April 6, 2025
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Cypriot minister not optimistic about cable project with Greece amid Turkish intimidation

Cypriot Minister of Finance Makis Keravnos said the Great Sea Interconnector (GSI) project still faces very serious political obstacles. He highlighted the pressure from Turkey, alongside the financing disputes with Greece regarding the EU-backed bilateral investment to lay an undersea electricity cable that would connect the two countries.

Following a second incident this month when Turkish navy intimidated ships researching the seabed, Minister of Finance of Cyprus Makis Keravnos expressed doubt in the feasibility of the Great Sea Interconnector (GSI). It is a project to connect his country’s electricity system with Greece’s through Crete, by laying a cable under the sea.

“I can’t say I’m optimistic, especially when there are still very serious political obstacles, namely those posed by Turkey,” the official said, as quoted by domestic media. Namely, Turkish corvette TCG Bartın has approached Ievoli Relume and NG Worker, Italian vessels conducting research for the interconnection, in international waters just north of Crete.

GSI investment concerns now have to be addressed

Nevertheless, a recent due diligence study by a hired foreign consultancy showed the draft bilateral deal heavily favors Greece’s Independent Power Transmission Operator (IPTO or, in Greek, Admie). The authors warned of an “unnecessary additional layer of risks for any equity investors in GSI.”

Keravnos said the document confirms his concerns and that they must be discussed. While the two sides are working to overcome their financing dispute, the project is suffering delays, increasing the risk of cancellation.

Keravnos said in October that the total cost could well surpass EUR 2 billion. The Crete-Cyprus part is substantially leaning on funding from the European Union. The idea was to later extend the interconnector to Israel.

Turkey has been obstructing both GSI surveys and hydrocarbon exploration around Cyprus. There were several incidents involving gunboats.

Cyprus craves interconnections, flexibility sollutions

Meanwhile, Cyprus is struggling to maintain the stability of its isolated electricity system. Oil-fired power plants are increasingly working near their upper limits in peak hours. Conversely, storage capacities, flexibility systems and digital controls are needed for mitigating the pressure on the grid at times of weather-induced jumps in the production of wind and solar power, but also sharp drops.

It is the only noninterconnected country in the European Union. Moreover, Cyprus has no access to natural gas yet.

GSI was formerly known as EuroAsia Interconnector.

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April 6, 2025
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EDP Renewables inaugurates two wind power plants in Greece

EDP Renewables declared its two new wind farms in Central Greece and Thessaly open, adding almost 70 MW to the transmission grid. The country expanded its wind power capacity by only 125 MW last year.

EDP and its subsidiary EDP Renewables held an inauguration ceremony for two wind parks in Greece. It secured government support for both in 2019 at renewable energy auctions, through 20-year contracts for difference (CfD). At the time, the Portugal-based utility expected to begin commercial operations in 2022.

The two facilities have almost 70 MW in combined capacity connected to the transmission grid. The expected annual output is 143 GWh. It is equivalent to the electricity needs of more than 37,000 Greek households. EDP Renewables estimated carbon dioxide emissions savings to be over 102,000 tons per year.

Greece increased its wind power capacity by only 125 MW last year.

EDP Renewables relies on 20-year CfDs in its wind power investments in Greece

The event was held at the Xironomi site in Boeotia (also Beotia and Viotia) in the region of Central Greece. The wind farm has a capacity of 36 MW and the CfD is for 33 MW.

The other facility is Chalcodonio. It is located in the Magnesia regional unit in Thessaly. The 33.6 MW wind farm project has won a 30 MW contract for difference.

“Greece is emerging as a regional leader in renewable energy, as its abundant wind and solar resources offer enormous potential. The country’s commitment to reduce carbon emissions by 55% by 2030, in line with EU targets, makes it an attractive market for clean energy investments,” said Country Manager of EDP Renewables Dionysios Andronas.

Company has four facilities online

The company has 150 MW online in Greece in four wind parks, positioning it among the top 10 operators in the segment, according to the announcement.

