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Greek Energy Forum Newsletter, 26th June 2017

 

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Greek Energy Forum Newsletter, 26th June 2017

Meeting in Thessaloniki, Greek Prime Minister Alexis Tsipras, Israeli Prime Minister Benjamin Netanyahu and Cyprus President Nicos Anastasiades agreed on 15 June to boost regional energy cooperation to speed up joint action for the construction of the East Med natural gas pipeline. The three leaders also discussed a proposed undersea electricity cable link – the Euro Asia Interconnector that would connect the electricity grids of Greece, Cyprus and Israel.

However, both of these projects are a long way off and many market participants firmly believe that they will never materialise. Of more immediate significance to Greece and the wider region are projects like the Southern Gas Corridor (TANAP-TAP) and the IGB gas projects, the latter now expected to begin construction by the end of this year.

Greece was also on the news regarding other hydrocarbon and green energy-related developments; the former about oil majors showing a concrete interest in exploring in offshore Crete and the latter about the tiny island of Tilos becoming the first island in the Mediterranean to run entirely on wind and solar power.

On GEF-related news, we are proud to announce the commencement of an exciting knowledge partnership with Natural Gas World, an independent specialised website dedicated to bringing accurate and reliable information on global gas matters.

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Policy & Regulation

EU will fail Paris climate challenge unless it tackles heating and cooling

After the US withdrawal from the 2015 Paris climate agreement, there is an urgent need for the European Union to take decisive action. According to the European Commission, heating and cooling of buildings and industry is responsible for half of the EU’s energy consumption; thus national and European policymakers should pay special attention to the way we heat and cool our buildings. (Euractiv)

The EU rejects Trump’s demands to renegotiate Paris climate pact

The European Union said it was deepening its alliances with other signatories of the Paris climate accord to ensure its implementation, rejecting US President Donald Trump’s demands to renegotiate the pact. (New Europe)

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Oil & Gas

IGB construction expected to begin at end of year

Construction of the Greek-Bulgarian Interconnector will begin at the end of 2017 and an additional market test aiming to increase the commitment of companies with respect to their pipeline capacity reservations is already underway. (energypress)

Two teams forming for DESFA tender

Two consortiums appear to be forming as the main candidates in a new tender offering 66pc of DESFA, Greece’s natural gas grid operator. Italy’s Snam, seen as the favourite, could bid alone or as part of a consortium with a non-operator co-investor such as the fund SFPI, which recently expressed an interest in DEFSA. A consortium comprised of Dutch firm Gasunie, as the chief partner, and Belgium’s Fluxys, is expected to be the other key candidate. (energypress)

Greece approves applications by Total-ExxonMobil, Energean for offshore oil exploration

Greece approved applications submitted by a consortium of Total, ExxonMobil and Hellenic Petroleum for oil and gas exploration and drilling off the island of Crete. The ministry also approved an application submitted by Greece's sole oil producer Energean Oil for offshore drilling in western Greece. Greece's oil and gas resources management company will launch a tender for licences to drill in the respective blocs by the end of next month, aiming to conclude the procedure by the end of the year. (Reuters)

Energean submits FDP for Karish and Tanin gas fields, offshore Israel

Energean Oil & Gas has announced that its subsidiary, Energean Israel, has submitted the Field Development Plan (FDP) for the Karish and Tanin natural gas fields, offshore Israel, to the Israeli Petroleum Commissioner. Energean Israel holds 100% of Karish and Tanin, which combined have 2.7 Tcf of natural gas and 41 MMboe of light hydrocarbon liquids. First gas is expected in 2020, with total estimated capex for the Karish development is $1.3-$1.5bn. (World Oil)

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Power Markets

IPTO to be closely monitored for energy security protection

The State Grid Corporation of China has been granted increased administrative rights for the acquisition of its 24% stake in IPTO as revealed from the disclosure of the shareholders agreement. The move came as a surprise; however, both local and EU authorities will keep a close eye in order to ensure Greece’s security of supply is not put at risk. (energypress)

