Manos Manousakis, Chairman and CEO of IPTO (the Independent Power Transmission Operator), underscored the need to support the “boom” in network development through the capital to be raised from the ongoing 1.0-euro-billion share capital increase, speaking at the 7th Power & Gas Forum.
Manousakis noted that IPTO’s capital increase will be covered on a pro rata basis by existing shareholders. He added that the objective is to complete the process by June, in order to align with the timelines set out in the Operator’s 10-year investment plan. The head of IPTO pointed out that since 2017, when the Operator’s growth trajectory began, “not a single euro has been injected into share capital,” while investments carried out to date amount to 4 billion—having significantly expanded the Regulated Asset Base—and planned future investments total a further 8 billion, as reflected in the Operator’s Regulatory Authority-approved Ten-Year Development Plan.
He recalled that the new projects included in the Development Plan will eliminate the use of oil for power generation on the islands, while also enabling greater penetration of renewable energy sources (RES) into the system, thereby strengthening the country’s energy stability and autonomy. Addressing market concerns over the impact of the war in the Middle East, Manousakis appeared reassuring regarding supply adequacy, arguing that one of the reasons the energy crisis has not significantly affected prices in Greece so far is that the domestic energy mix is based on approximately 55% RES, as well as—particularly this year—increased hydroelectric generation.
Need to accelerate electricity storage
He also stressed that, in order to sustain the strong growth of RES in Greece as a viable long-term model, it is essential to accelerate the deployment of energy storage—both in battery systems and in pumped-storage projects. “For us, it is critical to fast-track investments in electricity storage, which will act as a buffer against price volatility and ensure energy autonomy under conditions of RES oversupply,” he concluded.
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