FINALPAPER

FlorenceSchoolofRegulation
RegulationofthePowerSector
Autumn2015

Proposalof10regulatorymeasuresforGreeceaimedatcutting
greenhousegasemissionsby40%overthenexttwodecades

VassilisTriantafyllos
Athens,29.2.2016

A. Introduction

Thepresentproposalseekstoexplorenewideasformeasuresapplicabletothe
energy sector in order to achieve the stated goal of significant GHG emissions
reduction in the next 20 years. The research is undertaken at a very unfortunate
juncture, both for the energy sector and the economy of Greece in general. The
current difficulties cannot be ignored, of course, but they offered an interesting
challengeintryingtoincorporatethemintheproposedpolicychanges.
Itwouldappearthatthesystemcouldachievetherequiredgoalsifcertainsteps
weretaken.Those,insummary,wouldbe:
1. Redesigningthegenerationmixwithasteadyreductionofdependenceoncoal
andasimultaneousincreaseinRES,withgasasabridgefuel
2. Investing in the transmission grid, both for domestic efficiency and access to
regionalmarkets.
3. Redesigningthemarketsandeliminatefailuresinordertoincreaseefficiency.
4. Increasingconsumerparticipation,bothingenerationanddemandresponse.
5. Investinnewtechnologiesinstorage.
The aforementioned steps are expounded upon and ten particular aspects are
identified and respective regulatory approaches advocated. Although the actual
feasibilityoftheproposalisoutsidethescopeofthisPaper(aswellastheexpertise
and capabilities of its writer), the overall planning endeavors to be cohesive and
realistic,althoughwithoutavoidinginnovativeapproaches,wherethosearedeemed
necessary.Ifnothingelse,thisproposalprovesthatthinkingoutsidethebox,even
asatheoreticalexercise,canofferaninterestingperspectiveand,perhaps,providea
valuablenewpointofview.

B. ProposedMeasures
1. Reductionofnationaldependenceonlignite

Greek energy production has traditionally been dependent on lignite. This

dependenceisinlargepartduetothedomesticavailabilityofthefuel(decreasing
dependencyinforeignprocurement),lowcostsandbetterplanningoffuelreserves.
This dependency has reduced in the last years, from 51% in 20111 to 43,37% for
January20162,but,perhapsmoreimportantly,itsetsthemarginalsystempricefor
59,54%3 of the cost fluctuations. Its easy to assume that coal is the backbone of
Greek energy generation and still, despite reductions, retains a significant
percentageoftheenergymix.
Evenmoreimportantly,thecurrenteconomiccrisishasreversedthetrendto
reducecoaldependenceduetotheobviousadvantagestocheapenergyitoffers.In
fact, the PPC intends to make an investment in a new 660MW lignite facility
(PtolemaidaV),withacostof1.4$B,despiteobjectionsfrommanydirectionsabout
theobsolescenceoftheparticulartechnologyandthesevereenvironmentalimpact
it entails, while at the same time reopening Ptolemaida III, an obsolete and
extremelypollutinglignitefacility4.
Thefactremainsthoughthattherecenteconomiccrisismustnotbeallowed
topressuponusdecisionsthatwillmortgageourfutureinlightofashorttermgain.
Instead,aclearregulatorydecisiontoretainandexpandtheestablisheddynamicof
moving away from lignite should be evinced. The way to make this commitment
clearcould bebyintroducingmeasuresofchargingeverypolluterfor themarginal
damageproducedbytheirpollution5.Thepreferableapproachtoachievethateffect
would be a carbon emission tax on outputs, preferably in excess of a certain limit
1

Country Report Greece 2014 in Country Reports : Accompanying the document Communication from
the Commission to the European Parliament, the Council, theEuropean Economic and Social
Committee and the Committee of the Regions, , Progress towards completing the Internal Energy
Market (13.10.2014 SWD(2014) 311 final), p. 98 and following for Greece, p. 99.
2
DAS Monthly Report for January 2016, Greek Market Operator LAGIE (in greek), p.16 graph 16.
3
Ibid p.11 Chart 3
4
Ibid. p. 4 Ptolemaida III is listed as a contributing facility, and PV Magazine Article Greece turns to
lignite, 19 June 2015at .http://www.pv-magazine.com/news/details/beitrag/greece-turns-to-lignite_100019886/#axzz41Alz34vK
5
P. Linares et al. in Regulation of the Power Sector, Ignation J. Prez-Arriaga, Editor, Springer 2013, p.
545

