Greek 1 GW power cable to boost security, oil phase-out – expert
Date: November 19th 2024
Author: Maja Žuvela
Category: En.vision
Topic:
Electricity
, Renewables
, Energy policy
, Economy
, Ecology
, En.vision
Greek TSO Ipto’s plan for a 1 GW interconnector from the Dodecanese islands into the mainland high-voltage grid is set to boost the country’s energy security, support oil phase-out and cut prices, a grid expert told Montel.
Ipto on Monday launched a tender seeking bids for the installation of a 380km-long undersea cable, worth EUR 1.42bn, that will for the first time link dozens of islands in the southeast Aegean sea to the mainland grid through modern and resilient infrastructure.Stela Sarri, Greek grid and electricity market expert, told Montel that costly oil-fired power plants would remain in the islands only as a “back-up” solution.
“In general, the interconnection of islands results in their involvement in the electricity system of the continental part of Greece and the prices are expected to drop,” said Sarri.
Avoiding price spikes
The Greek government has been vocal about extreme spot power price hikes of up to EUR 130/MWh it experienced over summer and has asked for EU intervention to help avoid such spikes in future.Sarri expected the interconnection of more islands, along with higher renewables buildout, to reduce the overall cost of electrification, which is very high for consumers in poorly connected areas.
The project is Greece’s second high-voltage direct current (HVDC) cable system, following the Crete-Attica interconnection. The contractor will have three years to carry out the work.
Ipto said that by 2030 all large islands in the Aegean sea would be connected to the mainland, leading to a EUR 3.6bn cut in costs for electricity consumers in the period 2029-2053.
The project is Greece’s second high-voltage direct current (HVDC) cable system, following the Crete-Attica interconnection. The contractor will have three years to carry out the work.
Ipto said that by 2030 all large islands in the Aegean sea would be connected to the mainland, leading to a EUR 3.6bn cut in costs for electricity consumers in the period 2029-2053.
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