the withdrawal schedule of lignite-fired power stations, sources pointed out. The grid entry of PPC’s Ptolemaida V and Mytilineos’ Viotia unit, without the Terna unit, would suffice to cover the capacity gap to be left by the withdrawn lignite units, these sources added.

However, any delays in the completion of the new power stations could prompt Greek officials to request more time from the European Commission for the withdrawal of lignite-fired units, the sources said.

PPC loses 96,000 low-voltage connections in 3 months

Approximately 96,000 low-voltage consumers left power utility PPC for rival suppliers over a three-month period between April and June, 2020, market data released by distribution network operator DEDDIE/HEDNO has shown.

PPC is losing low-voltage connections at a rate of between 30,000 and 40,000 per month, the data showed.

In the third quarter last year, the power utility shed 2.4 percent of its 81.03 percent market share held in 2Q. This loss of PPC customers led to market share gains for all the independent players, the top five enjoying the biggest gains.

A total of 1.38 million low-voltage consumers had switched from PPC to independent suppliers by the end of the third quarter last year, the data showed. This essentially means that PPC was serving 5.39 million low-voltage consumers at the end of the third quarter.

Independent supplier Protergia, a member of the Mytilineos group, ranked first among the independent players in 3Q last year with a market share of 3.36 percent and 228,000 supply connections, the data showed.

Elpedison followed closely behind with a 3.24 percent share and 220,000 supply connections. Heron was ranked third among the independent players with a 2.63 percent share and 178,000 supply connections, followed by Watt & Volt with a 2.39 percent market share and 160,000 connections.

The DEDDIE/HEDNO also showed a large transfer of low-voltage consumers to the universal supply service offered by suppliers, by law, at higher tariffs, to households blacklisted for unpaid electricity bills.

A total of 146,000 universal service connections were recorded in 3Q last year. The market’s top five suppliers are required to offer this universal service to sidelined households.

EBRD: Green projects in Greece a priority, RES-based economic recovery

The European Bank for Reconstruction and Development (EBRD) is strongly interested in Greek energy market investments, Andreea Moraru, the bank’s head of Greece and Cyprus, has stressed in an interview with energypress.

The EBRD official spoke extensively on significant investment opportunities being created by the energy transition.

Since 2015, the EBRD has invested over four billion euros in Greece, participating in numerous major projects, Moraru informed, noting its recent support for power utility PPC, an investment worth 160 million euros, one of the bank’s largest, to cover customer payment volatility following the outbreak of the pandemic, exemplifies EBRD’s strong support for Greece.

The full interview follows:

What is the role of the EBRD compared to that of other banking institutions? 

The EBRD is a development bank committed to furthering progress towards ‘market-oriented economies and the promotion of private and entrepreneurial initiative. Our role is to be complementary to the commercial banks, to work alongside them and to support them.

Αdditionality is among the founding principles underlying our work and the particular support and contribution that the EBRD brings to an investment project which is not available from commercial sources of finance. Alongside transition and sound Banking, it is one of the three founding principles underlying our work. By ensuring that we are additional in everything we do, we ensure that our support for the private sector makes a contribution beyond that available on the market and does not crowd out other private sector actors.

Whenever we consider financing a project, we analyze whether similar financing can be obtained from private sector local banks or non-banking institutions.

Many of our markets are relatively high risk, and the private sector will only lend for short periods of time or at such high rates as to make the project unfeasible. For major new projects in the field of infrastructure, for example, longer-term financing may not be available on reasonable terms or conditions. This is where the EBRD fits in.

Additionality can also be non-financial in nature, where EBRD’s interventions contribute to better project outcomes that would not have been required or offered by commercial financiers. This can include the provision of comfort to clients and investors by mitigating non-financial risks, such as country, regulatory, project, economic cycle or political risks. Additionality may also be derived from the EBRD’s involvement in helping projects and clients achieve higher standards than would have been required by the market, such as through sharing its expertise on better corporate governance or above ‘business as usual’ environmental or inclusion standards.

Do you consider the energy sector in Greece to be suitable to contribute to the development and reconstruction of the Greek economy? For what reasons?

Absolutely. In general, the EBRD’s vision for the energy sector is of a partnership between industry, governments and consumers that delivers the essential energy needs of societies and economies in a manner that is sustainable, reliable and at the lowest possible cost.

