Greece's energy storage market is hot with a number of new policies paving the way to new applications in the market. The government is now working a new plan, which will allow the colocation of batteries with existing solar plants as well as standalone, in front of the meter battery energy storage Contact online >>
Greece''s energy storage market is hot with a number of new policies paving the way to new applications in the market. The government is now working a new plan, which will allow the colocation of batteries with existing solar plants as well as standalone, in front of the meter battery energy storage systems.
Last year, Greece generated 57% of its electricity demand via renewable energies. This year the country is expected to score an even higher percentage of renewable electricity, although this success is accompanied by the thorny issue of curtailing surplus green electricity at times when the electricity system cannot accommodate it. Therefore, rather belatedly, Greece has turned its attention to energy storage.
So far, the country is running a 1 GW program targeting standalone, front-of-the-meter batteries. Greece has already run two tenders awarding about 700 MW of battery storage projects. A call for the program''s third tender, targeting specifically battery systems in former coal mining regions, is imminent. Awarded projects, under the 1 GW program, receive public subsidy support in the form of capital expenditure and operational expenditure subsidies.
Greece''s minister of the environment and energy Theodoros Skylakakis told a local energy conference in Athens earlier in July that the country is blessed with exceptional renewable energy resources and in order to reap the benefits of it, it should speed up energy storage development.
In line with this, Skylakakis said that the ministry is working towards a plan that opens the battery storage market in two ways. Firstly, allowing the colocation of behind-the-meter batteries along existing photovoltaic plants. And secondly, allowing new standalone, in front of the meter batteries without public subsidy support.
Both policies might prove important milestones in the country''s energy transition plan. However, there are plenty of crucial details that need to be specified for the new policies to prove meaningful.
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Reed Smith partners Sally-Ann Underhill and Dimitris Assimakis discuss energy storage in Greece, with a focus on energy generated through renewable sources. They cover why energy needs to be stored, the various energy storage technologies available, the factors that have impeded further development of energy storage systems so far, the high interest of investors currently recorded in the Greek market and the new policies anticipated to be adopted by the Greek authorities for the promotion of energy storage systems.
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The Greek authorities have awarded 300 MW of new battery storage capacity in the nation’s second energy storage tender, split among 11 projects. The tender is part of the country''s 1 GW energy storage auction program.
In November 2020, the Greek market entered a new phase with the introduction of the Target model which clearly separates the different markets (day-ahead, intraday and balancing markets). Since then, the market has been rapidly evolving further (market couplings, rule adjustments, continuous intraday trading etc.). Volatility has been very high the past two years, but this is mainly driven by broader factors such as gas prices. So, what''s in it for batteries in Greece? How and where could these projects make attractive returns?
According to the battery framework passed into law in July 2022, batteries can access four main markets:
While the main details are now widely known, the two following important questions remain:
If the auction serves its purpose well enough, one would expect to see them as a tool to kick-start the development of batteries in Greece and make the path for the development of merchant projects that will eventually take the lion''s share and will bring the system close to the 2030 targets.
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