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Greek Energy Forum Newsletter, 30th October 2017

 

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Greek Energy Forum Newsletter, 30th October 2017

ELPE has announced that it plans to start drilling at the Gulf of Patras block in early 2019 while a consortium comprised of Total, Edison and ELPE has moved closer to signing a finalized exploration and exploitation license agreement with the Greek government for offshore Block 2, west of the Ionian island of Corfu, following the completion of a pre-contractual inspection by a supervisory committee.

Meanwhile, it was announced that work on the Israel-Cyprus-Greece 1,520 km electricity link could start as soon as next year. Greek and Cypriot regulators are waiting for Israeli regulators’ approval next month to mark the official beginning of the EuroAsia Interconnector project. Work could start in the first quarter of 2018 and is expected to last until 2022.

In the meantime, however, an IEA report has warned that last winter’s energy crisis served as a reminder that abundant natural gas supply, especially LNG, available to the Greek market, as well as the country’s heightened import activity, are not enough to prevent further crises (energypress)

On GEF news, we are all eagerly awaiting GEF's Energy Academy on 10 November in Athens, organised under the auspices of the Vice President of the European Commission responsible for the Energy Union, Maroš Šefčovič.

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Policy & Regulation

Minister, lenders to tackle energy issues

Talks talks are being held between the Greek Energy Minister Giorgos Stathakis and the lender representatives regarding the settlement of pending energy-sector issues in the Greek energy market. Key issues are the main power utility PPC’s bailout-required sale of units and a roadmap for the natural gas market’s full liberalization. (energypress)

EU prepares for COP23 climate talks

Ahead of the next UN climate conference (COP23), Climate Action and Energy Commissioner Miguel Arias Cañete and Estonian Environment Minister Siim Kiisler will represented the EU at a ministerial dialogue known as ‘pre-COP’ in Nadi, Fiji, on October 17-18. The meeting was the final step in the preparations for COP23, which will take place in Bonn, Germany, on November 6-17. The decision of US President Donald Trump to withdraw from the Paris Climate Agreement has increased EU efforts to protect the environment. (New Europe)

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Oil & Gas

ELPE plans to start drilling at Gulf of Patras block early in 2019

ELPE (Hellenic Petroleum) intends to stage its first drilling operation at its Gulf of Patras offshore license early in 2019, according to latest information obtained. This drill’s results are seen as pivotal to future developments, including investor plans and hydrocarbon expectations, for the wider area in this part of Greece. Prior to the drilling effort at its Gulf of Patras block, ELPE plans to stage additional seismic survey for greater clarity in choosing locations. (energypress)

Increased gas trading activity at Sidirokastro entry point

The implementation of a Capacity Allocation Mechanism (CAM) at Greece’s gas entry point in Sidirokastro, on the Greek-Bulgarian border, has led to increased trading activity. The mechanism is designed to facilitate gas transport and trading in the EU. (energypress)

Energean Oil & Gas announces first CPR results for Montenegro blocks

Energean Oil & Gas has announced the first Competent Persons Report (CPR) for its assets offshore Montenegro, compiled by Netherland Sewell & Associates (NSAI), detailing the recoverable gas and liquids resource estimates in respect to Energean’s 100% interest in blocks 4218-30 and 4219-26. (energypress)

Record numbers of households switching to natural gas

The number of new gas supply contracts has surged to unanticipated levels amid a widening field of players looking forward to the Greek gas market’s full liberalization as of January 1. (energypress)

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Power Markets

Greek electricity suppliers are considering medium, low-voltage offers

Following the higher-than-expected prices reached at Wednesday’s NOME auction, independent electricity suppliers are re-examining pricing policies and may be forced to increase tariffs in the medium-voltage sector. Smaller suppliers are afraid that price hikes might make customers shift to bigger suppliers, even return to the main power utility PPC. Prices during this auction were the highest since auctions were introduced to the Greek market a year ago, despite the drastic increase in electricity amount offered to 717MWh/h, and it results in a negative development and further pressure on already-strained profit margins. (energypress)

Work on Israel-Cyprus-Greece 1520 km electricity link to start in 2018

Greek and Cypriot regulators are waiting for Israeli regulators’ approval next month to mark the official beginning of the EuroAsia Interconnector project. Work will start in the first quarter of 2018 to lay cables linking the power grids of Israel, Cyprus and Greece and is expected to last until 2022. (balkangreenenergynews)

Certain NOME participants looking to export amounts bought recently

At the recent NOME auction, the electricity amounts acquired by traders were limited to two companies, Alpiq and Novarea, which purchased 20 MWh and 2 MWh each, from a total 717 MWh/h. Nevertheless, percentage of the amounts bought by suppliers will end up abroad as direct exports or through the secondary market. (energypress)

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Renewables

Intelen on its way to design first Greek lithium ion ‘smart’ battery

The carefully designed model will be the first Greek-designed of its kind, as mentioned by co-founder and CEO of Intelen, Dr. Vasilis Nikolopoulos. Intelen is collaborating with young Greek researchers to deliver the batteries for commercial household use by February. The ‘smart’ element of the battery will be to manage energy in ways to dovetail with each consumer’s domestic consumption patterns and minimize energy costs. (energypress)

‘Community’ energy projects in Greece under threat, Greenpeace warns

Two pioneering solar PV projects in Greece are coming under threat from draft EU rules on renewable energy “self-generation”, Greenpeace has warned. The system of “virtual net metering” allows benefits generated by renewable electricity to be shared across buildings in the same municipality even though they may be situated kilometres apart. According to Greenpeace, Greece is the first to pioneer this system, but the proposed revision of Renewable Energy Directive hinders the progress of these investments. (euractiv)

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Shipping

Greece: Shipowners reap benefits of newly-established Piraeus Free Zone

In 2016, COSCO and Trans-it came together in order to establish a more simplified process of VAT exemption for Greek shipowners. New legislation made it possible for them to move ship spares in other countries without being limited by time-consuming procedures and cash flow restrictions. This move has proved to be very beneficial for the shipowners who now take advantage of the cost effective procedure that is going to be used for product imports as well. This will assist in enhancing shipowners’ cash flow management by abolishing import duties and VAT. (Hellenic Shipping News)

Negotiations over proposed sale of Syros shipyard at the end of October

By the end of the month it is anticipated that negotiations between the Onex group, headed by Greek-American executive Panos Xenocostas and the Greek government will begin over the acquirement of the Syros shipyard. The major issue under discussion will be the number of installments that the Greek government will make in order to cover the industrial unit’s arrears to the state. Even though interest was expressed by many countries such as Russia, China and Korea for the purchase of the third largest shipyard in the country, Onex was the only one that submitted a bid. Onex has an interest in entering the luxury yacht sector, building SPVs, floating docks and coastal and ocean-going platforms. The business plan submitted includes contracts exceeding $25 mn for the first year. (Naftemporiki)

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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 - November 10, 2017

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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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