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GreeceBusinessDELPHI FORUM VIII: Investments in energy and storage expected to reach 22...

DELPHI FORUM VIII: Investments in energy and storage expected to reach 22 bln euros by 2030

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Leaders in energy businesses underlined on Friday the strong prospects Greece has as an energy leader in the greater region, and provided more insights into what that entailed in terms of requirements, at the Delphi Economic Forum VIII taking place in the emblematic central Greek city since Wednesday.

Greece will need 22 billion euros in investments for renewable energy sources (RES) and networks to 2030, something the banking sector thinks is feasible, Piraeus Bank Chief of Corporate & Investment Banking Theodore Tzouros said. As he pointed out, banks have already funded the sector with 8-10 billion euros in the past 7 years, despite those years “not being the best” in terms of the economy. Of the 22 billion, he said RES expected investments are estimated at 15 billion euros and those of networks at 7 billion euros.

Energy storage needs to be developed as well, Independent Power Transmission Operator SA (IPTO) Chairman and CEO Manos Manousakis underlined, in order to prevent breaks in the supply of green energy and to open up new corridors to transport electricity. The energy from Cyprus, Israel, and North Africa to Greece should be transported to Central Europe through vertical corridors from south to north, he added, and IPTO is working with the European Commission on that.

Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA SA) CEO Aristofanis Stefatos expressed optimism for Greece’s prospects as energy leader, since the country does offer competitive advantages. Key to that is Greece’s supply of significant quantities of natural gas to Europe. Research in that direction has accelerated, since “investors believed our intentions and we responded with faster licensing,” he explained.
In addition, Greece has been movoing forward in hydrocarbon research, following an inert period of 6 or 7 years, professor and former Energy and Climate Change Minister Yiannis Maniatis told the conference, although he criticised delays in the energy-saving program for households and in managing the level of energy prices for households and businesses. The energy transition should rely on domestic production of needed equipment, he added.
Hydrocarbons will continue to cover a significant percentage of the energy mix until 2050, ExxonMobil Cyprus President and Managing Director Varnavas Theodosiou said, while CEO of Helleniq Energy’s Upstream division Tassos Vlassopoulos described what steps helped accelerate hydrocarbon research in Greek territories.

On his part, Mytilineos Energy division Chief Executive Director Yiannis Kalafatas underlined the need to redesign energy markets, since the electricity system is moving from fossil fuels to RES, while energy demand is becoming less predictable as new sectors such as transport are powered by electricity.

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Corinth Pipeworks General Manager Ilias Bekiros pointed out the advantages of Greece becoming an energy hub for all types of energy – natural gas, RES, hydrogen, CO2 storage – which will signify the country’s energy independence.
The Delphi Economic Forum VIII, an annual event, runs from April 26 (Wednesday) to April 29 (Saturday).

SOURCE; ANA-MPA

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