Lower starting price, firm bidding at next NOME session

The starting price in the upcoming NOME is expected to be revised downwards by €5/MWh to €32/MWh. The anticipated price reduction along with forecasts of increasing electricity prices in the short term across Europe are expected to result in aggressive bidding from independent suppliers. (energypress)

All PPC unit sale options being explored for imminent list

McKinsey management consultancy is putting together the list of plans for sale in order for PPC to meet its bailout-obligation to sell 40% of its lignite-fired capacity. Five alternative plans are being investigated dominated by Megolopoli, Meliti I and, under circumstances, the two Amynteo units that were until recently supplied by a regional mine that suffered a significant landslide earlier this month. (energypress)

China's State Grid seals acquisition of stake in Greek power grid

State Grid Corporation of China completed on 20 June the acquisition of 24% of IPTO (ADMIE) which is the second big investment in the country in more than a year. (Reuters)

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Renewables

LAGIE legal cases against operators for RES payment delays revelatory

The overdue payments concerning the RES special account, from IPTO, the power grid operator, and HEDNO, the Hellenic Electricity Distribution Network Operator, have driven LAGIE to file legal cases against them. Throughout the process, it has been shown that both operators stopped paying LAGIE many months ago, unjustifiably. (energypress)

Tilos island project – switching to renewables, becoming energy independent

The construction of a hybrid, renewable energy-based battery station and smart micro grid, will begin for the first time ever in the Greek island of Tilos, this summer. The island is moving towards a big change in its power supply system, thus becoming energy sustainable using only wind and solar power. (Balkan Green Energy News)

EU to invest €2.7 billion in clean transport

The European Commission proposed on June 23 to invest €2.7 billion in 152 key transport projects that support competitive, clean and connected mobility in Europe. In doing so, the Commission said the EC is delivering on its Investment Plan for Europe and on Europe’s connectivity including the recent “Europe on the Move” agenda. Selected projects will contribute to modernising rail lines, removing bottlenecks and improving cross-border connections, installing alternative fuel supply points, as well as implementing innovative traffic management solutions. (New Europe)

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Energy Union Future Leaders

Under the auspices of Maroš Šefčovič, Vice-President, Energy Union, European Commission

Brought to you by the Greek Energy Forum and the Energy & Environmental Policy Laboratory of the University of Piraeus

Athens, Greece - September 2017

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Cyprus-Israel-Greece Meeting On Diaspora Issues In The UK

Cooperation in the east med is a reality in so many levels, driven by common history and a common understanding of the future. The Greek Energy Forum is proud to be part of the process of bringing our countries closer, and it was honored to be invited to participate in the high level roundtable discussion on Diaspora Issues in the UK which took place on the 30th of May 2017.

Maroš Šefčovič, Vice-President of the EU Commission, Official Endorsement Letter to the GEF

The Greek Energy Forum is deeply honoured by the recognition of its activities as a think tank promoting the development of the energy industry in the South East Mediterranean region, by the Vice-President of the EU Commission, in charge of Energy Union, Maroš Šefčovič.

GEF Internship Programme Launched

The Greek Energy Forum is delighted to announce the launch of the Internships Programme and would like to invite students and recent graduates to submit their CVs as a range of internships across Europe will be soon available in our partner companies as well as within GEF.

Please send your CV and cover letter to info@greekenergyforum.com quoting “Internship Programme - CV” on the subject, and include your availability to start, current location and flexibility to travel and preferred type of employment (part-time/full-time).


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The Greek Energy Forum newsletter is brought to you by our team of subject experts: Martha Tallas (Oil & Gas), Loukas Botsis (Gas & Power), Athina Sylaidy (Enviroment & EU Policy). We are always keen to receive your feedback, so please do not hesitate to contact us at info@greekenergyforum.com.

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