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Greek Energy Forum Newsletter, 16th July 2018

Lots of good news emerging out of Greece over the past two weeks:

Greece’s energy regulator, RAE, auctioned off a total of 277.32 MW in wind and solar photovoltaic (PV) capacities in in an auction held on July 2, obtaining prices lower than in the December 2016 pilot tender. 

Bulgarian Energy Holding (BEH) and the European Investment Bank (EIB) have signed a Memorandum of Cooperation for the financing of the Bulgarian side of the Greek-Bulgarian gas grid interconnector (IGB), while, in a concurrent development, the IGB consortium and the TAP consortium, constructing the gas pipeline to carry Azeri natural gas through northern Greece, Albania and across the Adriatic Sea to Italy, have also signed an interconnection agreement to link the two pipelines. 

Greek shipowners, meanwhile, continued their ordering spree focused on the LNG Carrier segment.

And the Copelouzos group has made moves both in the renewables/conventional electricity sector and in the DEPA Trade sale.

On the other hand, however, Eurasia Interconnector and ITPO seem highly unlikely to reach an agreement regarding the development of the Crete link. RAE is pushing the two stakeholders to form a joint venture for the delivery of the project as per the MoU signed last October. However, the Eurasia Interconnector consortium does not favour this solution and insists that the project is included in its responsibilities i.e. the connection of the Greek, Cypriot and Israeli grids via Crete.

The GEF Newsletter will take a summer break and return in mid-August.

Wishing you all a great summer! 

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Policy & Regulation

EU’s next top model could unlock Paris Agreement

In order to ensure that Europe will be on track with the Paris Agreement-compliant climate trajectory, plans for a long-term strategy have been outlined by the European Commission. On Tuesday, July 10, the European Parliament’s energy committee approved new legislation means that the Commission must put together a mid-century climate plan by next year. (euractiv)

China’s Belt and Road in Balkan coal dead end & why the EU should care

Within the frame of burn Balkan coal, the Western Balkans’ governments receive Chinese loans, which are presented to the public as investments, to buy new Chinese coal plants. Both sides realize that ever stricter EU regulation on pollution means these plants will not operate their projected life cycles nor yield projected financial returns to justify them. (balkangreenenergynews)

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Oil & Gas

Total-ExxonMobil-ELPE Crete plot to be ratified in autumn

A consortium comprised of Total, ExxonMobil and ELPE (Hellenic Petroleum) has been declared the preferred bidder in an international tender offering two offshore plots, west and southwest of Crete, the energy ministry has announced, paving the way for the ratification of contracts in parliament in autumn. (energypress)

ITGI Poseidon seeks license for Turkish Stream Greek segment

ITGI Poseidon, a partnership established by DEPA, the Greek gas utility, and Italy’s Edison, is moving to develop Turkish Stream’s Greek segment – from a point at the Greek-Turkish borders running across the country’s north for an Adriatic Sea crossing to Italy – as long as Russia’a Gazprom chooses to support this plan as an additional supply route to Europe. The big question at this stage is whether Gazprom will choose Greek or Bulgarian territory for the continuation of Turkish Stream, whose initial segment is planned to supply the Turkish market. (energypress)

Copelouzos group emerges as latest DEPA Trade candidate 

The Copelouzos group has stepped forward to made clear its interest in a 51 percent stake of DEPA Trade, gas utility DEPA’s forthcoming subsidiary to be offered as part of a bailout-required privatization along with a minority stake in DEPA Infrastructure, the DEPA sale’s other subsidiary in the making. The Copelouzos group is the latest major player to have emerged as a prospective buyer of DEPA Trade. Mytilineos and ELPE (Hellenic Petroleum), holding a 35 percent stake in DEPA, have both already declared they will bid for DEPA Trade. (energypress)

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Power Markets

PPC units sale second-round deadline set for October 7

The participants that made it to the second round (which is all the first round participants) will have until the 7th of October to submit binding offers for the acquisition of lignite mines and power stations representing 40 percent of the utility’s overall lignite capacity. (energypress)

First CAT flexibility auction expected in September

The first auction of the new transitional CAT mechanism is expected to take place in September. The new mechanism is transitional and is expected to last up to the first half of 2019 which is the implementation date for the European Target model.  The mechanism will compensate generators for offering flexibility to the grid and comes as a delayed replacement of the older mechanism expired in April 2017. The mechanism is expected to offer compensation for 4,267MW per year and the descending auction price should be set at €39,000/MWh. (energypress)

Chances of an IPTO-Euroasia agreement for Crete link fading

Eurasia interconnector and ITPO seem highly unlikely to reach an agreement regarding the development of the Crete link. RAE is pushing the two stakeholders to form a joint venture for the delivery of the project as per the MoU signed last October. However the Eurasia Interconnector consortium do not favour this solution and insist that the project is included in its responsibilities i.e. the connection of the Greek, Cypriot and Israeli grids via Crete. Failure of the two parties to reach an agreement would lead RAE to stage a tender for the development of the project. (energypress)

Issues stopping big consumers from signing new PPC contracts

Uncertainty around CO2 emission costs (EUAs) and transmission system usage costs are preventing large industrial consumers to sign new supply contracts with PPC. Industrial customers would like to have a clear view on how these costs affect the utility before proceeding to new agreements. (energypress)Thumbnail _renewables