rather than on total volume, and a provision that the limit will be lowered
periodically,forexampleevery35years,withfuturelimitsknowninadvance6.This
wouldencouragePPCtoadaptandplanitsinvestmentpolicyandslowlybutsteadily
move away from the easy solution of relying on lignite for cheap energy. At the
sametime,itwouldnothavedetrimentaleffectsonmarginalsystempricesincenot
all lignite production would be taxed and most other technologies (including gas)
would remain unaffected. This of course would only serve as an intermediate
measure, since to achieve such a drastic emissions reduction more substantial and
innovative approaches would have to be implemented; moreover, the new
auctioning approach to emission trading since 2013 in the ETS jeopardizes the
economic sustainability of coal production and, combined with a carbon tax, could
providethecatalystforamoveawayfromlignite.
In order to move away from coal, in the sense of both not increasing installed
capacity and actually phasing out existing installed capacity in time, an alternative
approach to base load generation must be found. The option of nuclear, although
presentingclearadvantages(especiallyconsideringthatfurtherbaseloadgeneration
investmentisscheduled,asexplainedabove),mightnotbeeasilyacceptableinthe
current environment, unless serious and targeted public campaigns that inform on
benefitsandriskscanbeundertaken.Ontheotherhand,alternativeapproachesto
baseloadgenerationthroughrenewablesources(togetherwithgasgenerationand
demandsidemanagementduringpeak)areproposed7anddeservefurtherscrutiny8.
In any case, the proposed period of two decades in orderto achieve the goal may
indeedbesufficientforaradicalredesigningofthebaseloadgenerationquestion,of
achievinggoalswithoutjeopardizingtheoverallsecurityandstabilityofthesystem9.
6

Ibid. p. 551.
Supplying Baseload Power and Reducing Transmission Requirements by Interconnecting Wind
Farms, Christina L. Archer and Mark Z. Jacobson, 2007
8
The Basics on Base Load: Meeting Ontarios Base Load Electricity Demand with Renewable Power
Sources, Roger Peters and Cherise Burda, 2007
9
Always an ongoing concern in any planned significant change. The relevant concerns described in the
U.S. Clean Power Plan (introduced in October 2015 although currently suspended by the U.S. Supreme
Court), with a balance sought, among other means, by a long compliance period, and phased-in
reduction requirements, providing sufficient time and flexibility for the planning and investment
needed to maintain system reliability, a basic design that allows states and affected EGUs flexibility to
include a large variety of approaches and measures to achieve the environmental goals and a
reliability safety valvefor extraordinary situations where an affected power plant must provide
reliability-critical generation notwithstanding CO2 emissions constraints that would otherwise apply.
7

2. ComprehensiveGasElectricityPolicy

Gasgeneration,althoughnotclean,isdefinitelycleanerthancoal(about50%
less emissions per energy unit produced)10, making it ideal as a bridge fuel
(althoughcontraryopinionsarealsoproposed11).Inthegenerationmixproposedin
thepresentessay,gashasanincreasedimportanceinquicklycoveringstabilityand
adequacysystemrequirements.
Theincreasedroleofgasneednotnecessarilyimposeamuchbiggercostonthe
system.Althoughmarginalpricebasedongasvariablecostswoulddrivepricesupin
the short term compared to a mix primarily based on lignite, the long term
commitmenttorenewables(withminimalvariablecosts)could,conceivably,driveto
a much lower average price of the system. Furthermore, general benefits, not
directly associated to generation but to the usage of gas in general, could help to
offsettheincreaseofgenerationcostsaswell.
Under the proposed scheme, it is undeniable that a comprehensive energy
strategy that associates gas and electricity must be drafted. Both systems must be
studiedjointlyandthemostefficientsolutionsforbothmustbepromoted,providing
addedvaluetothetotalsuprasystemthatmightnotbeeasilymanifestineachof
thetwosubsystems.
Gas is an underused fuel in Greece, which has relied traditionally more on oil
(especiallyinresidentialandtransportusage).Despitethat,certainfactorsindicate
that a switch might be desirable: geographical proximity to big gas exporters,
conveniently placed existing 12 and planned 13 interconnector pipelines, a steadily
increasing stake in LNG fleets owned by Greek interests14and strong geographical
10

How much carbon dioxide is produced per kilowatthour when generating electricity with fossil
fuels?, U.S. Energy Information Administration at http://www.eia.gov/tools/faqs/faq.cfm?id=74&t=11
11
The effect of natural gas supply on US renewable energy and CO2 emissions, Christine Shearer,
John Bistline, Mason Inman and Steven J Davis, 2014
12
Interconnector Greece Turkey:
https://en.wikipedia.org/wiki/Interconnector_Turkey%E2%80%93Greece%E2%80%93Italy
13
Interconnector Greece Bulgaria:
https://en.wikipedia.org/wiki/Gas_Interconnector_Greece-Bulgaria
14
Article at Lloyds List Greece grows its owned share of the global LNG fleet, 29 May 2014
http://www.lloydslist.com/ll/sector/tankers/article442275.ece

presenceofPiraeusasinternationalshippinghub,allindicatethatGreecehasboth
the capability and the interest to promote increased gas usage, especially if said
increaseisplannedandinterconnectedwiththeexistingelectricityconcerns.
Tothateffect,aseriesofmeasurescouldbeadopted:jointexpansionstudiesfor
both electricity and gas transmission grids, locational signals for electricity
generation to be installed in locations with added benefits for both transmission
systems, implementation of the planned upgrade of existing LNG terminal in
Revithoussa15and expansion by investment in new LNG regasification facilities in
northernGreece16,etc.
Thiscomprehensivestrategycouldprovidesecurityofsupply,marketintegration
and competitive prices for electricity while also securing added benefits for the
environmentandtheeconomyingeneral.