Last year EDP Renewables commissioned its Erimia wind power plant of 35 MW and an estimated annual production of 71 GWh. It entered the Greek market in 2018 with two 20-year CfDs.

The company later reached an agreement with infrastructure group Ellaktor for the joint development of onshore wind projects.

EDP plans 3 GW of renewable energy capacity per year, focusing on wind and solar power as well as energy storage. In its business plan for the period 2023-2026, the company earmarked EUR 12 billion for investments on a global scale.

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April 6, 2025
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Race against time for Greece to avoid a blackout on Easter

Greek authorities are rushing to secure the electricity system against a possible blackout during Easter.

Greece currently produces much more electricity than it needs on certain days due to a high renewables penetration and insufficient energy storage. It should be noted that in 2024 the country became a net power exporter for the first time after two decades. Usually, extra power is no problem, as it is exported and curtailments ensure nominal system operation with no danger of a blackout.

However, this year there will be days when low demand combined with high renewable electricity production creates a problem. At Easter, demand traditionally craters.

Independent Power Transmission Operator (IPTO or Admie) estimates that on Easter Sunday the country’s interconnections would operate near their maximum safety limits. If even a single line goes offline, it would lead to a domino effect and the possible loss of all the connections with neighboring countries. As a result, the frequency will rise beyond safe limits in the Greek system, triggering the desynchronization of power plants and a blackout.

To avoid such a scenario, authorities have imposed adding telemetry systems in recent months to photovoltaic units of over 400 kW connected to the distribution network. Currently, the Hellenic Electricity Distribution Network Operator (HEDNO or DEDDIE) can curtail 1.9 GW of solar power capacity, but another 6 GW is unswitchable.

Telemetry must be enabled by April in small PV units

A deadline was given until February 13 to the owners within the latter category to add telemetry equipment so that HEDNO can curtail their production when needed. However, very few complied and the rest said they are still waiting for the systems to be delivered.

HEDNO estimates that 5,700 plants with capacities of 400 kW to 1 MW must be added to curtailments, as well as 600 plants with more than 1 MW apiece.

Based on the above, owners of solar power units and the two grid operators must add the ability by April to ensure system stability.

Gradual installation of energy storage facilities is expected to help significantly and bring curtailments down.

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April 6, 2025
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Greece presents 3.55 GW plan for standalone batteries

A new ministerial decree sets the framework for the installation of 3.55 GW of energy storage – standalone batteries, without subsidies.

The new framework for batteries, presented by the Ministry of Environment and Energy, is under public consultation.

It drastically increases the ambition, originally for between 2 GW and 2.5 GW. Now the government aims for 2.65 GW of batteries in the transmission grid plus another 900 MW in the distribution grid.

It should be noted that the Greek National Energy and Climate Plan (NECP) calls for 4.3 GW of storage by 2030. So far, 900 MW was allocated through auctions, which means that all the rest would be under the scope of the new plan. The difference is that there are no more subsidies, as battery storage is considered a mature technology.

Strict completion times for new standalone batteries

To participate in auctions, batteries will need to provide at least two hours of storage. The new projects will face strict completion deadlines, including 14 months for grid connection terms. Otherwise, investors will lose the EUR 200,000 per MW letter of guarantee required for projects in the transmission network and EUR 50,000 per MW in distribution.

Another interesting aspect is the inclusion of a competition restriction. Each company would be able to submit applications for a maximum 200 MW in combined capability.

Capability quota split among several categories

Future auctions for standalone batteries will be divided into categories.

In the transmission network, 500 MW was allocated to projects with power purchase agreements (PPAs) of at least eight years with energy intensive industries.

Another 100 MW is set for batteries of over 10 MW each, also with private PPAs.

There is a 250 MW quota for batteries in coal regions. The largest part, 1.8 GW, is for other projects

When it comes to the distribution level, 400 MW is for battery energy storage systems (BESS) of at least 5 MW apiece.

