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Greek Energy Forum Newsletter, 10th July 2017

 

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Greek Energy Forum Newsletter, 10th July 2017

In the latest (provisional) update of the EU's Projects of Common Interest (PCI) list, most energy infrastructure projects of Greek interest have retained their PCI status, including the Poseidon gas pipeline, the Euro Asia Interconnector, the Greek-Bulgarian Interconnector (IGB), as well as the East Med project that could transmit gas from Cyprus and Israel to mainland Greece via Crete. And Energean Oil & Gas' south Kavala underground gas storage facility has now been added back to the PCI list, after being removed in a revision two years ago. By contrast, the Alexandroupolis FSRU project has been removed from the PCI list. However, the LNG import project seems to be on track and has recently awarded a FEED contract to UK's Wood Group. Exciting news on renewables as well, as Italy's Enel has begun construction of what will become Greece's largest wind farm in southern Evia.

On a more sombre note...over the last seven yeas of the Greek economic crisis, a severe “brain drain” has gained alarming momentum. The Greek Energy Forum and New Europe have teamed up to raise awareness regarding this issue amongst EU stakeholders, calling for action and support from European counterparts. The “Brain Gain+” initiative organised an event on 26 June in Brussels to discuss a road map for addressing this crucial issue.

We are also excited to announce that from this edition of the GEF newsletter a shipping section has been added for keeping you up to date with developments related to Greek shipowners and shipping in Greece and the wider East Med region. We hope you enjoy reading us!

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Policy & Regulation

EU ready with 'nuclear option' tough tariffs if US sparks trade war over steel

A “nuclear option” of trade defences to hold a back of flood of steel imports being dumped in Britain and the EU could be employed if the US shuts its markets. It is thought the European Commission is looking at measures not used for 14 years if President Trump’s investigation finds that imports of steel are endangering America’s national security by harming domestic producers. (Telegraph)

Energy Driven Job Creation – A Roadmap towards a Greek “Brain Gain”

High-level officials from the European Commission, and the European Parliament discussed Greece’s last chance to modernize and the role that the energy sector can play in bring Greek expats back into the country. (New Europe)

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Oil & Gas

Wood Group secures FEED for Alexandroupolis FSRU

UK’s Wood Group has won the front-end engineering design contract for the Alexandroupolis floating LNG import terminal in northeast Greece. A Final Investment Decision for the project is planned for late 2017. The FSRU vessel itself will be provided by Norway’s Gaslog, which also owns 20% of Gastrade, the project developer. The Alexandroupolis FSRU will be Greece’s second LNG terminal, after the Revithoussa onshore terminal near Athens that started commercial operation in 2000. (World Oil)

Kavala gas storage unit back on PCI list, Alexandroupolis FSRU ejected

A plan to transform a depleted natural gas deposit in south Kavala, northern Greece, into an underground gas storage facility has been re-included on an unfinalized list of EU Projects of Common Interest (PCI), while the development of a new floating storage and regasification unit (FSRU) in Alexandroupoli, northeastern Greece, has been removed from the list. (energypress)

Greece relaunches pipeline operator sale

Greece’s privatisation agency Hellenic Republic Asset Development Fund (HRADF) has invited potential investors to express interest in taking part in a new tender to acquire 66% of DESFA, the other 34% remaining in public ownership. The target is to issue the tender formally before the end of the summer and complete the award process by the end of 2017. The previous, unsuccessful tender has now been formally closed. (Natural Gas World)

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Power Markets

More consumers relying on night-zone electricity tariffs

Feeling the financial strain of the country’s ongoing recession, a growing number of consumers are turning to lower-cost night-zone electricity. In 2016, the number of applications submitted by consumers for installation of off-peak power meters rose by 20% compared to the previous year. (energypress)

NOME auction set for slight delay, intense bidding seen

Procedures leading to this year’s third NOME auction are behind schedule. Objections raised by the main power utility PPC on a proposal delivered by the Regulatory Authority for Energy, prompted a disagreement between authorities, leading to a delay in the ministerial decision’s publication. (energypress)

Greece backed by Eurelectric for ETS, modernization fund

Eurelectric has backed Greece’s positions concerning revisions to the EU ETS while the country was moved into the category of low GDP member states which promises benefits from the EU’s modernization fund in the form of financial support for new projects. Even though the initial proposal did not include Greece in this category, a European Council called for special handling of Greece so that the country could benefit from the fund.(energypress)

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Renewables

Enel begins construction of Greece’s largest wind farm

Enel, through its Greek subsidiary Enel Green Power Hellas S.A. (“EGPH”), has begun construction of the Kafireas wind power complex located on the southern part of the Evia island, in the municipality of Karistos. Once completed, the new facility will have a total installed capacity of 154 MW and rank as the country’s largest wind farm. (energypress)

LAGIE legal cases against operators for RES payment delays revelatory

Legal cases filed by LAGIE, the Electricity Market Operator, against IPTO, the power grid operator and HEDNO, the Hellenic Electricity Distribution Network Operator, for overdue payments concerning the RES special account have revealed that both stopped paying LAGIE many months ago. This refusal to pay is unjustified, the data gathered for the case has indicated. Two PV associations, SPEF and PSAF, are supporting LAGIE’s legal action, filed at an Athens Court of First Instance. (energypress)

Study: Renewables will be cheapest power source by 2030

Renewable energy sources like wind and solar are set to be the cheapest form of power generation in the G20 countries by 2030, according to a study based on electricity generation cost data from all G20 countries for the period 2015-30. The study also concludes that in half the G20 countries, renewables have already been cheaper or on par with electricity derived from coal or nuclear plants for the last two years. (Euractiv)

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Shipping

Greek shipowners' union president: Ceaseless DG COMP probe severely hampering Europe's shipping sector

Greek shipowners appear to be irritated by the fact that a constant investigation is taking place into the Greek sector's institutional framework by European Commission's Directorate-General for Competition (DG COMP). As shipping remains the "locomotive" of the Greek economy (16% higher than tourism), concerns arise regarding the implications of a possible future relocation of the Europe’s biggest shipping hub to other countries. (Naftemporiki)

Greeks still in the lead at the end of the first half

Greece remains the main vessel ordering country for the first half of 2017, followed by China. 40 out of a total of 146 orders that have taken place so far are attributed to Greek shipowners. The main segment on order was the tanker sector and especially VLCCs, whereas the most preferred shipyards for contracting were the ones in South Korea and China. (Hellenic Shipping News)

Has Dry Ships’ Growth Just Begun?

After a year of selling off vessels due to the economic impact of sinking freight rates, Dryships bought a fleet of 17 vessels with the expectation of gaining substantial earnings over the forthcoming year. Its rebuilt fleet is estimated to achieve up to $77 million of earnings before tax on an annual basis, which is a huge upgrade considering the significant losses that were recorded last year. These new acquisitions though had a negative impact on the company’s stock price as in order to guarantee liquidity, Dryships issued very large amounts of new shares via dilution. (Hellenic Shipping News)

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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), Kassiani Savvopoulou (Shipping). We are always keen to receive your feedback, so please do not hesitate to contact us at info@greekenergyforum.com.

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