3. RethinkingWholesaleMarketDesign

Firstofall,itmustbepointedoutthatthetraditional,verticallyintegratedmodel
might be considered more appropriate for achieving environmental policy goals,
such as GHG emissions reduction. On the other hand, it is my belief that the
liberalized paradigm and the market approach can also be a suitable method if it
managestoproperlyinternalizethoseextraneousobjectivesanditcanachievethem
moreefficiently,byrelyingonthenaturalbehaviouraltendenciesoftheagentswhile
steereddiscreetlybyprudentregulation,whichwillidentifylongtermgoalsandwill
allow the agents to decide the particulars of how to achieve them. Therefore, an
efficient market design can help promote the required objective of GHG emissions
andmarkettendencieswillbeavaluabletoolinascertainingthemostefficientway
toreachit.

15

Revithoussa LNG Terminal Extension Plan

http://www.eib.org/projects/pipeline/2011/20110269.htm
16
Article at Kathimerini Greek-US plan for an LNG terminal, 20 October 2015
http://www.ekathimerini.com/202699/article/ekathimerini/business/greek-us-plan-for-an-lng-terminal

The current state of the Greek wholesale market doesnt foster true
competition17.PPC,theformerlyverticallyintegratedutility,retainsexclusiveaccess
to the lignite deposits (which accounts for approximately 45% of total generation)
andhydro(8%oftotalgeneration),leavingonlygasat33%asaneffectivefuelfor
competitors(excludingrenewables)18.
ThetotalcapacitymixasofJanuary2016was18.173,1MW,ofwhich4.456MW
lignitefacilities,698MWoil,5170MWgas,3172MWhydroand4676MWRES.PPC
owns all lignite, oil and hydro facilities and about 50% of the gas facilities (the
remainingissplitbetweenahandfulofgenerators).Moreover,themarketoperates
underamandatorydayaheadpoolwithunitcommitmentsystem.
Variousstepscanbeimplementedtoimprovemarketfunction.Afeware:
i. Finalization of the pricecoupling requirement of Directive 2009/72/EC and
the ENTSOE Codes and general compatibility with regional and
neighbouringmarkets
ii. Implementationoftheproposedestablishmentofanewelectricitycompany,
which will be formed from the transfer of approximately 30% of the
assetsofPPC.
iii. Sale of 17% of the PPCs shares owned by the Hellenic Republic Assets
DevelopmentFund(HRADF)
iv. Adoptionofintradaymarket,ancillaryservicesmarketandbalancingmarket
v. ReevaluationoftheproposedN.O.M.E.systemapproachinauctioninglong
term contracts from the PPC, rational calculation of price (lignite
generationcosts)andfurthercurtailmentofincumbentsmarketpower.
True liberalization of the wholesale market with increased agent participation
andeasieraccesswillallowagentstodiversifywhileatthesametimemarketforces
and competition will ensure a more efficient mix and lower marginal prices.
Additionally, compatibility of the domestic market with the EU Target Model will
offercompetitiveaccesstoneededcapacityduringthelongtransitionperiodfrom
17

For an extensive critique of the market by the major competitor of PPC, Liberalisation of the
Electricity Market in Greece: Identification of distortions and proposals to address them Requirements for the harmonization of the national legislation with community regulations, Mytilineos
Holdings 2010. Despite being partisan and slightly outdated, most of the complaints put forth in pp.1417 are valid.
18
DAS Monthly Report for January 2016, p.16

coal to clean energy. Moreover, alternative approaches to the mandatory pool

system (such as longterm bilateral contracts between industrial consumers and
generatorsormoreelaborateproducts)canhelpreducerisksforbothsidesofthe
equation. In that way, a market operating under transparent rules, with efficient
competition,amultitudeofagentsinbothsupplyanddemandandstableregulation
can be an asset in the move steadily away from lignite which will also affect GHG
emissions.

4. CapacityInvestment,SecurityofSupplyandMarketLiquidity

Inordertomoveawayfromcoaldependence,capacityinvestmentmustbere
examined.Acomprehensive,feasibleplanmustbeadopted,withspecifictargetsfor
adequacy and strategic expansion policy, while at the same time maintaining
security and firmness of the system. The last two parameters are more easily
covered, since demand has been more or less stable and installed capacity is
deemed sufficient to supply the required power. For the first two aspects, on the
otherhand,extensiveplanningmustbeundertaken
The question of moving away from a certain fuel type and altering a specific
generationmixisprimarilyaquestionofSecurityofSupply.Atthispointintimethe
regulator should definitely point the market towards the desired goal since the
environmentalconcernsthatformthebasisofthepresentexerciseareexternalities
thatthemarket,lefttoitsowndevises,maynotsuccessfullytakeintoconsideration.
The,alreadycomplex,problemofadequacyandstrategicexpansionplanningis
exacerbatedbythesignificantandongoinglackofliquidityintheGreekMarket.A
productofthefinancialcrisis,lackofliquidityhasbroughttheeconomytoitsknees
andispartlycausedbyalargenumberofunpaidelectricitybills(bythenewpoor)
aswellasalargedeficitintheMarketOperator(partlycausedbythelargeFITsfor
renewables)causingdelaysinpayments.Moreover,combinedwiththehighcountry
risk, the failing banking sector and the uncertainty and bureaucracy traditionally
associated with Greek regulation, makes new investment extremely difficult and