The categories of 1 MW to 5 MW, and under 1 MW, have quotas of 200 MW each. The ministry envisages 100 MW for investments with PPAs signed with businesses or industrial production facilities.

The regions of Central Macedonia and Western Macedonia account for the largest shares of the planned operating power, 300 MW each.

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April 6, 2025
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Alexandroupolis LNG Terminal to remain out of service at least until end-March

On the day when it was supposed to get the Alexandroupolis LNG Terminal in Greece back online, its operator Gastrade extended the outage by another month. The company never revealed the details of the malfunction.

Just as gas storage in the European Union slipped below 40% of capacity, the operator of the Alexandroupolis LNG Terminal substantially pushed back the target date of restarting operations. Located offshore northeastern Greece, the facility has major potential for boosting the market in other Southeastern European countries and providing ample supply.

After several shorter delays, Gastrade extended the outage by another month, until March 31. On January 23 it reported a technical issue. Then it announced that a limited regasification service would be available, but there were virtually no gas flows for a few days. On January 28, the company declared that the liquefied natural gas facility went offline.

Gastrade was supposed to bring Europe’s newest LNG terminal back to service on February 28. Instead, it prolonged the outage for a whole month that day, fueling concerns about the severity of the malfunction and speculation about the cause.

Operators association Gas Infrastructure Europe and the European Network of Transmission System Operators for Gas (ENTSOG) noted the update.

Capacity utilization of Alexandroupolis LNG Terminal was relatively low

Put into commercial operation at the beginning of October, the facility could regasify LNG to as much as 5.5 billion cubic meters per year. The capacity of the floating storage and regasification unit (FSRU), the LNG ship, is 153,500 cubic meters.

Gastrade’s update fueled concerns about the severity of the malfunction and speculation about the cause.

Importantly, the Alexandroupolis LNG terminal has only a handful of contracts. It means the controversial breakdown doesn’t directly jeopardize gas supply in the Balkans much. In addition, Bulgaria’s Bulgargaz secured a replacement from Turkey.

Founding shareholder Elmina Copelouzou, LNG carrier fleet owner and operator GasLog, DEPA Commercial, Bulgartransgaz and Greece’s National Natural Gas System Operator (DESFA) all control 20% each in the joint venture in Alexandroupolis.

Discussions are underway in the European Union to cut back the obligatory 90% gas storage level, on November 1 each year, to 80%. The measure obviously wouldn’t help next winter’s security of supply, but there would be less demand and upward pressure on prices.

Balkan Stream pipeline is currently only direct route for Russian gas

Just before the Alexandroupolis LNG Terminal crashed, an outage at Azerbaijan’s Shah Deniz gas field disrupted the deliveries to Europe through the Southern Gas Corridor, toward the Trans Adriatic Pipeline – TAP.

Ukraine declined to renew a contract with Russia, halting the flow of gas to Central Europe at the beginning of the year. The TurkStream and Balkan Stream pipelines remained the only direct and operating route for Russian gas.

Serbia, Hungary, Bosnia and Herzegovina and North Macedonia are counting on the Alexandroupolis LNG Terminal, the new interconnectors between Greece and Bulgaria (IGB) and Bulgaria and Serbia as well as on deliveries of gas from Azerbaijan. In addition, there are plans for gas pipelines connecting North Macedonia with Greece and Serbia.

Serbia and Romania intend to build a gas link of 1.6 billion cubic meters in annual capacity. Minister of Energy Sebastian Burduja said last year that Romania has become the biggest natural gas producer in the European Union. Moreover, its Neptun Deep offshore field is due to come online in 2027.

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April 6, 2025
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Greek renewables sector slams curtailments bill for not including compensation

Power network operators won’t need to compensate renewable energy producers in Greece for curtailments, according to the latest bill of law. It prompted reactions in the renewable energy market.

The bill, submitted for public consultation, received damning remarks from the Hellenic Wind Energy Association (HWEA or ELETAEN) and various other bodies and corporations for the provisions regarding curtailments.

