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Greek Energy Forum Newsletter, 27th November 2017

 

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Greek Energy Forum Newsletter, 27th November 2017

Greek energy minister officials have said that all the details for the bailout-required sale of lignite fired PPC units are now ready and the test to measure investor interest is set to take place in December. The sale package will include Meliti I, a construction permit for Meliti II, Megalopoli III and IV. Even though demands made by the Greek side concerning the life extension of Kardia and Amynteo units as well as the reduction of the amounts sold through NOME auctions have not been agreed, they are not expected to block the deal at this stage.

During a trilateral meeting between Greece, Cyprus and Egypt the Egyptian president Abdul Fatah El Sisi endorsed the 1,619 km sub-sea EuroAfrica Interconnector cable that will connect the electricity grids of Egypt, Cyprus and Greece with Europe.

In other news, Bulgarian Energy Holding (BEH) could soon enter the consortium planning to develop a floating LNG terminal in Alexandroupoli, northeastern Greece, with a 25 percent stake.

Don't forget to join us on the 29th of November for a discussion on the outlook of the oil and gas industry in Greece with Marina Petroleka, Global Head of Industry Research at BMI Research. The conversation will be moderated by Angelos Gkanoutas - Leventis, president of GEF.

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Policy & Regulation

PPC unit sales market test in December, package ready

On 23rd of November, Greek government officials and European Commission Directorate-General for Competition authorities reached an agreement in Brussels on the sale list’s content. According to energy ministry officials, all the details of Greece’s bailout-required sale of main power utility PPC units are now ready, thus the market test to measure the level of investor interest in the package will take place in December. (energypress)

IEA: Greater energy demand to offset RES penetration emission benefits

IEA reports that over the next 25 years, in parallel with an increase in primary energy demand, RES penetration in the global energy mix will grow rapidly resulting a slight rise of CO2 emissions. The fast-declining costs will turn solar power into the cheapest source of new electricity generation, boosting thus RES and Natural Gas. Nevertheless, current CO2 emission concerns will remain an issue. (energypress)

Energy Community drafted Guidelines on introducing renewable energy auctions

According to the Energy Community’s draft Policy Guidelines, the feed-in tariffs (FIT) will be replaced by feed-in premiums (FIP). Along these lines, the renewable energy producers will sell the electricity into the market and get a sliding premium on top of the electricity price. A sliding FIP scheme is based on the so-called “Contracts for Difference”. (balkangreenenergynews)

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Oil & Gas

BEH to soon enter Alexandroupoli FSRU with 25% stake, deputy says

Bulgarian Energy Holding (BEH) expects to soon enter a consortium planning to develop a floating LNG terminal in Alexandroupoli, northeastern Greece, with a 25 percent stake, the company’s deputy chief executive officer Severin Vartigov said recently. (energypress)

Data room for Ionian Sea, Crete offshore blocks now ready

EDEY, the Greek Hydrocarbon Management Company, has prepared a virtual data room set up to offer prospective bidders information on Cretan and Ionian Sea offshore blocks that will soon be offered through international tenders. Prospective bidders will be permitted access to the data room, containing information on matters such as seismic, drilling and legal issues, as soon as the tender is published in the EU’s official journal, the OJ. Publication is expected soon. (energypress)

Prometheus Gas captures 20% of changing Greek market

Prometheus Gas, a joint venture involving the Copelouzos Group and Gazprom, has captured a 20 percent share of the Greek gas market, according to energypress sources. This development highlights the fact that 2017 has been a year of major changes for the sector as significant natural gas amounts imported and distributed in Greece no longer involve DEPA, the Public Gas Corporation. (energypress)

License extension of south Kavala gas deposit signals storage utilization

The government appears to be moving ahead with a plan to develop a depleted south Kavala gas deposit in the country’s north as an underground natural gas storage facility. Energy minister Giorgos Stathakis signed an agreement to extend the project’s license until November 23, 2018. (energypress)

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Power Markets

PPC’s unpaid receivables at €2.405 bn; huge collection task

Fina City Corporation, an eight member consortium headed by Qualco, faces an enormously challenging task to collect PPC’s unpaid receivables which remain unchanged and sum up to €2.405 bn. Astonishingly enough these figures exclude debt concerning the public sector, high-voltage consumption, as well as monthly-instalment payback programs. (energypress)

Egypt’s El Sisi endorses EuroAfrica Interconnector

During a trilateral meeting between Greece, Cyprus and Egypt the Egyptian president Abdul Fatah El Sisi endorsed the 1,619 km sub-sea EuroAfrica Interconnector cable that will connect the electricity grids of Egypt, Cyprus and Greece with Europe. (CNA)

Suppliers forced to mildly increase their mid-voltage tariffs

High clearing prices in the recent NOME auction along with persistent high wholesale market power prices have forced independent suppliers to proceed with tariff increases for their mid-voltage consumers. (energypress)