risky19.Therecentlyimplementedandenvisagedmeasures(e.g.dailyclearanceand
weekly settlement of payments for trading) will probably not provide enough
liquiditytomoveaheadandadditionalmeasureswillhavetobeconsidered.
Regardingtheadequacyquestion,theCapacityMechanismofGreeceiscurrently
reexamined20. The existing regime of capacity payments is undergoing change
towardsamoreefficientandcosteffectivesystem,movingfromcapacitypayments
toauctionedflexibilityservicesandadiscreetmarket21.
For the very long term goals, more targeted products will have to be designed
thatwilladdresstheriskhighenvironmentcurrentlypermeatingtheeconomywith
evidenceoftheregulatortoallowthemarkettooperateinatransparent,fairand
efficientway.Thoseproducts,possiblyreliabilityproductswithextensivelagperiod
anddurationofcommitmentwithafocustowardstechnologiescompatiblewiththe
desired goals of GHG emission reduction and the general reexamination of the
generation mix, as well as clauses for regulatory deviation to provide safeguards
fromtheincreasedregulatoryrisk,couldpossiblyinstillinterestandattractfunding
opportunities.

5. Transmissiongridexpansion

The Greek transmission grid is owned by ADMHE, under the same ownership
regime as PPC. In light of the proposed rethinking of the whole electricity system,
grid investments must be oriented towards measures that promote this objective.
Therefore,investmentshouldbetargetedtowardsthefollowingdirections:
i.

The transmission grid must be strengthened and significant efforts must be

dedicatedtomodernize,improveandexpandit,in ordertoreducegridloss

19

This problem is identified and explained in the RAE Market Report, July 2014 (in Greek), p. 4 par.
12, as well as in the Country Report Greece 2014, supra fn. 1 p. 100.
20
For the preexisting regime Reform of Capacity Remuneration Mechanism in Greece, A Report to
RAE, Pantelis Capros, July 2014
21
The envisaged system described in Electricity Generation Adequacy Study Report for the Greek
Interconnected System for Years 2015-2024, Commissioned by the Independent Power Transmission
Operator (ADMIE S.A.), November 2014 AND RAE Final Proposal for the Restructuring of the
Capacity Mechanism in the Interconnected System (in Greek), which was submitted for public
consultation.

and congestion and, indirectly, reduce generation. Moreover, the deeper

penetrationofRES(whichwillbereliedonforpartofthebaseloadaswell)
requires adaptation of the transmission grid to better cope with the added
technicalburdensthatintermittentgenerationimposes.
ii.

Particular attention should be given to interconnections with different

national and regional markets since access to those markets can provide an
outlettosellsuperfluousRESenergyaswellasasourcetoensuresupplythat
maybejeopardizedbythegradualmoveawayfromcoal.Moreover,thefact
that Greeces peak periods (due to timezone differences, climate and
different employment and living conditions) can differ from the big energy
consuming countries of central and northern Europe, interconnection can
facilitateinsellingcheapenergyfromRESinperiodsthathavelowdomestic
need but peak foreign consumption. In particular, current projects for
interconnections (for example the EuroAsia Interconnection Project, a
1.000km submerged cable connecting with Cyprus and Israel) must be
concludedandsimilarexpansionsalsoimplementedwhenappropriate.

iii.

A specific issue is the status of noninterconnected islands (NII). In those

islands, generation depends on renewables and diesel generators. Although
thecasehasbeenmadeforenergyautonomythroughRESforsmallislands22
nosignificantprogressforautonomyhasbeenmadeandthisapproachistoo
difficulttoimplementandtooriskytosustain.Inthesamevein,theapproach
exercisingmarketfunctionsforNIIthroughanEnergyManagementSystem23
is not an efficient solution since it fragments the market which is critically
small in NII and cannot function. This is an issue that could be resolved by
expandingthegridtoincorporatetheNIIinthecontinentalsystem24.Suchan

22

Investigating the energy autonomy of very small non-interconnected islands, A case study:
Agathonisi, Greece, J.K. Kaldellis , Ant. Gkikaki, El. Kaldelli, M. Kapsali in Energy for Sustainable
Development 16 (2012), 476485.
23
Energy Management in the Greek Islands, Nikos Hatziargyriou et al., CIGRE 2012.
24
This idea has been repeatedly examined and evaluated for costs/benefits and technical feasibility.
RAE has commissioned many studies, among which: Strategic Study for the Interconnection of
Autonomous Island Electric Power Systems- Final Report (Summary), National Metsovio Polytechnic
on behalf of RAE, December 2006 (in Greek) AND Update of the Strategic Study for the
Interconnection of Islands with the System, National Metsovio Polytechnic on behalf of RAE,
November 2008 (in Greek). The project seems to repeatedly meet with resistance from many
entrenched, local and national, interests and, lately, lack of available funds.