The country’s two operators wouldn’t be obligated to pay compensation. It should be noted that last year curtailments rose by 277% and reached 3.3% of all renewable production in Greece. They are projected to reach new highs in 2025.

The issue primarily plagues larger plants including wind farms, as they have the technical ability to respond to curtailment orders from the Independent Power Transmission Operator (IPTO or Admie). Conversely, smaller photovoltaic facilities connected to the grid of the Hellenic Distribution Network Operator (HEDNO or DEDDIE) have no such telemetering equipment, so they produce freely at all times.

Indeed, Greek authorities aim to make such systems mandatory in smaller renewables plants to be able to curtail them, to maintain system stability, especially during the days of Easter. If an owner fails to make necessary changes, they would be subject to a high penalty, yet to be determined.

Producers point to European law for compensation

HWEA expressed the belief operators should be exempted from compensation only if a proper framework is established that compensates larger producers for curtailments. In practice, it means any revenue collected from the penalties should be used as compensation for other producers.

HWEA: Producer compensation mechanism is necessary

The association added that compensation is obligatory under European law and therefore needs to be included in the regulatory framework.

“The only right way is for the government to conclude the long-awaited framework and introduce a specific producer compensation mechanism,” HWEA pointed out.

Cero Generation Holdings Greece said it is very concerned about proposals for IPTO and HEDNO not to be obliged to provide any compensation.

Curtailment responsibility shifted to aggregators

Another issue concerns the role of renewable energy aggregators, which represent groups of smaller producers in the market. Both HWEA and Elpedison said it is the operators that need to enforce and manage curtailments, and not aggregators, as in the proposed law.

With such measures, aggregators will face increased costs as well as the possibility of having their license recalled if they cannot carry out their new duties, the company pointed out.

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April 6, 2025
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Terna Energy to build solar power plant of 130 MW in Bulgaria

Terna Energy is developing a project for a 130 MW photovoltaic plant near Burgas in Bulgaria. The company, owned by Masdar, plans to connect it to the grid already by the end of next year. Recently it also reached landmark points in the development of wind power projects in Greece.

Abu Dhabi Future Energy Co. (Masdar), which has high ambitions for its expansion in Southeastern Europe, relies to a great extent on its recently acquired subsidiary Terna Energy. The Greek company revealed that it is preparing to install a 130 MW solar park near the village of Vratitsa in eastern Bulgaria.

The project in the municipality of Kameno in Burgas province includes design and procurement, as well as grid connection works including a new 33/110 kV substation. Terna Energy Group said it is targeting completion by the end of 2026.

As part of the strategic cooperation with the former parent company, GEK Terna, its construction arm Terna SA was selected as the contractor, the announcement reads.

Terna Energy operates two wind farms in Bulgaria, with 30 MW in overall capacity.

With its recent share purchases, Masdar boosted its stake in the Greek company to 97.6% from 87.9%. The green energy giant based in the United Arab Emirates acquired Terna Energy last year.

Wind power projects in Evia progressing

In other recent news, Terna Energy received operating licenses for four projects for a wind power complex. The sites are in Karystos in Greece’s second largest island – Evia, also known as Euboea. It is one of the country’s wind power hubs and an important area for the company.

The Terna Energy Omalies subsidiary is responsible for the said investments, of 78 MW in total. They are part of an endeavor consisting of 11 wind farms.

The location for the biggest of the four, at 36 MW and with 12 turbines, is called Praro. The company ordered 3 MW machines from Enercon for all the sites. Molizeza 1 and Kalamaki 2 are for 18 MW each, and Kalamaki would have 6 MW.

Joint venture with MORE for Greece’s first offshore wind farm

Of note, the construction of wind parks in the Balkans has mostly slowed down. Moreover, Bulgaria has been at a standstill since the first wave of investments died down more than a decade ago, while Romania is struggling to pick up pace. Greece added only 125 MW last year.

Terna Energy is counting on opportunities in the offshore wind domain. In January, it joined forces with Greek refiner Motor Oil in the pilot project for the country’s first facility of the kind.

