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Greek Energy Forum Newsletter, 18th February 2019

 

With Megolopoli units not being able to attract any viable offers, and an improved offer from Mytilineos Group for the Meliti unit pending, PPC has failed to meet the requirement for the sale of 35.6% of its lignite fired units. Now its fate is at the hands of Brussels and the corporation is worried that the European commission may request the addition of hydropower units in the offer. (energypress)

U.S. automotive and energy company Tesla, Inc.’s executives have met with Greek Minister of the Environment and Energy Giorgos Stathakis to discuss possible cooperation on modernizing Greek islands’ power grids as part of a strategy to reduce the use of fossil fuels in favour of renewables. The cooperation would involve microgrids connected to energy storage systems, according to reports, while the Greek Minister said the discussions focused especially on the islands not connected to the continental electricity grid, and to a strategy to switch to renewable energy sources. (Balkan Green Energy News)

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Policy & Regulation

EU strikes deal on rules to govern Russia’s Nord Stream 2 pipeline

On Tuesday, February 12th, the European Union reached a deal regarding new rules governing import gas pipelines. This deal will lead to a new law in the coming months, which aims to ensure that the principles of EU energy legislation apply to all gas pipelines to and from third countries.  (euractiv

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Oil & Gas

ELPE bidders given exemption right for ELPE Upstream costs

Potential buyers participating in a sale offering a controlling 50.1 percent stake in ELPE (Hellenic Petroleum) will be given the option of being exempted from hydrocarbon exploration-related expenses concerning ELPE Upstream, a separate division holding ELPE’s hydrocarbon exploration and concession rights. A 51 percent stake of ELPE Upstream will remain under the control of the state. Potential buyers will have the right to refuse to partake in ELPE Upstream’s investment activities, given the minority stake they will hold in this venture. (energypress)

DEPA-Cheniere LNG supply deal negotiations reach advanced stage

Gas utility DEPA and US energy exporter Cheniere have reached an advanced stage in negotiations for a long-term LNG supply agreement that could result in a five-year deal, according to sources. A 150,000-cubic meter spot-market purchase made by DEPA from the Texas-based company towards the end of last year kindled the current negotiations for a longer-term agreement between the two sides, energypress sources informed.(energypress)

DESFA, Windows International to battle for northern pipeline

Respective applications submitted by Windows International Hellas, an enterprise controlled by Russian entrepreneur Leonid Lebedev, and Greece’s gas grid operator DESFA for the development of a gas pipeline interconnection running from Greece’s north into North Macedonia have both been approved by RAE, the Regulatory Authority for Energy, viewing  the proposals as rival initiatives. (energypress

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Power Markets

PPC fate in hands of Brussels, hydropower units addition a fear

With Megolopoli units not being able to attract any viable offers, and an improved offer from Mytilineos Group for the Meliti unit pending, PPC has failed to meet the requirement for the sale of 35.6% of its lignite fired units. Now its fate is at the hands of Brussels and the corporation is worried that the European commission may request the addition of hydropower units in the offer. (energypress)

PC disinvestment flop costly, NOME tally at 115% of output

RAE has added an extra 528MW penalty in the amount required to be offered through NOME auctions for 2019 because of PPCs failure to sell part of its lignite fired units. This brings the total amount to 1,972MW equal to 115% of PPC’s total lignite and hydropower output. Ths means that PPC will have to its entire lignite and hydropower-based output and also buy 15% in the wholesale market. (energypress)

PPC, requiring cash injections, reiterates need for tariff hikes

PPC officials commented that the organization need to resort to existing cash reserves to service the maturing international bond, worth around €350m, if it fails to access capital markets by May.  This is viewed by pundits as an indication of price rises. (energypress)Thumbnail _renewables

Renewables

New wind turbine connections to grid rise by 7.2% in 2018

A total of 103 new wind turbine facilities with a combined capacity of 191.6 MW were connected to the country’s grid in 2018, a 7.2 percent year-on-year increase, the ELETAEN figures showed, according to latest data released by ELETAEN, the Greek Wind Energy Association. EREN, the renewable energy group founded and headed by Greek-French entrepreneur Paris Mouratoglou, has emerged as a new entry in Greece’s top-five list of RES investors with investments offering a total capacity of 210.9 MW, a 7.5 percent market share. (energypress)

Greece discussing microgrids, energy storage systems with Tesla

U.S. automotive and energy company Tesla, Inc.’s executives have met with Greek Minister of the Environment and Energy Giorgos Stathakis to discuss possible cooperation on modernizing Greek islands’ power grids as part of a strategy to reduce the use of fossil fuels in favour of renewables. The cooperation would involve microgrids connected to energy storage systems, according to reports, while the Greek Minister said the discussions focused especially on the islands not connected to the continental electricity grid, and to a strategy to switch to renewable energy sources. (Balkan Green Energy News)

Cyprus completes draft NECP, Greece to focus on fighting energy poverty

Cyprus, one of seven EU member states that have failed to submit their draft National Energy and Climate Plans (NECP) until 2030 to the European Commission by the December 31, 2018 deadline, has completed the draft proposal. Meanwhile Greece, another EU member state to have missed the end-2018 deadline, envisages around EUR 30 billion in investments under its draft NECP, according to local sources. Greek Minister of Environment and Energy Giorgos Stathakis has described the energy poverty objective a top priority for the government. (Balkan Green Energy News)

Strong US interest can be expected in local RES market, ambassador tells

American investor interest can be expected to be strong for opportunities in Greece’s renewable energy market, the US Ambassador to Greece, Geoffrey R. Pyatt, has told an American-Hellenic Chamber of Commerce event, at its Thessaloniki branch, for the New Year. Another highly-ranked US diplomat, speaking on the sidelines of the Thessaloniki event, informed that beyond Tesla, further American interest in Greece’s RES market should also be expected from a major Chicago-based company active in wind energy production and storage. (energypress)Thumbnail Shipping Transportation

Shipping

Capital Ship Management and Liberty One Announce the Acquisition of Two High Specification Container Vessels ‘Asterix’ and ‘Apostolos II’ by their JV Capital Liberty Invest

The joint venture “Capital Liberty Invest”, recently purchased its first two sister feeder containerships, built in Sedef shipyard in Istanbul. The first vessel “Ibrahim Dede” has already been delivered and entered into its charter to one of the biggest container operators, while the second one “Cafer Dede” is due to be delivered. Both vessels are of high specs as they have an attractive speed/consumption profile and have been already retrofitted with ballast water treatment systems. (Hellenic Shipping News)

TOP Ships Inc. Announces Delivery and Charter Employment of M/T Eco California

 Greek interests’ company “TOP Ships Inc.”, which owns and operates modern and fuel-efficient tankers and at present is concentrating on the carriage of petroleum products, has announced that it took delivery of the 50,000 Dwt newbuilt product/chemical tanker “Eco California” that had ordered at the shipyard Hyundai Mipo in South Korea. The tanker is said to commence its time charter employment with Shell during the current month. That charter contains a profit-sharing element and thus TOP Ships will be able to benefit from increases in product tanker spot rates. (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 info@greekenergyforum.com.  

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