initiative, despite its high capital costs (estimated at 1.5B), would prove
substantially more beneficial in the long term since it would reduce
generationcostsinthoseislands,itwouldbecombinedwithexistingandnew
initiativesforinvestmentinrenewablesinthoseislands(whichhavesomeof
the bestperforming renewable plants for solar and wind due to the micro
climate)whileatthesametimereducingthehigherFITsthatNIIREScurrently
enjoy from not being interconnected (this will help offset part of the grid
expansioncosts).Themostimportantbenefit,though,wouldbethatthevast
renewable generation resources of the Aegean would be available to the
whole grid, on one hand, and would present opportunities of exporting the
surplusontheother25.Anaddedsourceoffundingcouldbethepublicservice
obligationlevythatiscurrentlyimposedonconsumerstorecoverthehigher
cost of power generation in the noninterconnected islands. If the grid is
expanded in this way, the options to install RES facilities in some of the
hundredsofuninhabitedislandsoftheAegeanorevenoffshoreinstallations
couldbeexaminedaswell.
Finally, another issue to be examined is privatization of the network which
currentlybelongstoADMHE,anentityundersameownershipastheincumbentPPC.
Although not strictly required by the Third Legislative Package, ownership
unbundling (as opposed to only legal / management unbundling) can help remove
theobstaclesoftenposedbythegridoperatorsbiastowardstheincumbent.With
that unbundling network investments can proceed more quickly and, if proper
regulatory measures are adopted, towards a direction compatible with the GHG
emissionreductionthatisrequired26.

25

Energy Development in the Non-Connected Islands of the Aegean Sea, Filippos Rodger Tsakiris,
Internship Report for the National Energy Authority of Iceland, 2011, p. 19-20.
26
PV Magazine Article What next for Greece's energy sector?, 16 July 2015.
http://www.pv-magazine.com/news/details/beitrag/what-next-for-greeces-energy-sector_100020252/

6. RethinkingtheRESPolicy

TheRESpolicyofGreecehastobereconsidered.Althoughatfirstthepolicywas
abigsuccess27incertainrespectsithasledtoveryspecificfailures28,particularlya
growthinpenetrationthatwasfinanciallyunsustainable(althoughenvironmentally
beneficial). The model followed was perhaps suitable for the initial phase of the
technologys introduction in Greece, but it must now be reexamined and re
introduced under new principles. Moreover, the regulatory uncertainty caused by
the subsequent burdens imposed on RES generation (solidarity tax, retroactive
cutbackofcontracted,guaranteedFITs,eventhelatestdisconnecttax3,6%on
gross income voted on January 2016) have evaporated trust in regulatory stability
and rationality, making attraction of investment extremely problematic, especially
given the current liquidity issue and the high country risk factor. Due to those
reasons,thecurrentstateofRESinvestmentisinshambles(10MWinstalledin2014
versus1GWinstalledin2013).Inordertoreversethistrend,specificmeasuresmust
beundertaken.
Firstly, one of the problems with previous RES policies was that, for solar, it
allowed for very small generators (usually around 100W) to participate in the
system, which guaranteed purchase of all power produced at fixed prices (feedin
tariffs).Thosesmallfacilities,ownedandoperatedbyamultitudeofsmallindividual
investorswithnoknowledgeorpriorparticipationinthemarket(therewasevena
programtoencouragefarmerstoinstall)wasnotefficient,sincetheoperatingcosts
(monitoring,bookkeeping)andpartoftheinvestmentcosts(surveys,environmental
studies,licensing)associatedwitheachsmallfacilityweremultipliedbythenumber
of agents. This approach was clearly not sustainable and, combined with generous

27

The program has already reached, and sometimes overshot, the goals for 2020 as described in the
National Action Plan: Greece, submitted in the scope of Directive 2009/28/EC, p. 21-24.
28
For a detailed description of the RES system of 2008-2014 instead of many: Integration of
electricity from renewables to the electricity grid and to the electricity market RES-INTEGRATION,
National report: Greece, Georgios Maroulis et al. for DG Energy, December 2011 AND The
Development of Renewable Energy Governance in Greece. Examples of a Failed (?) Policy, Antonis
Metaxas and Michael Tsinisizelis in Renewable Energy Governance - Complexities and Challenges,
Editors: Evanthie Michalena, Jeremy Maxwell Hills, Springer 2013.