Motor Oil Renewable Energy (MORE) now holds 50% of joint venture Aioliki Provata Traianoupoleos. The project firm is tasked with developing a 400 MW offshore wind power plant on the Ionnian Sea between Alexandroupolis and the island of Samothrace. The two companies aim to complete it by the end of the decade.

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April 6, 2025
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Greece plans 4.7 GW of commercial battery storage projects

The much-awaited ministerial decree for zero-subsidy standalone battery systems has been published in Greece.

So far, Greece has provided support to 900 MW of standalone storage projects under three previous auctions. The new plan, prepared by the Ministry of the Environment and Energy, calls for installing 4,700 MW of standalone battery projects across the country, equal to the entire projected capacity until 2030 under the country’s National Climate and Energy Plan (NECP).

More specifically, 3,800 MW will be installed in the transmission network and 900 MW in the distribution network.

Investors will have up to 18 months to apply to the operator

There are also specific rules to avoid concentration and ensure a level playing field. For example, individual companies may apply for up to 250 MW of storage projects. In the distribution segment, this limit is set lower, at 50 MW. Including previous storage auctions and batteries that operate as part of renewable plants, each player may install up to 500 MW of total battery capacity by 2029.

The guarantee is set at EUR 200,000 per MW for the transmission grid and EUR 50,000 per MW for the distribution grid.

The ministry has also set a specific timeframe for the completion of projects. Investors will have up to 18 months to submit a declaration of intent to the operator. If this deadline is not observed or the anti-monopoly clause is violated, the letter of guarantee will be forfeited.

After the announcement, the market players expressed their satisfaction for getting a time frame extension, compared to the originally planned 14 months.

Curtailments rise further this year, storage needed urgently

Last year, Greece experienced 3.5% curtailments as a result of a rapid renewable energy rollout. Since the beginning of March, they have increased even further, according to the chairman of Hellenic Association of Photovoltaic Companies (HELAPCO), Sotiris Kapelos.

Kapelos: Curtailments reached 20% at the beginning of March

As he mentioned during a conference on Friday, 13 March, “last year we had 12% curtailments during the first days of March and now we are witnessing 20%.”

Batteries are expected to keep curtailments under 5% by 2030, as long as the projects are implemented.

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April 6, 2025
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PPC begins construction of 165 MW solar farm with BESS in Bulgaria

PPC Group is accelerating its expansion in the Balkans by laying the foundation stone for its Colosseum solar power project in Bulgaria. The facility will have 165 MW in peak capacity and include a battery energy storage system (BESS), the Greek state-controlled utility revealed. The company’s investment plan includes Italy, where it recently commissioned the first two solar parks.

Public Power Corp. – PPC Group said it commenced the construction of a photovoltaic plant in Stara Zagora in central Bulgaria. The project involves 260,000 bifacial solar panels with an expected annual power generation of more than 265 GWh. It is one of the biggest investments abroad for Greece’s government-controlled utility, which is expanding in Southeastern Europe and beyond.

The Colosseum solar park will have 165 MW in peak capacity and include a BESS facility of 25 MW in operating power and a capacity of 55 MWh. The liquid-cooled lithium iron phosphate (LFP) batteries will support the operation of the photovoltaic plant and contribute to the stability of the electricity system, the company added.

A 33/110 kV substation will be built on the site, the announcement reads. The solar power plant’s estimated output is equivalent to the electricity needs of more than 45,000 Bulgarian households.

PPC has 550 MW in project pipeline in Bulgaria

PPC Group runs an 18 MW wind farm called Garda in the country and another 550 MW in its renewables project pipeline. The company’s overall online green energy capacity is 5.5 GW.

According to its three-year strategic plan, by 2027, PPC Group will develop another 6.3 GW of renewables in Greece and the region. It revealed that more than 60% is under construction or ready for construction.

First PV units from strategic deal with Metlen in Italy came online in December

In December, PPC Group said it launched the operation of photovoltaic plants Carcarello and Luxenia, its first two facilities in Italy. They have 20 MW and 12 MW, respectively, in peak capacity. It translates to over 60 GWh of electricity per year in total from the two solar power units in central Italy.

