High expectations for a new growth dynamic in the Greek energy market have become clearly evident this year, despite the significant impact that the coronavirus had on domestic demand, as shown in the Annual Report for 2020 “Greece’s Energy Sector” by the Institute of Energy for South East Europe (IENE), which was presented in an online event that took place today, Wednesday, November 25, with the participation of senior executives of the Greek energy sector and Media representatives.The
Chairman of IENE, Costis Stambolis, who "opened" the online event,
after introductory comments, gave the floor to Dimitris Mezartasoglou, Head of Research
at IENE and Alexandros Koutroumbousis, IENE Research Associate, who presented
the Institute’s Report for the Greek Energy Sector for 2020. After a brief
presentation of the trends and prospects of the Greek and global economy as
well as of the global and regional energy markets, special emphasis was given to
the data highlighted by the Report on the Greek energy market.
According to the Report, a particularly strong dynamic of Greece’s energy landscape is in place as a result of important developments such as the decarbonization plan, the large penetration of RES, the electricity interconnection of the islands, the initiatives to enhance electromobility and clean fuels, etc. At the same time, new trade and investment opportunities are being created at the regional level, with the Greek energy system developing closer collaborations with neighboring countries (e.g. electricity market coupling, new gas interconnectors, etc.).
According to the conclusions of the Report, as presented at the event, this year consumers have benefited significantly from the development of healthy competition in the electricity retail market - where, based on data for October 2020, there are 30 suppliers - and natural gas, where 24 suppliers are active. Greece’s Regulatory Energy Authority (RAE) new tool for comparing electricity and gas prices also played a positive role, while the "Save-Autonomy" Program ("Save at Home") also went ahead.
In addition, the implementation of the Target Model since November 1st and the launch of the Energy Exchange are recorded as a key development, while the Report also stressed that in 2021 a fully fletched gas trading hub is expected to come into operation through HEnEx. Forthcoming Energy privatizations including HEDNO, DEPA Commerce and DEPA Infrastructure, the further sale of IPTO, a reduction of the State's participation in Hellenic Petroleum are also highlighted in the Report.
The Report further notes that the development of new energy infrastructure and the expansion of existing ones should be pursued, as well as the facilitation of the entry of new players in the electricity and gas markets. In addition, the Report emphasizes the need for a regulatory framework for offshore wind, a greater focus on the transition to clean energy and the tackling of energy poverty. The Report also identifies the need for the Ministry of Environment and Energy to set up a group of high-level experts, in order to formulate a regulatory framework for battery storage and hydrogen.
The IENE’s Annual Report for the Greek Energy Sector also refers to Environmental Law 4685/2020, which concludes that it simplifies the licensing of RES projects and environmental licensing, while introducing a new, European framework for protected areas.
Commentary on the presentation of IENE’s 2020 Annual Report was contributed by Professor of Energy Economics at the National Technical University of Athens, Scientific Coordinator of E3Modelling and Chairman of the Scientific Committee of IENE, Prof. Pantelis Capros, while Alexandra Sdoukou, Secretary General of Energy and Mineral Resources of the Ministry of Environment and Energy, also shared her thoughts on the developments in Greece’s energy sector.
In addition, Prof. George Ioannou, CEO of the Hellenic Energy Exchange, Mrs. Chen Dong, Deputy CEO of IPTO, Yiannis Yiarentis, Chairman and CEO of DAPEEP and Anastasia Chatziantoniou, Communications & CSR Manager of DESFA, also commented in their area of expertise.
The full archive of the latest IENE report will be available from 26/11 at the www.iene.gr.
