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Greek Energy Forum Newsletter, 14th April 2019

A tender offering a 50.1 percent stake of HELPE (Hellenic Petroleum), whose complicated make-up involved two sellers and four possible buyers, has failed to produce a result.

Viohalco, the leading metal processing company, who is the second largest electricity consumer in Greece has reached a three-year fixed cost agreement with PPC.

GE has completed its first wind farm project in Greece. The Fokida wind farm is the first of a series of three wind farms GE is constructing for Nostira Renewable Energy.

We would like to wish all our subscribers a Happy Easter!

The newsletter will be back in early May after our Easter break.

Policy & Regulation

European Parliament confirms fossil fuel subsidy phase-out by 2025

The Members of the European Parliament adopted four new laws on the EU electricity market, concluding thus the Clean Energy for All Europeans package. At this point, it is confirmed that state aid for fossil fuels will be phased out by 2025. (balkangreenenergynews)

11 EU countries snub Romanian Presidency’s gas declaration

The European Commission along with 11 EU member states, opposed to sign a declaration on “sustainable and smart gas infrastructure” stated by the Romanian Presidency because the text wasn’t ambitious enough on climate change, according to European target. (euractiv)

Chinese Balkans investments disrupt EU objectives, Commission warns

In the light of a controversial energy project in Bosnia and Herzegovina, the European Commission warns that some Chinese investments, in the Western Balkans, entail “macro-economic imbalances and debt-dependency” risk and impact EU objectives in the region. (euractiv)

Oil & Gas

ELPE privatization effort fails to deliver result, next step unclear

A tender offering a 50.1 percent stake of HELPE (Hellenic Petroleum), whose complicated make-up involved two sellers and four possible buyers, has failed to produce a result. The Greek State was offering 20 percent of its 35.48 percent share and the Latsis group’s Paneuropean Oil 30.1 percent of its 45.47 stake. (energypress)

Energean Oil and Gas successfully completes drilling at EA-H3 in the north

Energean Oil and Gas, the oil and gas producer focused on the Mediterranean, has successfully completed its drilling operations of the extended reach well, EA-H3, in northern Greece, the company has announced. (energypress)

Spain’s Repsol, Greece’s HELPE ink Ionian Sea exploration contracts

reece’s Environment and Energy Ministry on 9 April signed two contracts for the exploration and exploitation of hydrocarbons in the Ionian Sea. The first contract signed between the Greek government and Hellenic Petroleum (HELPE Group) concerns the granting of the right to prospect for and exploit hydrocarbons in Block 10 in the Gulf of Kyparissia in the Peloponnese. The second contract was signed between the Greek government and the consortium of Spain’s Respol and Hellenic Petroleum for the exploration and exploitation of hydrocarbons in the Ionian Sea area, Western Greece. (New Europe)

Power Markets

Viohalco electricity deal with PPC sets standard for industry

Viohalco, the leading metal processing company, who is the second largest electricity consumer in Greece has reached a three-year fixed cost agreement with PPC. The company agreed to pay a 10% premium on its tariff in exchange for longer term clarity over its costs. (energypress)

Amynteo silence adds to investor jitters over PPC sale

Despite expectations for an announcement regarding Amynteo’s power station closure during last week’s PPC board meeting, Manolis Anagnostakis withdrew this item from the agenda in a last-minute move. This has created further ambiguity in prospective investors who would probably see the announcement as a positive signal as it makes the other stations more competitive. (energypress)

Euroasia legal action ‘will not delay’ Crete interconnection

Legal action taken against RAE from the Eurasia Interconnector should not delay the Crete interconnection project. Eurasia Interconnector, a consortium of Cypriot interests, has challenged RAE’s decision to give control of the Athens-Crete interconnection to IPTO. (energypress)Thumbnail _renewables

Renewables

Three bids submitted for crucial RES spatial framework tender

Three technical firms have submitted bids to an energy minister tender offering a contract for the development of a national spatial framework concerning the renewable energy sector, a project budgeted at 120,000 euros. Energy ministry officials estimate a preferred bidder will be announced before summer. The new RES spatial framework should be ready towards the end of 2020, as it is scheduled to require 18 months to complete. (energypress)

GE completes Fokida wind farm in Greece

GE has completed its first wind farm project in Greece. The Fokida wind farm is the first of a series of three wind farms GE is constructing for Nostira Renewable Energy, which has a 20% stake in the Fokida project, according to GE’s website. The remaining 80% belongs to Fortress Investment Group LLC. The Fokida wind farm is located in central Greece along the Gulf of Corinth, according to a GE Report. (Balkan Green Energy News)

Spain surpasses EU renewable targets for 2030

Spain has the most ambitious national plan for renewables of any country in the EU surpassing the European Commission’s expectations of 32pc by 2030 and setting a new target of 42pc of all of Spain’s energy, WindEurope CEO told New Europe on 2 April in Bilbao. (New Europe)Thumbnail Shipping Transportation

Shipping

Alafouzos orders suezmax pair, grants options to Okeanis Eco Tankers

The Alafouzos-led “Okeanis Eco Tankers” has been granted the option by its chairman and CEO Ioannis Alafouzos to proceed with the acquisition of two suezmax newbuilding vessels that have been ordered at Hyundai Heavy Industries and are expected to be delivered during Q3 2020. Those vessels are offered from Alafouzos’ private vehicle at their contract price. The option can be exercised until November at no cost and in case it won’t the vessels will continue to be managed commercially for a fee of $600 per day. (Splash247)

TMS Cardiff Gas announces a long-term time charter contract with Vitol

Christos Economou-led “TMS Cardiff Gas”, which operates and manages 16 LNG Carriers, has announced that it entered into a 10-year time charter with the globally renowned energy company VITOL for one of its newbuild vessels. The LNG carrier is being constructed at Hyundai Heavy Industries, it has a capacity of 174,000 CuM and an efficient XDF propulsion unit. The company seems to target further fleet growth as it has optional vessels available for delivery in 2021. (Hellenic Shipping News).

GEF and the United Nations Economic Committee for Europe (UNECE)

For its third year as a member of the Group of Gas Experts of UNECE, Alexandros Lagakos had the pleasure to represent the Greek Energy Forum and to present within the imposing building of UN Palais De Nations in Geneva on the topic of global LNG trading and optionality.

The presentation highlighted to UN delegates that in 2017 the Mediterranean together with China were the two places in the world that massively outperformed forecasts in regards to their actual LNG imports. Med countries - and within them Greece - deserve more attention by the global LNG industry and this is a message that we as Greek Energy Forum are working hard to convey to our international audience.

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.

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