In Greece the energy sector is embarking upon its biggest transformation yet, moving away from its reliance on lignite (c. 20% of total electricity production in 2019) to renewables and a smaller fleet of significantly less carbon intensive gas generating units. The NECP aims to achieve reduction in greenhouse gas (GHG) emissions by more than 55% by 2030 compared to 2005, planned to be achieved through: (i) decommissioning of all 4 GW of lignite-fired generation capacity by 2028 (3.4GW by 2023), (ii) 8.7 GW of new renewable generation capacity to added by 2030, reaching a total of 19 GW, and (iii) 2 GW of new gas generation capacity added for system support and security. The country remains committed to implementing the NECP as planned despite the negative impacts the CV19 crisis is expected to have on the Greek economy in 2020 and beyond.

Greece’s withdrawal from coal is a fundamental transformation that will create substantial sector and social challenges with the following broad implications: (1) constructing large volumes of low carbon generating capacity in order to ensure energy security in an increasing electrified economy, (2) reengineering the country’s transmission and distribution networks to reflect the additional penetration of distributed, intermittent renewable energy, and (3) addressing the social and economic impacts of the closure of a major part of its existing energy infrastructure, i.e. ensuring a just and inclusive transition.

We have supported many energy projects so far, especially renewables, working together with leading companies, such as GEK Terna, Mytilineos and HELPE among others.

A recent milestone is our support for the largest renewable energy project in Greece and the largest solar energy project in south-eastern Europe to date, the new solar park in Kozani. In 2017, we also approved a framework committing up to €300 million to finance renewable energy investments in the country.

The main reasons why this sector is important for the development of the Greek economy and thus our participation, is first to help the decarbonization of the country and the transition to a greener economy, as well as to strengthen local linkages and regional integration.

What is the EBRD’S philosophy about its presence in the Greek economy and especially in the energy sector?

In Greece in particular, supporting sustainable energy and infrastructure is among our top priorities. In fact supporting sustainable energy and infrastructure is one of the pillars of the newly approved country strategy. Our investment strategy in the energy sector going forward will aim at further liberalization and diversification of the energy market focusing on renewables and increased renewable energy capacity and a more diversified energy mix to promote decarbonization of the economy. EBRD could support a second phase of feasible renewable energy projects with project preparation / technical assistance and financing (biomass and biogas plants, use of waste heat in greenhouses for high value-added agriculture, electricity storage facilities, green hydrogen production plants and other forms of energy storage.

We see that it’s challenging to meet EU climate goals in Greece and our goal is to support the country with that. Our approach and philosophy is in line with the National Energy and Climate Plan and we are very glad the Greek government is committed to close all lignite plants. We need to keep this momentum, despite the current Covid-19 crisis, and turn the country greener.

One good example is our recent support for PPC (DEI). This has been one of our largest investments (€160 million) and the first time we supported the public sector in Greece. This facility supports PPC’s working capital needs at a time of customer payment volatility following the outbreak of the crisis. It also strengthens the resilience of the electricity sector as a whole by ensuring the stability of essential utility supplies and maintaining the momentum towards decarbonization.

What are the characteristics of private companies that could apply to be supported by the EBRD?

When we consider financing a project we analyze different aspects, such as how it supports the green economy, if it promotes women or youth inclusion, if it can enhance the competitiveness and resilience of the Greek economy etc. We look at the financial strength of the project as we operate according to sound banking principles. We cannot finance companies in certain sectors like defence-related activities, tobacco, substances banned by international law or gambling facilities.  As I have already mentioned, we also need to be additional.

We work in a wide range of sectors, from energy, infrastructure, manufacturing, property, tourism, agriculture to trade and financial institutions. We also support SMEs with business advice, know-how transfer and trainings.

What are your conclusions from your cooperation so far with Greek companies and institutions?

We’re very proud of all our projects in Greece so far. Since commencing our operations in 2015, the Bank has invested more than €4 billion in the country, helping respond to the financial crisis. Against a turbulent political and economic backdrop, the EBRD helped stabilize the financial sector, support private companies through export-oriented growth and lay the foundations for greater private sector participation in critical energy and infrastructure projects that have also strengthened regional integration.

We faced several challenges because of the financial crisis, but this was expected and was exactly the reason why we came to the country. Our main conclusion is that Greek companies have strong potential and very talented workforce, who we’re glad to be working with. The COVID-19 pandemic has abruptly interrupted Greece’s steady recovery, but we’re confident that the country can build back better.

