The need to accelerate the use of renewable sources, alongside the green energy transition, was highlighted by the Chairman and CEO of IPTO, Manos Manousakis, at the Delphi Economic Forum ΧΙ.
As he explained, given that Europe lacks the fossil energy resources available to regions such as the Middle East and the US, it is in its strategic interest to leverage its abundant renewable potential in order to achieve energy self-sufficiency and strategic autonomy. He stressed that IPTO contributes to Greece’s energy autonomy through the development of the electricity system and the timely connection of new renewable energy units. He further noted that all institutional stakeholders — the State, system operators and the regulatory authority — must work intensively to accelerate the deployment of energy storage.
“As storage capacity expands, we will see wholesale electricity prices decline, as has already been demonstrated in recent periods by the increased participation of renewables in the energy mix,” he remarked. He added, however, that natural gas will remain clearly necessary during the transition period, and that gas-fired power generation must remain economically viable.
Asked about the progress of the operator’s investment programme, Manousakis noted that major island interconnection projects have already been completed, including those in the northern Cyclades and Crete, while the electrification of the remaining islands is expected to follow in the coming months. He added that new investments will follow to integrate the Dodecanese and the North Aegean islands into the mainland grid, as well as the development of a second interconnection with Italy, GRITA 2.
Beyond environmental benefits, he described the economic gains of interconnections as highly significant, while also underlining their strategic importance in terms of national sovereignty. On project financing, he emphasized the critical contribution of the European Investment Bank, as well as EU funds that have supported the implementation of major electricity infrastructure projects across the country.
A key driver of the planned investments is also the 1.0-billion-euro share capital increase by existing shareholders, a process currently underway and progressing at a rapid pace. The head of IPTO stressed that the government’s decision to participate constitutes a strong vote of confidence in the company. He concluded that the objective of the operator’s main shareholder, the Greek State, is for the capital increase to be completed by June.
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