Another step was taken for the implementation of the Amfilochia large energy pumping and storage system, the project that TERNA ENERGY has planned to build and operate.
More specifically, the Ministry of Environment and Energy published the decision of Minister Costas Skrekas, which defines the terms, conditions and procedures for granting operational support to the Electricity Storage System of Amfilochia.
The details for the support of this project following the relevant approval given months ago by the European Commission will be finalized by the Energy Regulatory Authority, in accordance with the decision of the Minister of Environment and Energy.
The biggest investment in storage projects
The “Pump Storage System in Amfilochia” is the largest investment in a storage project in Greece.
Nine years ago it was included in the Projects of Common European Interest, while eight years ago it was characterized as an investment of Strategic Significance. Thus, the studies of the project were co-financed by the Connecting Europe Facility Program and now it has final studies and a number of integrated geological and geotechnical surveys as well as a Decision for the Approval of Environmental Terms.
With a total installed capacity of 680 MW (production) and 730 MW (pumping), the project includes two independent upper reservoirs (Agios Georgios and Pyrgos with volumes of about 5 cubic centimeters and 2 million cubic meters respectively) while as a lower reservoir it uses the existing lake of Kastraki PPC.
The purpose of the project is the storage of energy in order to support the maximum possible penetration of renewable sources in the mixture of energy production. The annual energy production amounts to 816 GWh and the investment is estimated at 550 million euros.
The project will be funded in part by the Recovery and Resilience Facility (RRF),
How pumping storage works
In the context of the penetration of clean energy that is underway worldwide, energy storage by the method of pumped storage is considered central to the energy transition to climate neutrality.
Pump storage is the most tried and tested method, accounting for 97% of global storage. The reason is that it is based on the proven technology of hydroelectric production, has the possibility of mass storage, a huge lifespan of more than 50 years and mainly is an infrastructure with high domestic value added, which creates conditions of energy divestment from imported fuels and technologies.
Its operation requires two tanks with a difference in altitude, ie geomorphological relief that our country has in abundance. When there is excess energy in the system, this energy is used to pump water from the “bottom” to the “top” reservoir. When there is a high demand in the system, the water returns to the lower reservoir producing hydroelectric energy. In this simple way, the “excess” energy is temporarily stored to be converted to hydroelectric energy when the system needs it.
In addition to this simple description of their principle of operation, pumped savings systems also offer a number of ancillary services for the reliable and optimized efficiency of the energy market.
Latest News
Athens-area Mass Transit Systems Set to Finally Install Contact-less Fare Payment
Paying fares via bank cards, smartphones and smartwatches in all mass transit systems in the Greek capital, namely, buses, trolleys, the metro and tram lines, is scheduled by the end of the year
Council of State Rejects Motion Against Thessaloniki Motorway Project
The motion was filed earlier this month by three local citizens’ and environmental groups and generated a high court decision for a temporary stay in construction
Greek 30Y Bond Issue Oversubscribed by 11 Times
Very high demand pushed down the coupon's interest rate to 4.125%
Athens Int’l Airport Wins Top Prize at Routes Europe Awards
The Routes business is focused entirely on aviation route development and the company's portfolio includes events, media and online businesses
IOBE: Income Gap Between Poor and Wealthy Greeks Widens
The findings in the analysis, entitled “Progressivity in Income Taxation in Greece, 2012-2021", paint a bleak picture for Greeks in the bottom half of the income bracket, warning that income inequality is growing
Study Finds 4 in 10 Greeks to Slash Easter Spending
This year, hit by persistent inflation, many Greeks will be dishing out less on food, drink and gifts for Orthodox Easter on May 5
ELSTAT: Overnight Stays in Greece Up in Feb.
The provisional monthly data revealed that arrivals at tourist accommodations amounted to 773,104 and overnight stays were 1,677,685
Electric Energy: Greece’s New Sustainable Export
Moreover, a surplus of generated electricity cannot be fully absorbed by domestic grids and this excess power finds eager buyers in the form of companies entering into Power Purchase Agreements (PPAs), willing to pay a premium for clean energy
IOBE Revises Greek GDP Growth Downward, to 2.1% For 2024
Annual inflation is expected to reach 3%, up from the previous forecast of 2.8%
Last Sections of 136km E65 Highway Inaugurated on Tues.
Athens to Karditsa drive time is expected to drop to two and a half hours (under normal conditions), and some three hours from Athens to Trikala