We have an excellent cooperation with the Greek Government whom we are supporting on a number of initiatives.  In late 2020, the EBRD joined forces with the Ministry of Development and Investments of Greece to establish a new public-private partnership (PPP) preparation facility cooperation account, following a request from the Greek authorities. We are also working close with the Ministry of Finance on development of a capital market strategy, a project supported by DG Reform.

What are your plans for the new year?

We will focus on supporting the recovery of the Greek economy, by helping with the immediate needs of the Greek businesses because of coronavirus, as well as with their long-term growth plans. Green projects, including in the energy sector, will be our priority, but we’ll also be active in other sectors. We’ll continue supporting the banking sector, too.

Do you consider the investment risk in our country increased after the great economic crisis and in the light of the current crisis due to a pandemic?

The financial crisis had a strong impact on Greece, but we recognize that the Greek economy had started recovering and growing in the recent years. It’s true that COVID-19 containment measures are likely to depress economic output and cause particular disruption to the tourism industry, reversing the economic recovery and hindering investments in the near term, not only in Greece, but also in most countries. There are still many things that need to be improved in the country to attract more investors, but we don’t consider the investment risk much higher than it used to be. The Greek economy can recover after the pandemic.

 

Gas market competition intensifies, TAP lowering prices

Competition has intensified in the country’s wholesale gas market at a time of changing conditions and negotiations for 2021 deals between importers and major-scale consumers, namely electricity producers and industrial enterprises.

Many gas supply contracts expired at the end of 2020, requiring a large number of players to renegotiate deals. Some of these big consumers have already reached new agreements with gas wholesalers.

Market conditions have changed considerably compared to a year earlier. Supply of Azeri gas through the new TAP route has already begun to Greece as well as Bulgaria, increasing overall supply, which has obliged, and permitted, gas utility DEPA to pursue a more aggressive pricing policy as the company pushes to absorb quantities it has committed to through clauses in existing contracts.

Also, the TAP-related increase of gas supply to Bulgaria, combined with this country’s inflow of Russian gas through oil-indexed price agreements, currently relatively cheaper, is now depriving Greek wholesale gas companies of entry into a neighboring market that was available for trading activity last year.

Furthermore, conditions have also been impacted by a competition committee decision no longer requiring DEPA to stage gas auctions to make available a share of its gas orders to rival traders. This measure was introduced and maintained to help liberalize Greece’s gas market.

The new conditions are pushing Greek traders towards more competitive pricing policies. They appear to have acknowledged that their profit margins will be narrower in 2021.

DEPA, helped by the fact that a sizeable proportion of its gas purchases is oil-indexed, is said to be playing a dominant role in the ongoing negotiations for new contracts with customers.

It should be pointed out that, unlike rival gas importers such as Mytilineos, Elpedison and Heron, all benefitting through self-consumption of a large part of their gas orders for gas-fired power stations they operate, DEPA does not self-consume.

Prometheus Gas, a member of the Copelouzos group, remains a formidable player, while the power utility PPC and petroleum company Motor Oil are less influential in the wholesale gas market.

Higher LNG prices, compared to pipeline gas, will decrease demand for LNG this year and weaken the interest of traders for LNG supply through gas grid operator DESFA’s Revythoussa terminal on the islet just off Athens. Last year, this facility was a hot spot of trading activity as a result of lower-priced LNG.

PPC gains 3% in retail market for November share of 66.3%

Power utility PPC, the retail electricity market leader, gained an entire three percentage points in November, capturing a 66.33 percent share, up from 63.2 percent a month earlier, according to a latest energy exchange report.

The rankings among the market’s independent suppliers remained unchanged but minor market share gains and losses were reported for the month.

Protergia, a member of the Mytilineos group, shed over half a percentage point, dropping from 8.6 percent in October to 7.99 percent in November, but remained at the forefront among the independent suppliers.

Second-placed Heron also retreated slightly, to 6.55 percent in November from 6.97 percent in October, as did Elpedison, ranked third, to 4.67 percent from 5.05 percent.

Next in the rankings, NRG’s market share remained virtually unchanged, ending November at 3.37 percent from 3.38 percent in October.

Watt+Volt followed with a 2.69 share of the retail electricity market, up marginally from 2.67 percent, Volterra was next with 2.37 percent from 2.55 percent, Fysiko Aerio (Attiki GSC) made a slight gain to reach 1.61 percent from 1.48 percent, Zenith upped its share to 1.26 percent from 1.19 percent, Volton improved to 1.13 percent from 1.04 percent, and KEN remained virtually unchanged, at 0.59 percent from 0.6 percent.

