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Greek Energy Forum Newsletter, 5th March 2018

 

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Greek Energy Forum Newsletter, 5th March 2018

Greek oil and gas producer Energean plans to raise $500m (£357m) with a listing on the London Stock Exchange as it looks to capitalise on increasing demand for energy supplies from the eastern Mediterranean. The firm plans to use $395m of the money raised to develop its offshore Israel Karish and Tanin gas fields and a further $10m would repay a bridge investment made by the company’s founders. The remaining $95m would be spent on fees, capital expenditure and other costs. (The Daily Telegraph)

Save the date: 17 May 2018

Following the successful completion of the first Greek Energy Forum (GEF) Awards, the Forum is continuing the legacy, aspiring into making it a tradition. The GEF Awards 2018, will mark another milestone in bestowing those companies and individuals that have become benchmark of excellence, competence and innovation, and thus drive ChanGEForward in the energy and hydrocarbons sector in the East Mediterranean region.

We are very proud to announce that the GEF Awards 2018 will be running under the auspices of the Economic and Commercial Office of the Greek Embassy in London, and hosted by the Cass Business School. The Awards will recognise companies and individuals under 7 distinct categories, with the nominees being shortlisted by a high-profile Awards Board, which has acted as an independent panel of experts ensuring the transparency and robustness of the process.

Whether you are a GEF member or follower, don't miss an outstanding opportunity to be part of a celebration of the best that our region has to offer to the international energy industry!

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Policy & Regulation

Europe’s post-Brexit budget and the future of energy investments

All EU-27 leaders are looking for a clear understanding of the long-term energy transition investments to create precise state development strategies. (New Europe)

MEPs to modernise EU’s electricity market

ITRE amends 4 legislative proposals, which are part of the Clean Energy package and a step closer to Energy Union. (New Europe)

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Oil & Gas

Total officials infuriated by Block 2 ratification delay

Strong complaints expressed in person last September by a Total official to Greek Prime Minister Alexis Tsipras about bureaucratic delays holding back the French petroleum firm’s investment plans in Greece have not yet led to a comprehensive response from the government. A month after the official’s protest, a consortium comprised of Total, Edison and HELPE ended up signing an exploration and exploitation agreement for Block 2 in the Ionian Sea, but, four months on, this deal has yet to be ratified in Greek parliament, an act needed to make the contract official. (energypress)

Oil majors set for Crete block offers, milder Ionian interest

With just days remaining before deadlines for tenders offering exploration and exploitation rights at a total of three offshore blocks off Crete and in the Ionian Sea, five petroleum firms, including three international oil majors, took part in an exploration security-related meeting held by EDEY (Greek Hydrocarbon Management Company) yesterday, which suggests they will be submitting offers. (energypress)

Snam plans to ‘establish Athens as base for southeast Mediterranean’

Snam will aim to contribute to Greece becoming a regional energy hub in the southeast Mediterranean, Federico Ermoli, chief international assets officer at Italy’s Snam, heading one of two bidding teams vying for a 66 percent stake in DESFA, the natural gas grid operator, has stressed in an interview with Greek daily Kathimerini. Snam and its bidding partners, Spain’s Enagás Internacional and Belgium’s Fluxys, submitted a binding offer to the DEFSA tender last Friday. Staged by TAIPED, the state privatization fund, its content is still being processed before offers are opened. (energypress)

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Power Markets

Government to seek milder PPC market share reduction targets

The Greek government aims to bring forward more relaxed electricity market share contraction targets as part of upcoming negotiations for the program’s fourth review. (energypress)

Ailing ELTA, eyeing electricity market entry, warned of risks

Hellenic Post, ELTA, is planning to enter the electricity retail market in an effort to make additional revenue from alternative sources. ELTA aims to sell 72.5 GWh of electricity to customers including its employees and associates. However Greece’s new super privatization fund privatization fund that now controls the enterprise has warned that such a move could involve considerable and difficult to manage risks. (energypress)

Energy exchange, target model schedules get Brussels nod

Technocrats representing European Commission have agreed that the works to set a local energy exchange in Greece as well as the target model are right on track. The implementation of the Greek energy exchange is incorporated in EU’s Target model that aims to harmonize European electricity markets. The switch from the current daily program to target model system is planned after the end of Q1 2019, once IPTO has finalized a new system code. (energypress)Thumbnail _renewables