Renewables

Greece completes its first regular competitive auction for renewables

Greece’s energy regulator, RAE, auctioned off a total of 277.32 MW in wind and solar photovoltaic (PV) capacities in in an auction held on July 2, obtaining prices lower than in the December 2016 pilot tender. Greece’s Egnatia Energia was awarded 43 projects with a total capacity of around 34 MW in the category of small PV projects up to 1MW. In the category of PV projects of over 1MW and up to 20MW, Germany’s ABO won five projects with a total capacity of 45 MW. EDP Renovaveis, a subsidiary of Portugal’s EDP Group, was awarded the largest wind project. (Balkan Green Energy News)

Improvements in country risk and installation costs push down RES auction prices

Greece’s reduced country risk and the drastic drop in RES technology purchase and installation costs, both for solar and wind energy, appear to have been key factors that drove down prices for output remuneration at the latest RES auction, staged by RAE, the Regulatory Authority for Energy. For quite some time now foreign players have been hesitant to enter Greece’s RES market as the country risk remained elevated. But the participation of major players such as Germany’s ABO and Portugal’s EDP Renovaveis at the latest RES auction is expected to intensify competition with local firms and set a trend for more investments in the future. (Energypress)

China Energy gains renewable foothold in Greece, eyes Balkan expansion

ChinaEnergy Investment Corporation, one of the world’s largest power companies, has signed a cooperation agreement with Greece’s Copelouzos Group for renewable energy and conventional electricity. The Chinese company, one of the world’s biggest producers of energy both from conventional and renewable sources, will acquire 75% of the pipeline of wind farms in Greece, the Greek group’s President and CEO Dimitris Copelouzos said. (Balkan Green Energy News)Thumbnail Shipping Transportation

Shipping

DSME wins 100th order from Greece’s Angelicoussis Shipping Group

Daewoo Shipbuilding & Marine Engineering Co. has secured a new order from Maran Gas Maritime Inc. to construct an LNG-FSRU unit which is numbered as the 100th order of the Angelicoussis Shipping Group. The floating storage unit will have a capacity of 173,400 CuM, is expected to be delivered during the first half of 2021 and its contract price is estimated by the market to be c. $206 Mln. Since 1994 the 100 orders placed by Angelicoussis to the shipyard worth almost $11 Bln and 82 out of them have been delivered whereas the remaining 18 are still under construction. (Hellenic Shipping News)

Marinakis Sets Sights on 10 LNG Carriers at HHI

The Marinakis-led company Capital Gas, has agreed with Hyundai Heavy Industries to construct up to 10 LNG carriers with a firm order for four units plus two options that include three vessels each. The vessels’ capacity will be between 170,000 and 180,000 CuM and if the deal is confirmed the delivery of the first four ships is expected between 2020 and 2021. This order is considered as the debut of Capital Ship Management Corp on the LNG market. (World Maritime News)

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GEF and the United Nations Economic Committee for Europe (UNECE)

For its third year as a member of the Group of Gas Experts of UNECE, Alexandros Lagakos had the pleasure to represent the Greek Energy Forum and to present within the imposing building of UN Palais De Nations in Geneva on the topic of global LNG trading and optionality. 

The presentation highlighted to UN delegates that in 2017 the Mediterranean together with China were the two places in the world that massively outperformed forecasts in regards to their actual LNG imports. Med countries - and within them Greece - deserve more attention by the global LNG industry and this is a message that we as Greek Energy Forum are working hard to convey to our international audience.

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Partnership announcement - Enalytica

The Greek Energy Forum (GEF) has the privilege to announce its partnership with enalytica and to share with you the product of their valuable collaboration. 

From now on, the “GEF Reality Check” report, which is distributed quarterly to all our members and followers, will be accompanied by a succinct and very insightful data dashboard, particularly compiled and customized for GEF by enalytica. 

Enalytica is a US-based energy advisory firm that has worked with governments, state- owned enterprises and private firms to advance major energy projects. Its goal is to leverage data and technology to facilitate decision-making in the energy space. 

Enalytica and GEF have joined forces to increase energy data transparency and raise international awareness on the Southeastern European and Eastern Mediterranean region. 

Their objective is to gradually expand the scope of the existing market report and cover more and more national markets within the broader region.

Knowledge Partnership with Natural Gas World

The GEF is happy to announce the commencement of an exciting knowledge partnership with Natural Gas World. Natural Gas World is an independent specialized website dedicated to bringing you the most essential, accurate and reliable information on global gas matters.

GEF Internship Programme Launched

The Greek Energy Forum is delighted to announce the launch of the Internships Programme and would like to invite students and recent graduates to submit their CVs as a range of internships across Europe will be soon available in our partner companies as well as within GEF.

Please send your CV and cover letter to info@greekenergyforum.com quoting “Internship Programme - CV” on the subject, and include your availability to start, current location and flexibility to travel and preferred type of employment (part-time/full-time).

 

 

 

 

 

 

  

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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The Greek Energy Forum newsletter is brought to you by our team of subject-matter experts: Martha Tallas (Oil & Gas), Loukas Botsis (Gas & Power), Athina Sylaidy (Enviroment & EU Policy), Kassiani Savvopoulou (Shipping), Leonidas Kanonis (Renewables). We are always keen to receive your feedback, so please do not hesitate to contact us at info@greekenergyforum.com.  

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