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Greek Energy Forum Newsletter, 10th December 2018

A project to connect Crete with the Peloponnese via an underwater cable that will put an end to the electrical isolation of the Greek island from the mainland electricity transmission system took an important step forward as the contracts for the implementation of the interconnection Crete – Peloponnese were signed on November 27 in the presence of Greece’s Energy Minister Giorgos Stathakis. 

The project, which falls within European Union goals to end the energy isolation of EU islands, is expected to begin before the end of the year and to be completed in less than 2 years. In conjunction with the Crete-Attica “Great Interconnection,” the Crete-Peloponnese project will allow the Greek island not to rely for the production of electricity from oil plants leading to lower CO2 emissions and energy independence at a lower cost to the benefit of all citizens and consumers, the Greek Energy Minister said. (New Europe)

Join us in London and Dubai for two exciting pre-Christmas events:

In London: GEF Christmas Social — 11 December

Keeping up with GEF traditions, we invite you to join us for some festive food and fun at our annual Christmas Social!This will be an opportunity for GEF members to meet and mingle over some yummy Greek food and wines @ Ergon London (Maddox Street). Attendance is by registration only, and the cost is £20 per head payable on the day at the restaurant. Register

In Dubai: Greek Energy Forum UAE Kick-Off — 13 December

The time has come for the Greek energy professionals community in the UAE to get together over some drinks, to socialise and network. Join us at NOLA, B1 Level, Armada BlueBay Hotel, Cluster P – Dubai  Register

The GEF newsletter team will return in early January.

Wishing you all Merry Christmas and a Happy New Year!!!

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Policy & Regulation

CO2 emissions rising again after three years of decline

In accordance with the new United Nations Environment Program’s report, presented in Paris on 28 November, in case that the current global warming continues, the planet temperature will reach 3.2°C in 2100. It was highlighted that taxation of carbon dioxide emissions is an effective solution, while the demonstration of ‘yellow vest’ protests against high fuel prices is culminating. (euractiv)

Τhe Brief – Juncker’s plan to save the world

On 28 November, European Commission revealed the way of the European Union’s goal to stick to the Paris Agreement and curb global warming. It is underlined that the European Commission’s 2050 strategy, dubbed “A Clean Planet for all” omitted one important factor,  the human behavior. (euractiv)

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Oil & Gas

Gas network expansion to 18 cities qualifies for EU subsidies

Greece’s natural gas network will be expanded to cover 18 provincial cities in northern and central regions following a European Commission decision reached to secure EU cohesion policy funds for the expansion plan through the Multiannual Financial Framework, running from 2014 to 2020. The plan’s funding framework inclusion will enable subsidies of 50 percent for the project, whose total budget is estimated at over 172 million euros. (energypress)

DEPA delivers completed split plan to energy ministry

Gas utility DEPA has forwarded a completed plan entailing a split of its infrastructure and trade interests into two separate companies to the energy ministry, now believed to be working on drafting a related law ahead of DEPA’s privatization. As a result, the sale procedure for a majority stake in DEPA Trade could be launched within January. (energypress)

Tsipras wants Putin to route Turkish Stream branch via Greecey

Greek Prime Minister Alexis Tsipras arrived in Moscow on the evening of December 6 for talks the next day with Russian President Vladimir Putin and Premier Dmitry Medvedev aimed at boosting relations and ensuring a Greek role in a Russian gas pipeline to Europe. (New Europe

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Power Markets

PPC wants more lignite sale time, procedure prospects grim

Following the rejection of PPC’s profit-loss-sharing proposal by the European Commission’s Directorate-General for Competition, the company has requested a deadline extension for the submission of binding offers until mid-February. Brussels have also delayed endorsing the inclusion of lignite power plants in the new CAT mechanism which puts extra risk in PPC’s bailout required lignite power station sale plan. (energypress)

Brussels appears prepared to accept NOME exports limit plan

Following their initial objections Brussels now appear to show understanding regarding RAE’s proposal for limiting exports of electricity acquired through NOME auctions. RAE are preparing their revised proposal to be submitted to the European Commission during Q1 2019. (energypress)

PPC preparing market return with 1Q €300-400m bond issue

PPC is preparing to return to the market in Q1 2019 through a bond issue expected to range between €300-400m. It should be noted that according to the company’s CEO several investors are reluctant to participate in the upcoming bond due to environmental rather than financial reasons. PPC is seen by investors as heavily reliant to lignite. (energypress)Thumbnail _renewables

Renewables

PPC Renewables boss resigns over subsidiary’s absorption

PPC Renewables chief executive Ilias Monaholias has resigned in protest of the subsidiary’s recent absorption by parent company PPC, the main power utility, describing the move as one that jeopardizes the corporation’s growth in the RES sector as well as the continuation of projects in progress and the current business plan. (energypress)

Brussels asks RAE to inspect Chinese entry into Greek RES sector

RAE, the Regulatory Authority for Energy, acting on a European Commission request, has begun an examination process to determine if a strategic agreement between the Copelouzos group and China’s state-run CHN Energy to buy the latter’s wind energy farms with a total capacity of 1,500 MW creates any EU regulation issues regarding fellow state-run SGCC’s (State Grid Corporation of China) recent 24 percent stake buy into Greek power grid operator, authority sources have informed energypress. (energypress)

RES sector fears wind energy opposition within Syriza party

RES energy players fear a wing of governing Syriza party officials opposing the installation of wind energy parks could influence government decisions despite the energy ministry currently preparing a tender in search of a consultant to study and prepare a new spatial plan for renewable energy sources. (energypress)

Vestas receives 106-MW turbine order for Greek market

Wind turbines manufacturer Vestas has won a 106-MW order to develop optimal solutions for several sites in Greece, the company has announced in a statement. Vestas emerged as a frontrunner in the Greek wind market in 1986 and has since installed around 1.4 GW of wind turbines, the company noted, while this latest order reinforces the company’s leading position in the market with a market share of over 50 percent, it added. (energypress)Thumbnail Shipping Transportation

Shipping

Capital Product Partners to spin off Its crude and product tanker business 

Marinakis-led “Capital Product Partners” and “DSS Holdings L.P”, one of the largest owners of MR and Suezmax tankers, have come into an agreement where Capital will spin off its crude and product tanker business and merge with DSS’ businesses and operations. The new company will be named “Diamond S Shipping Inc” and its portfolio will include the combined product and crude tanker fleet of both CPLP and DSS, i.e 52 product and 16 crude tankers with an average age of 7.8 years. The company will be the third largest publicly traded product tanker operator and the fifth largest public tanker company worldwide. (Hellenic Shipping News)

Minerva Maritime’s New LNG Newbuilding to Have Tank Design By GTT

Greek shipping company Minerva Maritime has placed a new order to the S.Korean shipyard Samsung Heavy Industries for a newbuild LNG carrier with a 174,000 CuM capacity expected to be delivered within Q1 2021. GTT has been chosen to design the tanks of this unit, which will be fitted with the Mark III Flex+ membrane containment system. This order will be the fifth for LNG carriers that will be equipped with this new technology. (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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