Electricity exports increased and imports decreased in November, compared to a month earlier, the energy exchange data showed.

PPC’s business plan for 2021 to 2023 projects a reduction in customers from 6.1 million, last September, to 4.7 million, for a market share of 54 percent.

Storengy’s Kavala UGS tender exit prompts formation changes

A decision by France’s Storengy (Engie) to not participate in a forthcoming tender offering an underground natural gas storage facility (UGS) license for the almost depleted South Kavala offshore natural gas field in the country’s north has prompted a domino effect of formation changes by groups of investors planning to bid.

GEK TERNA appears to have formed an association with gas grid operator DESFA for the tender after having previously agreed to join forces with Energean Oil & Gas and Storengy.

Energean Oil & Gas, holding a license for the virtually depleted South Kavala field, has not remained an onlooker. The company has also found a partner, believed to be domestic, from the construction sector, according to sources.

To date, Energean Oil & Gas has held talks with three major groups, Mytilineos, AVAX and Aktor, the same sources added.

A Chinese investor is also believed to be interested in the South Kavala UGS tender, staged by privatization fund TAIPED, but will not link up with any partners.

The tender is offering rights for the use, development and exploitation of the virtually depleted offshore natural gas field south of Kavala as a UGS facility for a period of up to 50 years.

Participants must submit first-round, non-binding offers by October 19 following three deadline extensions.

Producers seeking lower-cost industrial electricity alternatives

Industrial electricity consumers of the high and mid-voltage categories are securing lower-cost agreements with independent suppliers, while energy-intensive consumers, currently negotiating with power utility PPC for new tariffs to take effect January 1, are pushing for better deals.

These developments are reshuffling the industrial electricity market, previously dominated by PPC.

Independent energy company Heron and Macedonia Paper Mills (MEL) recently announced an electricity supply agreement that includes a package of services for energy efficiency, electromobility and RES coverage of the producer’s energy needs.

Cement producer Heracles had previously reached an electricity supply agreement with Protergia, a member of the Mytilineos group, paving the way for further agreements between producers and independent suppliers.

These developments have had a wider knock-on effect, including for mid-voltage supply, as demonstrated by an agreement between energy supplier NRG, a member of the Motor Oil group, with the country’s other cement producing giant, Titan.

Following losses in 2018 and 2019, PPC is believed to be turning its focus on more profitable sectors and is no longer interested in maintaining a high share of the industrial electricity market – both high and mid-voltage.

DEPA Comm VDR open; 5-year stay for Infrastructure buyer

The video data room for the privatization procedure of DEPA Commercial, one of two new gas utility DEPA entities placed for sale, is now open to prospective bidders, but initial information made available is limited to non-financial details.

Financial details on DEPA Commercial will be made available as a second step to all consultants representing the potential buyers, while a third and final stage will follow to conditionally offer bidders confidential information in person at the DEPA headquarters.

As previously reported, the second-round, binding-bids deadline for the DEPA Commercial sale, offering investors a 65 percent stake, has been extended to March, 2021.

The field of second-round qualifiers is comprised of two partnerships, Hellenic Petroleum (ELPE) with Edison and power utility PPC with Motor Oil Hellas, plus Mytilineos, TERNA, the Copelouzos group, Shell, and the Swiss-based MET Group.

As for DEPA Infrastructure, the other new DEPA entity up for sale, energy minister Costis Hatzidakis is preparing a legislative revision that will require the winning bidder to retain its company shares for a period of at least five years.

This condition will also apply for the DEPA Infrastructure subsidiaries EDA Attiki, EDA Thess and DEDA, the gas distributors covering the wider Athens area, Thessaloniki-Thessaly and rest of Greece, respectively. DEPA fully owns DEDA and EDA Attiki and holds a 51 percent stake in EDA Thess.

The DEPA Infrastructure binding-bids deadline has also been extended to the end of February, 2021. Italgas, EPH, First State Investments, KKR, Macquarie and Sino-CEEF have qualified for the final round.

 

GEK TERNA, Elpedison close to decisions on gas-fueled units

GEK TERNA and Elpedison are expected to announce finalized investment decisions for new gas-fueled power stations with total capacity over 1,400 MW within the next two months, energypress sources informed.