FITsandoverinvestment,ledtothecollapseoftherenewablesaccountandtheNew
DealLawwhichreducedguaranteedFITsretroactivelyaswellasforthefuture29.
A new policy could emphasize on bigger investment units in solar and wind, a
moremarketorientedapproachsincethetechnologieshavebecomealotcheaper
andmoreefficientthanduringthe initialphaseoftheRES bloom(20082012)and
more marketoriented conditions. The abandonment for the FIT in favour of the
marginal price, perhaps with premiums when certain conditions are met could
conceivablyworkinthisphaseofthemarketsmaturity,especiallyifcombinedwith
astablecommitmentoftheregulatortodistancethesystemfromcoal30.Moreover,
RES generators could be encouraged to participate in regional trading, taking
advantageoffavourableweatherconditionsinGreeceandregionalpeakdifferences.
Secondly, a serious examination of geothermal energy as a source must be
undertaken.ThisincludestheconclusionofinvestmentsplannedbyPPCRenewables
(thePPCsubsidiaryfocusingonRES)infourscheduledfacilitiesforatotal23MWin
Kimolos,Lesvos,NisyrosandMethana31,aswellasresearchforothersitesbyother
generators.Themostimportanthighenthalpygeothermalfields(Milos,Nisyros)are
locatedintheSouthernAegeanalongtheactivevolcanicarcwithprovengeothermal
potential 25 MW and estimated possible potential >250 MW whereas the known
provenandpossiblegeothermalfieldsexceed40in30differentareas(insomecases
proven and possible fields in the same area) and they are located all over the
country32.
29

PV Magazine Article NEW DEAL : Greece brings new retroactive measures; cuts FIT by 30%,
March 2014
http://www.pv-magazine.com/news/details/beitrag/greece-brings-new-retroactive-measures-cuts-fit-by30_100014491/#axzz3g3f1ZwTW
30
Apparently, the proposed greek policy in this matter seems to be leaning somewhat towards the same
principles. Indeed, days before the finalization of the present Essay (which arrived at its proposed
measures independently), . a new approach offering feed-in-premiums for systems >500 kWp aswell as
an auction scheme for larger RES generation (with the first pilot auction expected in 2016). Articles in
English:Hellenic Association of Photovoltaic Companies Article A brand new support scheme is
expected to reboot the Greek PV market, 10 February 2016
http://helapco.gr/en/the-greek-pv-market/
AND in Greek: Article at Energypress Reduction in wind hydro tariffs, increase in solar What
does the new RES support plan provide 22 February 2016
http://energypress.gr/news/meiosi-stis-tarifes-aiolikon-ydroilektrikon-ayxisi-sta-fotovoltaika-tiprovlepei-neo-shedio
31
Geothermal planned investments by PPC Renewables (in greek)
http://www.ppcr.gr/Energy.aspx?C=28
32
Geothermal Potential in South-East Europe, Prof. Michael Fytikas - Dr. Apostolos Arvanitis,
Presentation at 3rd South East Europe Energy Dialogue, 18 19 June 2009, Thessaloniki, Greece

Thirdly, biomass (currently only 52MW installed) must also be explored as an

option. This, again, requires the conclusion of the planned 25MW investment in
Kozani3334aswellasexpansioninothersitesbyothergenerators.
Fourthly, small hydro (currently 223MW installed) is a very interesting
technologythatiswellsuitedtoGreece35and,someclaim,itcanbeintroducedasan
abatement technology for GHG emissions at a negative cost 36. Therefore, the
conclusionoftheplannedcapacitybyPPCRfor18MW37andfurtherinvestmentboth
byPPCRandprivateinvestorsseemsappropriate.
Concluding, it must be stated that the main regulatory measure that must be
undertakenistoabstainfromsudden,andespeciallyretroactive,intervention.The
fact that the recent measures (New Deal Law) managed to reverse the imminent
collapseoftherenewablesaccount(drivingitsdeficitdowntoapproximately3040
millionfrommorethan550millionattheendof2013)shouldnotbeconstruedas
evidenceofcorrectregulatorypolicybut,rather,anissueoftwowrongsnotmaking
one right. The problems with overinvestment and high FITs, which caused the
collapse, could have been easily prevented by proper rationing of applications, a
more dynamic adjustment of FITs and other, rational measures. In any case,
renewables,especiallysolarandwind,arenowmatureenoughastechnologiestobe
included in the market without (significant) subsidies since grid parity has been
achieved,andthenewrenewablespolicymustbeorientedtowardsthisapproach.

7. DistributedGenerationandNetMetering

SimilarlytoRESinvestment,distributedgenerationwasalsoincreasedduringthe
last few years, only to crash as a combination of the economic crisis and the New

33

Biomass planned investments by PPC Renewables (in greek)

http://www.ppcr.gr/Energy.aspx?C=82&EnergyID=19
34
PPCR Presentation for the Kozani Biomass Facility
http://www.bioenarea.eu/sites/www.bioenarea.eu/files/9_PPC_Renewables.pdf
35
Abating CO2 emissions in the Greek energy and industry sectors, George Halkos and Nickolaos
Tzeremes and Stavros Kourtzidis, Department of Economics, University of Thessaly, December 2014,
p.15
36
Ibid., p. 32-33
37
Small hydro planned investments by PPC Renewables (in greek)
http://www.ppcr.gr/Energy.aspx?C=26&EnergyID=7

