1. INVESTMENT OPPORTUNITIES IN GREEK WIND POWER SECTOR
Panagiotis G. Papastamatiou, Ph.D
Hellenic Wind Energy Association ELETAEN, CEO

2. HWEA: Hellenic Wind Energy Association
Founded in 1990
National representative of European wind energy association WindEurope
Members: Companies and Scientists of wind power sector
Nonprofit Organization (NPO)
Scope
Express the well-meant interests of the industry and the market by acting as a think-tank and dialogue forum with scientific documentation and competence
Promote the scientific research, technology and applications of wind energy

3. Development of wind energy over time

4. Top wind energy producers, June 2018

5. Evolution of installed wind turbines

6. Development of RES over time
Installed RES capacity in Greece,

7. Towards 2030
*Source: Draft National and Climate Plan 2030, Ministry of Environment and Energy

8. Required investments, 2020 -2030
RES for electricity generation 8,5 bn €
Electrical system (HV/SHV grids) 5,5 bn €
Distribution grids – digitalization 3,3 bn €
Conventional PPs (new – upgrades) 1,9 bn €
Cross border NG pipelines 2,2 bn €
NG networks and storage 2,2 bn €
R&D ,3 bn €
Energy Efficiency 9,0 bn €
General Total ,7 bn €
*Source: Draft National and Climate Plan 2030, Ministry of Environment and Energy

9. Required investments 2020 -2030
RES for electricity generation 8,5 bn €
Electrical system (HV/SHV grids) 5,5 bn €
Distribution grids – digitalization 3,3 bn €
Conventional PPs (new – upgrades) 1,9 bn €
Cross border NG pipelines 2,2 bn €
NG networks and storage 2,2 bn €
R&D ,3 bn €
Energy Efficiency 9,0 bn €
General Total ,7 bn €
Total related to RES-E ,3 bn €
*Source: Draft National and Climate Plan 2030, Ministry of Environment and Energy

10. A new sustainable era for the new investments
Sell electricity directly in the market
Are subject to balancing responsibilities, unless no liquid intra-day market exist
Operating aid is granted as a premium (Feed-in premium, FiP)
Greece has designed a sliding FiP (sFiP) support mechanism
Details on the sFiP in Greece may be found here:
The support mechanism has been approved by European Commission SA.44666, C(2016) 7272 final /

11. A new sustainable era for the new investments
Participation in the market means more opportunities for additional income (e.g. through market optimization techniques, provision of balancing services etc.)….
…… but also more risks and costs
The RES producers can outsource the new obligations to aggregators
In Greece, a new design of the whole electricity marker is currently under implementation
forward market
day-ahead market
intra-day market
balancing market with imbalance clearance

12. Sliding Feed in Premium
The remuneration of the energy generated by a wind farm is based on the Reference Value. For simplified practical reasons, the following can be written :
Reference Value = Reference Market Price + Premium
1. Reference market price is calculated as the hourly system marginal price (i.e. the Day-ahead price) increased by the value corresponding to other wholesale market mechanisms if existed.
2. The Premium is calculated on a monthly base, taking into account the electricity produced by all wind farms, in a way incentivizing the ones producing more valuable electricity i.e. at hours with higher market prices.
Based on simulation studies the RV will fluctuated less than ±1,5%

13. Sliding Feed in Premium through auctions
After 2017 the RV is determined by auctions launched by the Regulatory Authority for Energy (RAE)
The auction system has been approved by European Commission SA (2017/N), C(2017) 9102 final /
The auctions are electronical/online ones as per the reverse yankee model
Mainly, there will be auctions:
for PVs up to 20MW
for Wind onshore 3-50MW
common auctions for PVs and Wind onshore with larger capacity
Online scheduled auctions in Greece:
The first auction was on July 2, 2018
Next scheduled on December 10, 2018

14. 1st Auctions result PV≤1 MW 1MW<PV≤20MW 3MW<Wind≤50MW
PV≤1 MW
1MW<PV≤20MW
3MW<Wind≤50MW
Maximum auctioned capacity (MW) 70
230
300
Final auctioned capacity (MW), 75%
53,52
53,40
176,39
Starting bid (€/MWh) 85 80 90
Minimum level of competition
75%
Awarded capacity
53,48 MW
52,92 MW
170,93 MW
Lowest – Highest selected bid (€/MWh)
75,87 – 80
62,
68,18 – 71,93
Weighted average of bids (€/MWh)
78,42
63,81
69,53

15. 2nd Auction PV≤1 MW 1MW<PV≤20MW 3MW<Wind≤50MW
PV≤1 MW
1MW<PV≤20MW
3MW<Wind≤50MW
Submitted applications (MW)
114,61
151,32
281,65
Max auctioned capacity (MW), 75%
65,49
86,47
160,94
Starting bid* (€/MWh)
81,71
71,91
79,77
Minimum level of competition
75%
December 10, 2018
*Starting bid is calculated as the average of the previous auction starting bid and the weighted average of bids. For example, the starting bid for the wind category is the average of 90€/MWh and 69,53€/MWh which are respectively the starting bid and the weighted average of bids of the first auction.

16. Day ahead price Historical data of the day ahead price, 2016-today
*Source: Operator of electricity market and Hellenic Energy Exchange SA

17. Key facts and figures on Greek Economy
During the economic crisis, the Greek economy lost a quarter of its GDP. Since the last year, economy returned to positive GDP growth.
Regulatory reforms, tax reductions and investments increasement will boost public confidence of the markets and investors.
*Source: Hellenic Statistical Authority (ELSTAT) – Hellenic Fiscal Council

18. Key facts and figures on Greek Economy
Before economic crisis the Greek economy was characterized by large current account and government deficit. From 2010 onward both deficits were reduced drastically.
*Source: OECD Economic Surveys

19. Key facts and figures on Greek Economy
The unemployment rate fell to 21,5% in December More decline is been expected, as the economy will recover and investors trust again the country.
*Source: Eurostat and Hellenic Fiscal Council

20. Key facts and figures on Greek Economy
The last few months, Bond rating agencies, raised up their credit rating for Greece.
Bond rating agency
Credit rating
Outlook
Date of last review
MOODY'S B3
Positive
February 2018
FITCH
BB-
Stable
August  2018
STANDARD & POOR'S B+
July 2018
RATING AND INVESTMENT B
September 2018
DBRS
B (HIGH)
June 2018
*Source: Public debt management agency

21. Key facts and figures on Greek Economy
The citizens recover their trust to the credit system, as since the last year, deposits gradually returning to Greek banks.
*Source: Bank of Greece

22. Investments in Wind power sector
Despite the economic crisis, during the period , about 1,88 billion euros invested in Wind power sector.

23. Wind Sector Projects in Greece
Agios Georgios Project: The first wind farm installed on a rocky islet.
Attica
73,2MW
9 Vestas V90-3MW WTGs
14 Vestas V112-3,3MW WTGs
Panachaiko Project: For many years it was the biggest wind farm in Greece.
Patra
48,45 MW
41 Vestas V52-850kW WTGs
16 Siemens Gamesa G52-850kW WTGs

24. A wind energy vision for Greece
Full exploitation of its 100% known energy resource which is wind potential and especially….
…..the huge wind potential of Aegean Sea, onshore and offshore
Development of a strong local supply chain, especially for wind offshore (incl. floating) incorporating our naval-industry tradition, shipyards, cable industry, OMS infrastructure
Large international interconnections
Foreign and local investments
Producer and exporter of green electricity
Strong contributor to the Europe’s energy independence
Geopolitical reinforcement and sustainable economic growth

25.
Linkedin: eletaen