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Greek Energy Forum Newsletter, 12th May 2019

EDEY, the Greek Hydrocarbon Management Company, is preparing the ground for exploration work in the country’s north, in the Grevena area, as well as the wider west Macedonia region, through processing of seismic surveys and dialogue with local communities.

EDEY’s head official Yiannis Basias offered an indication of the hydrocarbon management company’s next steps at a recent signing ceremony for offshore licenses in the Ionian Sea and Block 10, off western Peloponnese. (energypress)

Meanwhile, the next steps to be taken for the future ownership of HELPE (Hellenic Petroleum) could become clearer this week as the country’s lender representatives pursue their post-bailout review in Athens.

The position to be adopted by the lenders on ELPE will be particularly important on how the matter plays out. They could insist on a privatization repeat for ELPE’s 50.1 percent following the initial effort’s failure to produce a result. If so, a relaunch would not take place until after this month’s European elections, and, almost certainly, the Greek elections, due in autumn. (energypress)

Join us for an in-depth discussion with our panel of experts on the transition strategies the oil and gas industry is deploying as it pivots into the field of renewable energy and electrification.

As efforts to lower carbon footprints intensify, oil and gas majors are investing into clean energy by adding low carbon electricity assets in their portfolios and making long-term investments into new energy frontiers.

Energy Transition Series: Oil & Gas Industry Pivots To Electricity

14 May 2019, 6:30 PM – 9:00 PM BST, Cass Business School 

To register please on link below:


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Policy & Regulation

EIB loan to finance power cable between Crete and mainland Greece

The Greek island of Crete took a step closer towards energy independence and cutting CO2 emissions on 9 May, following a deal between Greece’s Independent Power Transmission Operator (IPTO or ADMIE) and the European Investment Bank (EIB) with the latter agreeing to provide a €178 million loan to finance an underwater cable power interconnector between Crete and the Peloponnese. (New Europe)

EU, France and Germany discuss energy innovation cooperation

uropean Commission Vice-President Maroš Šefčovič, German Federal Minister for Economic Affairs and Energy Peter Altmaier, and French Economic Affairs and Finance Minister Bruno Lemaire met in Paris on 2 May to discuss cooperation in energy innovation. According to the European Commission, France and Germany announced bilateral cooperation on an industrial project in the field of energy innovation. The announcement follows the third meeting of the European Battery Alliance (EBA). (New Europe)

EU Energy Union tackles security and transition

The fourth report on the State of the Energy Union, adopted on 9 April, shows that since the start of the Commission of President Jean-Claude Juncker, the energy union has strengthened energy security, including risk preparedness, diversification of sources and supply routes, energy diplomacy, and boosted efforts to improve energy transition and tackle climate change. (New Europe) 

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Oil & Gas

Energean makes significant gas discovery at Karish North

Energean Oil and Gas, the oil and gas producer focused on the Mediterranean, has made a significant gas discovery at its Karish North exploration offshore Israel, the company announced in a statement. Initial gas in place is estimated between 1 Tcf (28 Bcm) and 1.5 Tcf (42 Bcm), while high quality reservoir in the B and C sands has been found, the company added. (energypress)

Engie, Terna, Energean join for underground gas storage facility

Three major firms, each specializing in its own respective field, have formed a consortium to seek a contract to develop and operate a depleted natural gas field in northern’s Greece’s offshore South Kavala region as an underground gas storage facility. (energypress)

DEPA Trade tender launch likely within May, minister tells

A tender offering investors a 50.1 percent stake of DEPA Trade, one of two new entities that have emerged from a company split at gas utility DEPA, could be launched within May, the country’s top energy sector authority has noted. (energypress) 

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Power Markets

Public Power Corporation spins into freefall

PPC posted a €542m loss for 2018 compared to a €128m profit the year before. The results came a s shock to the local market and sparked concerns regarding the future of the utility. Panagiotakis, the company’s CEO attributed the losses to high carbon costs and the increased costs of NOME auctions, however others believe the results also reflect the utility’s structural problems. (ekathimerini)

Independent producers set to lose €80m in CATs for flexibility

Independent producers in Greece are set to lose around €80m that would have been paid under the temporary CAT flexibility mechanism. An auction originally planned for the 20th of March was cancelled after the European Commission ruled that the Greek authorities have not delivered revisions that would have enabled the participation of demand response in temporary CATs auctions. (energypress)

Edison, ELPE preparing offer for Ellaktor’s Elpedison stake

Hellenic Petroleum (ELPE) and Edison that hold 75.78% of Elpedison are prepared to make an offer for Ellaktor’s share of 24.22%. Ellaktor, a construction firm, has announced its decision to sell its share. ELPE and Edison that both have preferential buying rights will most likely want to exercise these and prevent any rival from becoming part of Elpedison’s equity line-up. (energypress)Thumbnail _renewables


Floating wind turbines tender likely in second half of 2020

Greece is making plans to begin installing floating wind turbines and could introduce this renewable energy technology by the second half of next year, the energy ministry’s secretary general Mihalis Veriopoulos has announced. (energypress)

RAE working on simplifying RES production license procedures

RAE, the Regulatory Authority for Energy, is looking to simplify RES production licensing procedures as a result of accumulating solar and wind energy applications submitted over the past 15 months. (energypress)

RES auction amounts limited, mature projects insufficient

RAE, the Regulatory Authority for Energy, will not offer the entire RES capacity amount allotted for 2019 at two upcoming RES auctions as market data has shown an insufficient number of mature projects for full absorption. (energypress)Thumbnail Shipping Transportation


Sun Enterprises orders up to three MR tankers at Hyundai Mipo

The Livanos-led company “Sun Enterprises” is rumoured to have placed an order for 3 MR tankers with a capacity of 50,000 dwt in the South Korean shipyard Hyundai Mipo Dockyard. The contract for the two newbuilds consists of a firm order for two tankers plus an option for one more, while the company has another eight vessels on order. The newbuild price is estimated at around $37.3 Mln each and delivery is expected during 2020. (Splash247)

Capital Gas continues LNG carrier ordering spree

The Marinakis-led company “Capital Gas” has placed an order for its sixth LNG carrier with a capacity of 174,000 CuM in the South Korean shipyard Hyundai Heavy Industries. The vessel is expected to be delivered during Q4 2020 and its employment is not confirmed yet. With LNG demand continuing to rise globally, Evangelos Marinakis signed back in July a letter of intent with HHI to construct up to 10 LNG carriers between the range of 170,000 and 180,000 CuM. (LNG World Shipping)

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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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