Power suppliers lack incentive to enter island markets

Electricity supply market for non-Interconnected islands, excluding Rhodes and Crete, is scheduled to open to competition on 1 January 2018. However the lack of a NOME equivalent for non-interconnected islands creates a huge - if not insurmountable market entry barrier - for independent suppliers. (energypress)Thumbnail _renewables

Renewables

First auctions for PV and wind in Greece announced for April

The first round of RES auctions offering 100MW for wind energy and 100MW for photovoltaic installations is expected to take place in April. Ministerial decisions to establish a new legal framework on RES installations, including the number of rounds to be staged, are on the final stretch. Hellenic Petroleum RES, a wholly subsidiary of the parent oil company, recently installed 8.6MW of new large-scale solar PV plants under the Greece’s new policy framework for the support of RES. The European Bank for Reconstruction and Development (EBRD) has supported Hellenic Petroleum’s diversification by subscribing to EUR 28.3 million in bonds issued by the Greek company, for the development of a pipeline of photovoltaic and wind projects with a combined capacity of 190MW.(energypress, balkangreenenergynews)

Pilot-project to bring renewable heating to Greek island of Agios Efstratios

Ai-Stratis, a small Greek island on the edge of the Aegean Sea, aims for at least 85 percent of the island’s energy consumption to come from sources generated by wind and photovoltaic systems. A big turbine installed along with the photovoltaic park will produce electricity whose surplus will be converted into thermal energy and will provide heating of island’s buildings and houses, through a new heating network. The budget for the project is EUR 5 million, while cost of the heating network construction is about EUR 1.5 million. (balkangreenenergynews)

Cypriot Ministers approve the installation of PV panels in hundreds of schools

A large number of schools in Cyprus will get photovoltaic systems installed in the foreseeable future, as the development was approved by the national Council of ministers. The proposal is seen as a big step forward into energy saving efforts of the country. All schools in Cyprus with a roof suitable for the installation of photovoltaic panels will be included in the process. The Ministry of Education and Culture in continuous and extensive consultations with all involved stakeholders and is reported to be close to a possible agreement, which is currently on the drafting stage. (balkangreenenergynews)Thumbnail Shipping Transportation

Shipping

TEN Reports Completion Of 15-Vessel Newbuilding Program: 30% Fleet Growth in 18 months

TEN, Ltd. just received the last tanker of the 15 pre-employed vessels that acquired as a result of its newbuilding growth program, which expanded the size of TEN’s fleet by 30% over the last 1,5 year. Having now in its possession 65 fully operational vessels, the company’s minimum fleet revenue backlog reaches $1.3 billion with average contract duration of 2.5 years. Mr. Nikolas P. Tsakos, President & CEO of TEN, stated that after the successful completion of the company’s largest expansion so far, TEN is better able to take advantage of current and future market opportunities and increase profitability. (Hellenic Shipping News)

Cash-rich Greek shipowners have $15.2bn in newbuilds on order

According to a survey conducted by Naftiliaki Greek Shipping Review regarding the Greek orderbook, the Greek fleet renewal keeps moving on a steady pace as big shipowners carry on acquiring or building new vessels. The survey revealed that the Greek orderbook had 237 ships of almost 23.8m dwt on order for 59 Greek companies until early October. The lead took the tanker sector with 105 vessels on order followed by bulk carriers, containerships, LNGs, LPGs and offshore vessels, raising Greece again to the top of global newbuilding activity. The current orderbook from the beginning of the year until early October was estimated at $15.2bn, coming second to Japan’s $20.1bn and ahead of China’s $15bn. Furthermore, Greek shipowners remain in the forefront of both the second-hand market and scrapping activity by adding almost 260 vessels to their fleets so far this year for a cost of over $4bn and demolishing 60 units of 3.5m dwt. (Seatrade-Maritime)

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Greece O&G - State of Play and Outlook

Join us for a discussion on the state of play and outlook of the Oil & Gas industry in Greece with Marina Petroleka, Global Head of Industry Research at BMI Research.

The conversation will be moderated by Angelos Gkanoutas - Leventis, president of the GEF.

Following a short presentation on the Upstream and Downstream sectors of the Oil & Gas industry in Greece, the discussion will focus and the bright spots and realities of the sector along with forecasts for its future development.

Don't miss out on this exclusive opportunity to find out the latest insights on the status and prospects of the industry in Greece for one of the leading experts in the field.

The event will be free, but registration is required. Due to limited availability of seats, the event will run on a first come first serve basis.

Register here

Wed, November 29, 2017

6:30 PM – 9:30 PM GMT

Cass Business School

106 Bunhill Row

London

EC1Y 8TZ

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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.

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-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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