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Greek Energy Forum Newsletter, 15th October 2018

Gas utility DEPA and leading US energy exporter Cheniere, engaged in advanced talks for a first LNG shipment to the Greek market, have agreed on two possible time slots for orders, the first during the opening months of 2019, to cover peak winter-season demand, and the second for shipment in July or August to coincide with elevated summer-season energy demand.

Meanwhile, DESFA, the country’s gas grid operator, has pledged, in writing, that an additional third storage tank at its LNG terminal on the islet Revythoussa, just off Athens, will be ready for a commercial launch between November 15 and 20, a prospect that eases concerns of an energy supply shortage in Greece this winter.

And team of officials representing Snam, the Italian energy firm heading an all-European gas operator consortium named the preferred investor for the acquisition of a 66 percent stake of DESFA, Greece’s natural gas grid operator, visited Athens last week to apply pressure for the completion, as soon as possible, of pending issues leading to the deal’s finalization.

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Policy & Regulation

European Commission unveils action plan to develop sustainable and circular bioeconomy

Within the frame of enhancing jobs, growth and investments in the European Union, European Commission put forward an action plan on the development of a sustainable and circular bioeonomy. Its broader aim is to address global and local challenges such as climate change and sustainable development. (balkangreenenergynews)

EU lawmakers support 55% emission cuts as IPCC spectre lurks

After the landmark report of the Intergovernmental Panel on Climate Change (IPCC) on the effects of global warming, the Members of the European Parliament voted, on 10th of October, to increase the EU’s Paris Agreement emissions pledge by 2020. Furthermore, the Parliament’s environment committee decided that the EU should bump its greenhouse gas emissions reduction pledge up to “at least 55%”. (euractiv)

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Oil & Gas

TAIPED to delay DEPA, ELPE privatization schedules

TAIPED, the state privatization fund, is preparing to extend its completion deadline for a 50.1 sale of Hellenic Petroleum (ELPE) and also delay the launch of gas utility DEPA’s privatization. An October deadline faced by Glencore and Vitol, ELPE’s two prospective buyers, for binding bids now appears set to be shifted to November.(energypress)

Fuel smuggling worth €250m annually, sector authority notes

Manipulated petrol station pumps, adulterated fuel and a lack of inspections by authorities, all persisting Greek fuel market problems, are contributing to illicit fuel trade worth as much as 250 million euros, annually, local industry authorities have noted. (energypress)

DESFA, MER resume talks for Greece-Fyrom pipeline link

Greek gas grid operator DESFA and Fyrom (Former Yugoslav Republic of Macedonia) state-run energy company MER Skopje have resumed talks for the development of a pipeline interconnection intended to link the gas grids of the neighboring countries. (energypress)

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Power Markets

ELTA now eyeing households, businesses after mid-voltage effort

ELTA (Hellenic Post) which has seen a 10-fold increase of its market share in the electricity supply business following aggressive pricing policy will now target domestic and small business consumers. The firm is trying to maximize its share and it anticipated that there is no significant growth potential left within the mid-voltage sector that has been focusing until now. (energypress)

Compromise reached for Crete-Athens link, tender soon

All parties seem to have reached an agreement regarding the Crete-Athens interconnector during a meeting in Brussels. IPTO, the Greek power grid operator will remain leader of the project, a development that is in line with the intentions of the Greek Energy ministry even though Greek officials seem to have accepted some level of compromise. (energypress)

PPC’s Kardia power station set for closure, minister to tell

Two out of the four units in the 1,250MW station located in northern Greece will close this November, with the other two units heading for closure in April or May. The ministry will not seek an extension permit from the European Commission and the operating hours allowance for these units will end during the periods mentioned above. Employees at the mining facility will most likely continue to work for supplying other PPC lignite units whilst the staff of the power station will be transferred to other PPC facilities. (energypress)Thumbnail _renewables


EU sees potential for Greece to play a role in sustainability, energy security

Speaking at the 2nd Sustainability Summit for South-East Europe and the Mediterranean in Athens on October 1, Maroš Šefčovič noted that Greece has a strategic geographical location and is a vital pillar of the transition to sustainable energy growth. The EU is looking at the promotion of renewables and energy efficiency not only as a way to protect the environment but also as an important tool how to increase the bloc’s energy security. (News Europe)

Land shortage may be delaying PV development despite interest

The country’s recently launched RES auctions have sparked renewed investor interest, especially among major-scale players, in the renewable energy sector but potential growth is being subdued by difficulties in finding land for solar energy park installations, Greek energy news portal energy press said. (energypress)

Market opposes RAE’s proposal on limiting capacity for RES auction bidders

During a recent energy conference that took place in Athens, Greece, several renewable energy market players expressed their opposition to a public consultation proposal made by RAE, the Regulatory Authority for Energy. The proposal would impose a 20 per cent limit on RES auction participants for capacities offered in all categories. The measure was proposed by RAE as a measure to avoid situations like a recent one where one participant accumulated 50 per cent share of the capacity offered. (energypress)Thumbnail Shipping Transportation


Navios Maritime Containers Announces Delivery of Containership

Greek company Navios Maritime Containers announced that it just took delivery of the 2009 built “Navios Miami” for a price of $13.9 Mln. The vessel is employed on a time charter for $11,791/day until this December and is projected to generate circa $1.9 Mln of EBITDA for the first year. The purchase of the vessel was funded with cash on the balance sheet combined with a $9.0 Mln term loan facility. (Hellenic Shipping News)

Seanergy Maritime Holdings Becomes Solely Capesize Owner

Greek company “Seanergy Maritime Holdings Corp.” has recently sold its last two supramax bulk carriers, thus remaining exclusively a capesize owner since the company’s CEO mentioned that he foresees more profitable results in this segment. The supramax vessels were sold for a price of $23 Mln and the company just bought a capesize vessel for $28.7 Mln in order to stabilise its position. The ship is employed on time charter to a drybulk operator at a rate of $17,150/day with redelivery scheduled within January 2019. (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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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.































































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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  

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