GEK TERNA plans to develop a 660-MW power station at the industrial zone of Komotini, northeastern Greece, while Elpedison, a joint venture involving Hellenic Petroleum ELPE and Italy’s Edison, intends to construct units with a total capacity of 826 MW at the ELPE facilities in Thessaloniki.

These project plans are estimated to be worth a total of at least 600 million euros.

The energy companies have already received energy production licenses as well as other licensing requirements, including environmental permits, for these prospective units, regarded as mature investment plans.

Both companies are awaiting new CAT mechanism details for gas-fueled power stations before finalizing their investment plans. The economic uncertainty caused by the pandemic, plus the anticipation of a second wave, are also crucial factors influencing the thinking behind these investment decisions.

Market capacity exists for new combined-cycle gas-fueled power stations during the energy transition over the next ten to 15 years, electricity market officials insist.

The planned withdrawal of power utility PPC’s lignite-fired power stations over the next three or so years combined with a lack of development in RES energy storage systems offers gas-fueled power generation an opportunity to cover capacity to be lost by lignite-fired power station closures.

A recent BloombergNEF report noted big natural gas-fueled power stations are not necessary. However, market officials point to the National Energy and Climate Plan as proof of the need for such units.

The Mytilineos group is developing an 826-MW CCGT in the Agios Nikolaos area of Boetia, northwest of Athens, with the aim of a launch in late-2021.

Business plan, better results, new activities in DEPA Commercial VDR

The virtual data room for a forthcoming privatization to offer a 65 percent stake in DEPA Commercial, an offshoot of gas utility DEPA, expected to be opened for potential buyers to assess by the end of this week, will present a business plan, improved financial figures at DEPA, new company activities envisaged, as well as DEPA’s outlook on the course of the country’s natural gas market and the company’s position within it.

According to privatization fund TAIPED’s revised Asset Development Plan, participants will submit binding bids in December.

The field of first-round entries, comprising two consortiums and five companies, will have roughly three months to prepare binding bids, according to the schedule.

Hellenic Petroleum ELPE and Italy’s Edison are one of the privatization’s two participating consortiums, the other formed by power utility PPC and Motor Oil Hellas. The five individual participants are: Mytilineos, TERNA, Copelouzos group, Shell and the Swiss-based MET group.

New partnerships could be established by the field of participants as long as they do not affect the sale’s competition standards and have been approved by TAIPED.

The sale of DEPA Commercial is a major attraction for potential buyers as it offers a big slice of the wholesale and retail markets, including gas supplier Fysiko Aerio Attikis, a subsidiary covering the wider Athens area. Fysiko Aerio Attikis already serves close to 400,000 households and 10,000 businesses.

New target model department at Mytilineos, raising retail, RES goals

The Mytilineos group is assembling a new energy management and trading division, described as a pioneering effort for Greece, in preparation for the forthcoming arrival of the target model.

The new division will be tasked with handling all the group’s electricity production and trading matters, as well as natural gas trading and import activities, the objective being to bring together all the aforementioned concerns under the one management system.

Much is expected of this initiative, Evangelos Mytilineos (home), the group’s chairman and CEO, told analysts during a presentation of company first-half results.

The energy supply market is not yet mature enough for further concentration, Mytilineos noted, making clear his corporation is prepared for this prospect.

He attributed favorable results in the energy sector to low natural gas prices, forecasting a correction in the second half.

The Mytilineos group aims to have captured a 10 percent share of the retail energy market by the end of 2020, its head official noted.

The group has also set elevated RES goals and is aiming for 300 MW of operational wind energy farms and several more hundred MW at various stages of development by the end of 2021, Mytilineos informed.

Negotiations with power utility PPC for new electricity tariffs concerning aluminium producer Aluminium of Greece, a Mytilineos group member, are in progress, he added.

The cost of industrial electricity tariffs is a crucially important issue for the government and power utility PPC.

Mytilineos said he expects metal prices to rebound in the second half of this year, noting the group is not exposed to any price fluctuations for the remainder in 2020 as a result of hedging.

The group’s financial results for 2020 will be close to record levels posted for 2019, analysts were informed.

First-half results have taken the group a step closer to its objectives for the year, while, barring unexpected developments, last year’s dividend level will be maintained, the CEO added.

DEPA Infrastructure VDR open, DEPA Commercial data soon

A virtual data room has just been opened for the six bidding teams preparing to make second-round offers in the privatization of gas company DEPA Infrastracture, an offshoot of gas utility DEPA.