Renewables

EU team to inspect Greek RES growth and support mechanisms

A team of officials representing the European Court of Auditors is expected in Athens on March 5 for an inspection of the country’s RES development and role of support mechanisms. In Greece, ECA officials will meet with energy ministry and RES sector authorities, while a sample of projects will be examined for RES support mechanism effectiveness. They will also look for any legal and institutional uncertainties that could be affecting investment activity and risk. Greece is one of four EU member states to be examined, the others being Germany, Spain and Poland. (energypress)

Tilos island is getting ready to become 100 percent renewable

The innovative hybrid, renewable energy-based battery station and smart microgrid project for Greek Tilos island power supply is ready to commence its trial operation on the 6th of March. The project combines energy production from renewable sources – solar and wind, and storage in accumulators. First stage of the trial project is the commissioning and test operation of the battery storage component and next will be the commissioning and test operation of the wind turbine and PV station. (Balkan Green Energy News)

Enel Green Power Hellas to develop Kafirea wind project

Construction activity in the country’s wind energy sector has reached lofty levels in recent times, as highlighted by a capacity of more than 500 MW now being installed. This heightened activity includes a major 300 million-euro investment in Kafirea, southern Evia, being developed by Enel’s Greek subsidiary, Enel Green Power Hellas. Development of this facility, a complex of eight wind farms to offer an overall capacity of 167 MW, is now moving ahead at full speed after the Council of State, Greece’s Supreme Administrative Court, cleared the business plan as lawful in a verdict delivered last month. (energypress)Thumbnail Shipping Transportation

Shipping

Wärtsilä to ensure and optimise the performance of four TMS Cardiff Gas vessels

Greek ship management company TMS Cardiff Gas is collaborating with Wärtsilä since the second will provide maintenance of the operation of four TFDE LNG Carriers through a maintenance agreement signed last December. The agreement includes data collection from Eniram’s platform as well as advanced data analytics that will assist TMS Cardiff Gas to minimize costs, maximise fleet’s engine efficiency as well as overall profitability. This will be achieved through optimal fleet operations that will have a positive impact in the reduction of the company’s costs and in vessels’ fuel emissions. (Hellenic Shipping News)

Prime Tanker Management Buys FSL Trust Stake from HSH Nordbank

Greece’s Prime Tanker Management has acquired HSH Nordbank’s 24.7% stake in First Ship Lease Trust (FSL Trust). Prime Tanker manages a fleet of oil tankers and LPG carriers that have a capacity of almost 2.5 Mln dwt. The deal has been announced along with the HSH Nordbank’s sale and with that move it is expected that the refinancing and/or extension of the trust’s indebtedness will be upgraded. The reported purchase price of 94.9 percent of HSH shares is almost €1 Bln ($1.22 Bln). (World Maritime News)

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GEF Awards 2018

Following the successful completion of the first Greek Energy Forum (GEF) Awards, the Forum is continuing the legacy, aspiring into making it a tradition. The GEF Awards 2018, will mark another milestone in bestowing those companies and individuals that have become benchmark of excellence, competence and innovation, and thus drive ChanGEForward in the energy and hydrocarbons sector in the East Mediterranean region.

17 May 2018

Cass Business School

106 Bunhill Row, London, EC1Y 8TZ from 18:00 to 21:00

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Partnership announcement - Enalytica

The Greek Energy Forum (GEF) has the privilege to announce its partnership with enalytica and to share with you the product of their valuable collaboration.

From now on, the “GEF Reality Check” report, which is distributed quarterly to all our members and followers, will be accompanied by a succinct and very insightful data dashboard, particularly compiled and customized for GEF by enalytica.

Enalytica is a US-based energy advisory firm that has worked with governments, state- owned enterprises and private firms to advance major energy projects. Its goal is to leverage data and technology to facilitate decision-making in the energy space.

Enalytica and GEF have joined forces to increase energy data transparency and raise international awareness on the Southeastern European and Eastern Mediterranean region.

Their objective is to gradually expand the scope of the existing market report and cover more and more national markets within the broader region.

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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