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Greek Energy Forum Newsletter, 9th June 2019

Cyprus’ government has reached a deal to revise the contract with US-based company Noble Energy and its joint venture partners, Israel’s Delek Group and Royal Dutch Shell to develop the Aphrodite gas field, Cyprus media reported. Hydrocarbons Company CEO Charles Ellinas told New Europe on May 31 the deal reached between Cyprus’ government and the Aphrodite gas field stakeholders to modify the Production Sharing Contract (PSC) means that Cyprus will be able to monetise Aphrodite. He stressed that in fact this one of the requirements of the deal.

Cyprus’ Energy Minister Giorgos Lakkotrypis said the government concluded an agreement with US-based Noble Energy, Royal Dutch Shell and Israel’s Delek on the distribution of revenues from natural gas exploitation from the Aphrodite field in the eastern Mediterranean and the transfer of natural gas by underwater pipeline to Egypt’s Idku LNG terminal.

Visit the new GEF website to register for events, read news and learn about our other activities.

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Policy & Regulation

Greens land historic result in European elections in clear call for climate action

Considering a sustainable European future and implementing, at the same time, the EU’s commitments with regards to climate action, the results of the election set the Greens/EFA group to be the fourth-largest force in the European Parliament, which could put it in the kingmaker position. (balkangreenenergynews)

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Oil & Gas

Second-round market test for Alexandroupoli FSRU in July

Gastrade, heading an effort for the development of an FSRU project in Alexandroupoli, northeastern Greece, is close to launching a binding second-round market test for annual capacity reservations, seen taking place within July. The company has requested the approval of market-test guidelines and regulations from RAE, the Regulatory Authority for Energy, sources have informed. (energypress)

Overall fuel sales slump by 4% in first four-month period

Overall fuel demand fell by 4 percent in the first four-month period compared to the equivalent period last year, extending the market’s recent run of lower consumption, data has shown. Gasoline demand dropped by 4 percent in the first four months of 2019 compared to a year earlier, while diesel sales were down by 2 percent. The overall 4 percent decline comes despite strong demand registered for heating fuel earlier this year as a result of the cold winter. (energypress)

Hydrocarbon licenses on hold as a result of snap elections

The country’s ambitious hydrocarbon exploration and production plan appears set to be impacted by further delays as a result of the government’s call for snap elections, now expected to take place on July 7. License agreements signed recently for offshore blocks in the Ionian Sea and west of the Peloponnese, will, as a result, not be pushed through for ratification in parliament until after the elections. (energypress)

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Power Markets

Privatizations facing reshape amid political developments

Plans for Greece’s energy-sector privatizations such as CAT mechanism remuneration eligibility for power utility PPC’s new Ptolemaida V power station are up in the air following the call for snap elections in July. The sales of PPC lignite units and a stake of Hellenic Petroleum PPC, both already delayed, will now grind to a halt and await the country’s next administration for renegotiation with the lenders.

PPC pushes back power plants bid deadline because of snap elections

Greece’s electricity utility PPC has pushed back by more than a month a deadline for binding bids for three coal-fired power plants it is selling under a post-bailout agreement. The date for the submission of bids has been pushed from the end of May to July 15. (ekathimerini)

Framework interconnector agreement signed between Egypt, Cyprus, Greece

The Egyptian Electricity Transmission Company and Nicosia-based EuroAfrica Interconnector Limited have signed a framework agreement for the construction of the 1,707-km subsea EuroAfrica Interconnector cable which will connect Egypt, Cyprus, and Greece, the promoter of the project, EuroAfrica Interconnector Limited, said in a press release. (Balkan Green Energy News)

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RES measures needed now to avoid issues, association warns

The Greek Association of Renewable Energy Source Electricity Producers (ESIAPE) has warned that a series of RES sector measures must urgently be legislated and not held back by pre-election obstacles otherwise the sector faces a serious risk of devastation.  (energypress)

RES output payments troubled by new system delay

Major delays in the implementation of a new renewable energy support system, requiring full coordination between various industry agencies, threaten to leave producers unpaid for their output. A snap election called by the government and held in the first week of July makes the legislative activity needed highly unlikely. (energypress)

RES market operator to set up special account for surplus refunds

RAE, the Regulatory Authority for Energy, has approved a formula enabling procedures to begin for supplier surcharge refunds resulting from a RES special account surplus of 121.12 million euros in 2018 following the deduction of a 70 million-euro safety net. RES market operator DAPEEP, formerly known as LAGIE, plans to return supplier surcharges over two stages. (energypress)

Juwi readies to start building 204 MW Kozani solar park

Juwi Hellas, the Greek subsidiary of Germany’s Juwi, plans to start building a 204 MW solar park in Greece in December 2019, the largest solar PV project in South-East Europe (SEE), the company said in a press release. Construction is expected to being in December this year and the solar park is scheduled to be connected to the grid by April 2021. (Balkan Green Energy News)

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Greek shipowner Nikolaos Vafias goes on $65m shopping spree

Greek shipowner Nikolaos Vafias is said to have acquired 3 vessels within a period of one week that worth circa $65 Mln. The vessels include one capesize bulker and two LPG carriers, one of which is a second-hand Japanese built with a capacity of 38,000 CuM and the other one a resale Japanese under construction with a capacity of 11,000 CuM. These latest acquisitions have built up the group’s fleet up to 82 ships. (All about

Star Bulk Carriers Agrees to Acquire Eleven Dry Bulk Vessels From Delphin Shipping

Greek-led Star Bulk Carriers has come into an agreement to purchase 11 dry bulk carriers from Kelso & Company’s Delphin Shipping for a price of almost $140 Mln. The vessels are made up of 10 supramaxes and one ultramax and are payable in the form of $80 Mln in cash and the remainder in shares. Star Bulk expects to close the deal during June, lifting its fleet to 120 vessels. (Hellenic Shipping 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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