Czech company EPH, Italy’s Italgas, the Australian investment funds First State Investments and Macquarie, US firm KKR and China’s Sino-CEEF & Shanghai Dazhong Public Utilities now have access to all relevant data concerning the DEPA Infrastructure sale.

Another VDR is expected to be opened within the next few days for bidders participating in the privatization of DEPA Commercial, DEPA’s other entity up for sale.

The participants in this sale, seven entries in total, are: Motor Oil Hellas-PPC, ELPE-Edison, Mytilineos, GEK-TERNA, the Copelouzos group, Dutch company Shell and the Swiss-based MET Group.

VDR information for the DEPA Commercial sale will be made available over three phases as a protective measure intended to ensure competition. The first phase, offering non-sensitive data, will be open for all. Access to VDR information during the second stage, offering sensitive data, will be restricted to consultants. Bidders will be offered conditional access to confidential information in the third phase.

Greece’s privatization fund TAIPED is aiming to declare preferred bidders for both sales in the final quarter of this year. Market officials, however, believe this is more likely to occur in the first quarter of 2021.

DEPA Commercial bidders are allowed to team up and establish consortiums but partnerships for the DEPA Infrastructure sale are not permitted.

Bidders participating in the DEPA Commercial sale are mainly eyeing the company’s prized asset, retail gas supplier and subsidiary Fysiko Aerio Attikis, covering the wider Athens area. This company already serves close to 400,000 households and 10,000 businesses.

PPC secures 3 of 4.5 GW offered at last week’s flexibility auction

Power utility PPC secured the largest quantities at last Friday’s flexibility remuneration auction, obtaining 3 GW of a total of 4.5 GW made available to bidders, early data has shown.

Also, Mytilineos-Protergia secured 630 MW, followed by Elpedison with 469 MW and Heron with 339 MW.

The August 14 auction, staged by power grid operator IPTO, offered bidders flexibility remuneration rights for a period covering August 15 to October 31 this year.

A total flexibility capacity of 4,500 MW was offered at a starting price of 39,000 euros per MW, annually.

Gas supplier switching up 164% in newly liberalized gas market

A total of 20,134 gas company customers, 4.18 percent of 481,838 in total, switched suppliers in 2019, data provided by RAE, the Regulatory Authority for Energy, has shown.

This mobility highlights the Greek retail gas market’s heightened level of competition less than three years since its liberalization and the determination of customers to secure the best possible deals.

In 2018, when the country’s retail gas market was liberalized, 7,611 customers of 441,330 in total, a far lower 1.72 percent, switched gas suppliers.

These figures represent a 164 percent rise, between 2018 and 2019, of customers switching gas suppliers.

Businesses registered the greatest level of mobility, followed by household customers and industrial customers, in that order, both in terms of gas amounts used and number of supply connections.

The supplier switching rate in the household category was 4.12 percent in 2019, up from 1.69 percent in 2018. In the business category, 5.72 percent of consumers switched suppliers in 2019, up from 2.41 percent in 2018.

On the contrary, supplier switching in the industrial customer category fell sharply to 3.17 percent in 2019 from 8.78 percent in 2018.

In numbers, 19,180 household consumers of 465,018 in total changed gas suppliers in 2019. In the business category, 944 of 16,505 made switches to new suppliers last year. As for the industrial category, 10 of 315 customers moved to new gas suppliers in 2019.

Despite the increased level of customer mobility, two suppliers, Zenith and Fysiko Aerio, remained dominant, capturing market shares of 65.51 and 25.76 percent, respectively, in terms of number of connections, according to the RAE data. The two frontrunners were followed by Mytilineos (2.85%), Elpedison (2.05%) and NRG (1.16%).

These market shares and rankings differ when based on gas volume. Under these terms, Zenith’s share was 35.95 percent in 2019, while Fysiko Aerio captured a 31.13 percent share. They were followed by PPC (5.96%), Mytilineos (5.44%), Heron (5.25%), Elpedison (5.21%) and DEPA (3.51%), among a field of smaller players.

 

 

GEK TERNA set to develop new 660-MW thermal unit

GEK TERNA is expected to finance its development of a gas-fueled power station with a 660-MW capacity in Komotini, northeastern Greece, through bond funds totaling 500 million euros, sources have informed.

In a company statement, GEK TERNA noted it intends to use 400 million of 500 million euros in bond funds to finance the group’s investment program, which includes gas-fueled power generation.

