June 25, 2024

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Greek energy El Dorado

Greek energy El Dorado

Written by Kostas Stupas

Greek energy El Dorado

Currently, the increased participation of renewable energy sources in the electricity mix leads to instability and losses. But in the future, under certain conditions, countries such as Greece in the El Dorado energy region in the Balkans and Europe could come into the spotlight.

Recently, more and more often, there are hours or even days when the energy supply greatly exceeds the demand, which causes the system to shut down many renewable energy source units. Excess supply also creates negative prices.

It is known that the main problem with renewable energy sources is that the hours and days in which the sun and wind are high and produce a lot of energy are not synchronized with the hours in which there is increased demand.

This imbalance can only be solved by increasing the energy storage capacity. Storage can be done either by investing in large battery arrays or by using pumped storage units such as those built by TERNA in Amphilochia.

Pumped storage units are artificial hydroelectric units that use the same water. At times when the energy supply is greater than the demand, it is used to transfer water to the upper reservoir to produce energy when demand begins to prevail.

The question is how many of these units are needed to balance the system. This implies some yet-to-be-identified costs that will be added to the final consumer.

Currently, many producers are forced to withdraw keys when the system locks them resulting in them not being collected, disrupting investment recovery and cash flow plans. This can mean upending the budgeted profitability and sometimes the solvency of the bank.

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One way to calm the situation is to shift the reduced night tariff to midday when the sun and wind are strongest. Smart electrical appliances that can be programmed to work during the day, when consumers are away from home at work, will also contribute to this trend. In this light, PPC’s acquisition of Kotsovolos takes on additional meaning.

The other way is to increase exports to neighboring Balkan countries. However, further expansion and increased network capacity are needed.

In the long term, it is planned to establish electricity transmission lines in northern European countries that enjoy less sunlight. However, since these lines must cross several states, it is a complex and time-consuming task. Even in the best-case scenario, it will take a decade to implement.

German financial magazine Handelsblatt recently released an extensive report on the overproduction of Greek RES products.

“According to grid operator ADMIE, the share of renewable energy sources, including hydropower, reached 57% of the total electricity mix last year.

This was 8.5 percentage points more than last year. Over the past ten years, the country has increased its green electricity production by about 150% from 8.64 TWh to 21.35 TWh. The share of lignite in electricity production decreased from 55 to 10% in the same period.

be seen: Greece produces a lot of green electricity and is urgently looking for buyers

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