Deal tariff cutbacks. Currently, 350MW are installed in rooftop solar, mostly
residential.
At this point in time, new investment in DG is frozen due to the uncertainty
caused by the New Deal Law. Moreover, net metering was introduced last year38
(after years of stakeholders lobbying) and reexamined this past October39, but
responsehasbeenlukewarmatbest.
Again,theissuerevolvesaroundtrustandliquidity.Inthisparticularcasethough,
liquiditymightbelessofaproblem(lowcapitalcostsofDG)andtrustamuchbigger
one.Thecurrentexampleofnetmeteringintroductiontothemarketisnotwithout
certain flaws that have been present in past regulatory approaches (e.g.
overgenerous compensation) that might not be sustainable. Moreover, no
substantialresearchontheimpactoflargepenetrationofDGonthegridhasbeen
conducted,onceagaininitiatingasituationofpossiblysowingthewindandreaping
thewhirlwind.
Concluding,DGandnetmeteringcanbeusefultoolsinthemoveawayfromcoal
andreductionofemissions.Measurestoincreasepenetrationmustbeundertaken
in a planned and cohesive manner though, not in a haphazard way that satisfies
certainstakeholderinterestsintheshorttermwhilejeopardisingthewholesystem
inthelongterm.

8. DemandResponseandEnergyEfficiency

Amoveawayfromcoalmandatesseriousdemandsidemanagement,inorderto
makeupfortheproblemsassociatedwithbaseloaddeficit.Tocompensate,serious
educationalcampaignsfocusingonconsumerinvolvementmustbeundertaken.The
focusshouldbetoreducepeakconsumptionandspreaditduringtheperiodswhere

38

PV Magazine Article Greece applies generous net-metering, 12 January 2015

http://www.pv-magazine.com/news/details/beitrag/greece-applies-generous-net-metering-_100017732/
39
PV Magazine Article Greece begins second round of net metering applications,
28 October 2015
http://www.pv-magazine.com/news/details/beitrag/greece-begins-second-round-of-net-meteringapplications_100021754/

intermittent generation produces the most, with a clear daily, monthly and yearly
allocationofoptimalconsumptionscenarios.
Smartmeteringisanindispensabletoolinmanagingdemandresponse.Although
variousdeclarationshavebeenmade(theplanistoproceedwithalargescaleroll
outofsmartmetersto80%ofconsumersby2020andapilotprograminvolvingthe
replacement of 160,000 old electricity meters with smart metering systems was
scheduledforcompletionin201540)smartmeteringisstillunderutilised.
The importance of the benefits lost from lack of proper demandside
managementisapparentifweconsiderthatdemandhasbeenmoreorlessstable
since 2013 and energy efficiency in general has stabilised after a reduction of
approximately30%after200841(admittedly,inpartduetothedecreasedeconomic
activity deriving from the economic crisis), although meters to ensure consumer
involvementandeducationhavebeenlacklustre,tosaytheleast.Thisstabilitycould
allow for proper management of the demand with a high probability of success in
bothreductionandreallocationtobeneficialtimeslots,ifconsumerswereeducated
and incentivized to participate more42. The added value of energy efficiency is, of
course,thatitreflectstootheraspectsapartfromelectricityconsumption;itoffers,
therefore,valueaddedsocialbenefits43.
Moreover, temporal and locational signals must be introduced for larger
industrial consumers. In fact, successful implementation of demand side response
for the industry depends on the synergy of many proposed measures: industry
located in places with added benefit for both electricity and gas grids, with DG
installationstominimizecosts,capableofsecuringlongtermenergycontractsunder
efficient market conditions and, most importantly, enjoying a stable and rational
regulatory environment, can adjust its longterm energy policies to the added
benefitoftheindustryitselfbutalsotheelectricitysystematlarge.
40

Country Report Greece 2014, supra fn. 1, p.102

For the status quo ante 2008 regarding the Greek energy profile and energy efficiency: Greenhouse
Gases Emissions and the Energy System of Greece, C. Koroneos, E.Nanaki, G.Xydis, Proceedings of
the Global Conference on Global Warming 2011, 11-14 July, 2011, Lisbon, Portugal
42
Measures adopted to increase energy efficiency (to various degrees of success) that could be
expanded and re-examined at Energy Efficiency trends and policies in Greece, KAPE Centre for
Renewable Energy Policy and Saving, September 2015, p. 16 and subsequent.
43
An in-depth analysis of energy efficiency and emission reduction programs in Greece can be found at
National State-of-the-Art Analysis GREECE, Low Carbon South East Europe, 2011, esp. pp. 11-19
for various programs and initiatives (including RES, DG, etc) and pp. 20 26 for the actors involved.
41

