Greece has made significant progress in its energy transition with the help of the European Union’s Resilience and Recovery Fund (RRF), although there is plenty of work left before its expiry in August.
The results in the field of energy were presented at a conference organized by the government. Minister of Environment and Energy Stavros Papastavrou noted that 32% of the RRF in Greece was directed towards his ministry.
“Greece has made monumental progress in the energy transition. From a 60% lignite share in the power mix, we have reduced it to less than 9%, and renewable energy now provides 50%,” said Papastavrou.
RRF helped make Greece a net power exporter
Through the National Recovery and Resilience Fund 2.0, 7.5 GW of renewable energy was installed, added Johannes Luebking, Director of the Directorate-General for Reform and Investment Task Force (SG.Reform) within the European Commission’s Secretariat-General.
“With the help of RRF, Greece now has a strategic position in Europe, as a net power exporter,” he added.
In total, 240 milestones have been achieved, representing 55% to 60% of the national plan. In financing terms, EUR 23.4 billion has been allocated. With the seventh application, already submitted by the government to the European Commission, the sum would reach EUR 24.5 billion. It is estimated that the biggest part of the remaining work will take place, as part of the last batch, after the following summer.
Currently, eight reforms are pending, such as the new spatial plan for renewable energy and ministerial decrees setting aside space in the grid for offshore wind farms, as well as describing the process for auctions for them.
When it comes to carbon capture and storage (CCS), recently a significant milestone was reached with the storage license given to Energean for the Prinos CO2 project. Its goal is to store emissions from the Greek industry. Four companies have already submitted applications to the Innovation Fund for their own CO2 capture projects.
Distribution network upgrade at 70%
The Independent Power Transmission Operator (IPTO or ADMIE) has received EUR 541 million from RRF for the fourth phase of the Cyclades islands interconnection, as well as the upgrade of a large high-voltage center in Attica. Both have been completed.
As for the Hellenic Electricity Distribution Network Operator (HEDNO or DEDDIE), RRF’s support was directed to three domains: the upgrade and strengthening of the network, applications and digitalization.
So far 3,400 kilometers of lines have been upgraded across the country, while 1,800 kilometers were moved underground. About 70% of the works are complete. HEDNO also modernized 500 MW of its substations, out of a targeted 725 MW.
The operator is moving closer to installing smart meters to 50% of consumers, enabling dynamic pricing and other services. Currently, dynamic retail products are available to 225,000 consumers, representing 46% of total consumption.
Within the next 12 months, HEDNO will also operate for the first time the self-consumption registry, a digital platform that will bring together data from all public bodies and institutions.
Apart from the above, RRF funding for the first standalone battery storage units was provided. Projects of 700 MW are currently under construction. They need to be connected to the grid by the middle of this year, after an extension was given.
A part of the Apollo initiative, aimed at reducing consumer bills through the use of renewable energy, has been excluded from the RRF, as a result of delays.
It remains to be seen whether other investments and programs will make it in time, as the RRF also covers areas such as energy efficiency in buildings and pumped storage hydropower units.
Post Views: 1