GEK TERNA is close to reaching an investment decision on this facility, the sources added. It would represent the third thermal unit involving the group.

GEK TERNA, which has the potential to play a key role in renewable energy through Terna Energy, is not overlooking thermal-unit developments.

Greece’s decarbonization strategy and the dominance of natural gas as the main fuel during the energy transition are two factors creating major opportunities for the GEK TERNA group.

Other vertically integrated electricity producers are also preparing new thermal facilities. The Mytilineos group is already constructing an 826-MW gas-fueled power station in the Boetia area, slightly northwest of Athens. This unit is expected to be launched next year.

A licensing procedure by Elpedison, also for an 826-MW facility, in Thessaloniki, is maturing.

In addition, the Copelouzos group is making progress on licensing for a 660-MW facility in Alexadroupoli, northeastern Greece. Company official Kostas Sifneos recently said this facility’s launch is scheduled for 2022.

The country’s big energy players are also continuing to eye Balkan markets for electricity exports, pundits informed.

DEPA Commerce sale may change gas, electricity markets

Ongoing procedures in the sale of DEPA Commerce could serve as a catalyst for major changes in the retail gas and electricity markets, leaving fewer players in these markets.

Challenges of the new era, from electromobility to renewable energy, are expected to soon lead to the establishment of various energy-sector mergers and partnerships in Greece.

Talks between company officials for potential partnerships have proliferated since seven consortiums were confirmed as the qualifiers through to the second and final round in the sale of gas utility DEPA’s commercial division.

Hellenic Petroleum (ELPE) chief executive Andreas Siamisiis, during a press conference yesterday, left open the prospect of an entry by an additional partner into the consortium formed by ELPE and Italy’s Edison. This consortium is among the sale’s seven qualifiers.

Such a development could even influence the line-up of electricity supplier Elpedison, a joint venture formed by ELPE and Edison for Greece’s retail market, Siamisiis admitted.

It is believed that fellow qualifiers Motor Oil and Greek power utility PPC, who also joined forces for the DEPA Commerce sale, are moving to expand their consortium for this sale.

Highlight the importance of the DEPA Commerce sale, and its potential to lead to sweeping changes, six major Greek energy companies are involved in the DEPA Commerce sale, a record level of interest for any local energy-market sale in recent years.

Besides the three aforementioned Greek players, Mytilineos, GEK-TERNA and Copelouzos are also vying for DEPA Commerce.

Electricity producers are the market’s biggest gas consumers, which entwines the interests of gas and electricity players.

Universal supply service overcharge set at 12%

Electricity consumers resorting to the universal supply service, covering the energy needs of households and small businesses shunned by suppliers for failing to be punctual with payments, will face tariff levels 12 percent over the regular market rate, according to a related ministerial decision.

The country’s five biggest electricity suppliers, in terms of retail market share, will need to share the pool of old and new unwanted customers and provide the universal supply service.

Previously, the market leader – consistently PPC – was forced to offer the service alone after suppliers chose not to submit bids to related universal service tenders.

Under the service’s new rules, the highest tariff rate among the top five suppliers will serve as the base for the 12 percent overcharge.

PPC, still dominating Greece’s retail electricity market with a 90 percent share of power meters, Protergia (Mytilineos), Heron, Elpedison – all three control 3 percent each – and NRG (1%) are the top five suppliers who, by law, must offer the universal supply service.

 

 

PPC mid-voltage market share tumbles to 30%, competition intense

Power utility PPC’s market share in the mid-voltage category, where competition has intensified, slid to 30.2 percent in May, well below its 53.72 percent share in January, making way for independent suppliers who have made significant gains since the beginning of the year.

Protergia, a member of the Mytilineos group, ranked second in the mid-voltage market, was the biggest gainer during the five-month period, increasing its mid-voltage market share to 20.02 percent in May, nearly double January’s 12.19 percent.

Heron follows with 13.74 percent, up from 9.24 percent in January. Elpedison is ranked fourth with 9.34 percent, from 6.72 percent in January. NRG is next, closely behind, with a 7.74 percent mid-voltage market share, from 5.16 percent at the beginning of the year.

No major market-share changes have been reported in the high and low-voltage categories.

Overall – high, mid and low-voltage categories – PPC captured 66.27 percent of the market in May, slightly below the previous month’s 67.25 percent.