9. RetailMarketReorganization

The retail electricity market is assessed fourth lowest in the EU, with a score
whichisalmost7pointsbelowtheEUaverage(65.2comparedto72.0).Inaddition,
themarketisconsideredtobetheworstofall31domesticservicesmarkets.Overall
consumer satisfaction is the 2nd lowest in the EU and the incidence of consumer
complaintsisthe2ndhighest44.Over97%ofconsumersaresuppliedbyPPC.
Inordertoalterthateffect,retailmarketmustbefurtherliberalized,themarket
power of the incumbent must be reduced and safeguards and guarantees for
regulatorystabilitymustbeofferedinordertoreduceriskofnewplayers.Tothat
effect the NOME system currently introduced may facilitate liberalization, if
implemented correctly. Additionally, the ownership unbundling of the distribution
system,currentlyownedbyDEDDHEwhichisunderthesameownershipregimeas
theincumbent,wouldfacilitateimpartialaccessibilitytothemarket.
The importance of retail in emissions reduction would mainly constitute in
presenting a sound counterpoint to supply and facilitate proper functioning of the
market.Moreover,arationalregulatoryregimewouldprovideinstrumentstohedge
risks both for supply and demand, lowering the general costs and increasing the
stability of the system. Additionally, retail can be trusted with introducing new
conceptsandparadigms,suchasadvancedmetering,demandsidemanagementand
energyefficiencymeasuresforthefinalconsumers,forexamplethesocalledwhite
certificates, like Energy Efficiency Portfolio Standards in the U.S., the certificates
issuedinItaly,FranceandDenmarkortheEnergyEfficiencyCommitmentoftheU.K.
Finally,aninterestingapproachwouldbethemarketingapproachofthegreen
energy retailer, for example a retailer sourcing electricity through local bilateral
agreementswithrenewablesgenerators(forexampleEnovaEnergyinAustralia45).

44

Retail Market: 10th Consumer Markets Scoreboard p. 90

http://ec.europa.eu/consumers/consumer_evidence/consumer_scoreboards/10_edition/docs/consumer_
market_brochure_141027_en.pdf
45
Which aims to [] support the local renewable industry where possible. Initially there will not be
enough renewable energy generated locally to meet all the needs of Enova Energy, therefore we will
have to source renewable energy from beyond this region, but as new sources come on stream locally,

This business model could prove a strong marketing point in the lowmargin retail
marketinahomogeneouscommodityand,giventheappropriateregulatoryregime
thatwouldbothallowthenecessaryagreementsandmonitorforcasesofconsumer
defrauding, it could appeal to consumers environmental reflexes and prove
commerciallyandenvironmentallysuccessful.

10.

ResearchandInvestmentinStorage

The issue of storage is at the heart of the energy system. If significant

breakthroughsaredemandedtotheenergysystem,thequestionofstoragemustbe
answered.Thispointisevenmoreimportantinplanstoremovedependenceoncoal
forbaseloadgenerationandsubstituteit(partiallyorwholly)withrenewables,since
dispatchability of intermittent generation is a serious drawback to the proposed
exercise and advanced storage solutions can turn intermittent generation into
dispatchable.
The main storage methods can all be examined: pumped water storage,
advancedbatterystorage,compressed/liquidairstorage,superconductingmagnetic
energy storage, flywheel storage and hydrogen storage could all provide solutions
depending on the particulars of each facility. From the advancing field of battery
storage with concrete applications today 46 47 to more radical (some would say
futuristicorutopic)approaches,suchaselectricvehiclesactingastemporarystorage
/ grid reserve (they would draw energy during periods of abundance due to
overproduction from renewables and carry a steady reserve for situations of low
production/highdemand,48)gridstorageisafieldtobecloselyfollowed.

we will enter into supply contracts which are both supportive of the local industry and affordable for
our customers http://www.enovaenergy.com.au/
46

Batteries for Large-Scale Stationary Electrical Energy Storage by Daniel H. Doughty et al., The
Electrochemical Society Interface, 2010
http://www.electrochem.org/dl/interface/fal/fal10/fal10_p049-053.pdf
47
Utility Dive Article 5 battery energy storage projects to watch in 2016 ,30 November 2015
http://www.utilitydive.com/news/5-battery-energy-storage-projects-to-watch-in-2016/409624/
48
Sustainable transportation based on electric vehicle concepts: A brief overview, Ulrich Eberle Rittmar von Helmolt in Energy & Environmental Science, June 2010

In order for the plan to work as envisaged, though, Greece would need to
pioneer research and development in those areas, to invest in innovation and to
become a technological leader, applying new technologies domestically as well as
exporting them. This could be a field that would help finance the whole
transformation,wouldofferdesirableexpertiseandcompetitivenessandwouldhelp
putGreeceintheglobalenergymapforsomethingpositive,forachange.

C. Conclusion

It would appear that, despite the current situation as well as the state of the
electricitysystem,certainmeasurescanbeadoptedtowardsachievingthedesirable
goal. The main caveat in this proposal would be that a comprehensive long term
strategy must be adopted and adhered to, based on research and analysis and
havingclearobjectives,inordertoinstillregulatorystabilityandtrustintheagents.
Oncethatstrategyisinplaceandthemeanstoachieveithavebeenintroduced,the
market (where applicable) should be allowed to implement the means to achieve
thosegoalsinthemostefficientway.
Despitetheboldnessoftheapproach,Iwouldconsideritviableatleastasabasis
for study. After all, boldness in the face of adversity is not something new to the
Greek people and sometimes big and ambitious ideas find better room for growth
thanconventionalones.

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