The production can meet the demand of almost 15,000 households. The contractor for Carcarello and Luxenia was Metlen, formerly known as Mytilineos. The projects are part of a region-wide strategic agreement for photovoltaics, for 2 GW. Another 160 MW of PV capacity is under construction in the country.

Greek state-controlled power utility is largest renewables producer in Romania

PPC Group is the largest renewable energy producer in Romania, operating 25 wind, photovoltaic and hydroelectric facilities as well as battery storage units.

Its subsidiary Reţele Electrice România invested EUR 240 million last year in the expansion and modernization of its electricity distribution network. The firm plans to increase the number of smart meters in the three regions that it serves to two million by the end of 2025.

Gas-hydrogen CHP plant in Kardia to be completed by end-2026

As for its home market, the Greek utility said in January that it started the construction of a high-efficiency combined heat and power (CHP) plant. The future gas facility of 17 units is within the site of the former Kardia coal-fired power plant in the Western Macedonia province.

The company expects to complete the EUR 80 million cogeneration investment by the end of next year. According to earlier updates, the facility will have 105.3 MW in power capacity and 66.5 MW for thermal energy.

The project envisages the use of a mixture of fossil gas and hydrogen. The group is building another gas plant in Alexandroupolis.

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April 6, 2025
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Greece’s IPTO connects to balancing energy platform PICASSO

The Independent Power Transmission Operator of Greece announced that it connected to PICASSO. It is the second transmission system operator or TSO in Southeastern Europe that joined the European platform, so now it can exchange balancing energy with its counterpart in Bulgaria. In addition, IPTO (or Admie, in Greek) has proposed the introduction of negative prices in the domestic balancing market.

The Platform for the International Coordination of Automated Frequency Restoration and Stable System Operation (PICASSO) optimizes balancing energy between control blocks in the Continental Europe synchronous area. Bulgaria’s Electricity System Operator (ESO) joined last month, but it was isolated as it didn’t share electrical borders with any other operational member. Neighboring Greece’s transmission system operator IPTO (or, in Greek, Admie), has just connected to the platform, so the two countries can now exchange balancing energy.

Denmark, Germany, Belgium, the Netherlands, Czech Republic, Slovakia, Austria and Italy are a geographically separate group within PICASSO. Lithuania’s Litgrid joined earlier this month.

Key step for common European energy market

By becoming the 14th operational member, IPTO made a key step in the process of formation of a resilient and efficient common European energy market, the statement adds. The PICASSO methodology and algorithm are intended primarily for the cross-border provision of secondary reserve so that the electricity grid’s operating frequency remains stable.

There are 29 TSOs from the European Network of Transmission System Operators for Electricity – ENTSO-E in the project. Additionally, North Macedonia’s MEPSO, which has electrical borders with both Bulgaria and Greece, is an observer in PICASSO. The platform doesn’t include the rest of the Western Balkans.

With the latest achievement, IPTO and ESO can jointly benefit from the automatic frequency restoration reserve (aFRR). Romania has been delaying its connection to PICASSO.

The platform collects and rates all available offers for balancing energy from aFRR according to their prices, placing them into a common merit order list – CMOL.

PICASSO helping reduce number of balancing price spike events

The new method for calculating cross-border marginal prices on PICASSO has greatly improved performance as the number of instances of electricity balancing price spikes dropped, according to European Union Agency for the Cooperation of Energy Regulators (ACER). Integrating balancing markets across borders lowers costs and improves efficiency by allowing TSOs to activate cheaper balancing energy bids, the body explained.

In other relevant news, IPTO has proposed the introduction of negative prices in the balancing market in Greece of EUR 50 per MWh at most for one year, Energypress reported. The change would enter into force on allocation day April 10, ahead of Easter, a critical moment for grid stability.

The TSO said the limit should be boosted to EUR 15,000 per MWh after joining PICASSO.

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