Protergia is ranked second, overall, with a 7.31 percent share, up from 6.84 percent in April. Heron is in third place with 6.27 percent, gaining from the previous month’s 5.81 percent. Elpedison follows with 4.97 percent, down from 5.06 percent in April.

Six Greek heavyweights among DEPA Commercial contenders

Six major Greek energy market players are among the contenders through to the second round of the DEPA Commercial sale, the biggest domestic turnout for an energy-sector tender in recent years, highlighting the gas market’s significance and prospects over the next decade.

The country’s energy transition plan is aiming for zero emissions by 2030.

Hellenic Petroleum (ELPE), joined by Italian partner Edison, a Motor Oil and power utility PPC partnership, Mytilineos, Gek-Terna and the Copelouzos group are the six Greek contenders, among a list of seven bidding teams shortlisted for the DEPA Commercial sale’s final round, entailing binding bids.

Gas utility DEPA, from which DEPA Commercial has been established for the utility’s privatization, may have lost its monopoly in the natural gas market, but its assets and market share promise the new owner a leading position during Greece’s decade of decarbonization, electric vehicle market growth and drastic reduction in fuel consumption.

As a result, fierce bidding for DEPA Commercial is expected.

The company’s acquisition will provide the new owner with a portfolio of 350,000 customers plus DEPA Commercial’s international supply contracts with Russia’s Gazprom, supplying pipeline gas to the Greek company for years; Algeria’s Sonatrach, supplying LNG; and Turkey’s Botas.

Gas quantities from Azerbaijan have also been reserved by DEPA Commercial via the imminent TAP route.

 

 

 

Seven bidders through to DEPA Commercial sale’s final round

The Board of Directors of the Hellenic Republic Asset Development Fund (HRADF), during today’s meeting decided, that seven interested parties meet the criteria to participate in Phase B (Binding Offers Phase) of the tender process for the acquisition of 65% of the share capital of DEPA Commercial (Trade) S.A., with an option of acquiring the total of its issued share capital by virtue of a Memorandum of Understanding (MoU) between DEPA S.A. shareholders, HRADF and Hellenic Petroleum S.A. (HELPE), the development fund has announced in a statement.

The prequalified interested parties to participate in Phase B of the tender are (in alphabetical order):

  1. C. G. GAS LIMITED
  2. Consortium HELLENIC PETROLEUM SA & EDISON INTERNATIONAL HOLDING N.V
  3. Consortium MOTOR OIL HELLAS CORINTH REFINERIES SA & PPC SA
  4. GEK TERNA SA
  5. MET HOLDING AG
  6. MYTILINEOS SA
  7. SHELL GAS BV

Following the signing of the relevant Confidentiality Agreement, the prequalified interested parties will receive the documents of Phase B (Binding Offers Phase) and will grant access to the virtual data room (VDR), where data and information related to DEPA Commercial S.A. are uploaded, the statement added.

 

 

 

 

DEPA Trade sale short list this month, sooner than expected

Privatization fund TAIPED is expected to announce its short list of final-round qualifiers in a tender offering a stake of at least 65 percent, possibly even 100 percent, of DEPA Trade – a new entity formed by gas utility DEPA as part of its privatization – within the next few weeks, far sooner than expected.

Deteriorated international investment conditions have prompted fears of a slower sale procedure.

The privatization fund, now close to finalizing its appraisals of nine first-round bids, has requested clarification from participants.

The DEPA Trade privatization was expected to drag well behind that of DEPA Infrastructure, seen as a lower-risk sale effort offering investors regulated earnings, but the two privatization efforts now appear likely to move ahead almost concurrently, or a few weeks apart.

A list of six final-round qualifiers in the DEPA Infrastructure sale was announced a week ago. Authorities are aiming to complete this sale towards the end of the year.

As for DEPA Trade, this entity promises the winning bidder an immediate advantage in Greece’s natural gas market as more than 200,000 customers around the country will be gained.

DEPA Trade’s wholesale gas trading activity is another appealing factor, despite the fact that it shrunk to 40 percent of the market’s total last year, as the growing southeast European market offers huge potential.

DEPA Trade’s nine first-round bidders are: C.G GAS LIMITED; MET HOLDING AG; POWER GLOBE LLC; SHELL GAS B.V.; VITOL HOLDING B.V.; GEK TERNA; HELLENIC PETROLEUM (ELPE) & EDISON INTERNATIONAL HOLDING N.V. consortium; MOTOR OIL HELLAS & GREEK POWER UTILITY PPC (consortium); MYTILINEOS.