With anxiety in Europe escalating over Moscow’s stance after the end of the ten-day maintenance period on the Nord Stream 1 pipeline on July 21, Prime Minister Kyriakos Mitsotakis called a meeting on the country’s energy supply security measures.
Kyriakos Mitsotakis at 4:00 p.m. will be informed by the Minister of Environment and Energy Kostas Skrekas, the crisis management team i.e. the representatives of RAE, IPTO, National Natural Gas System Operator (DESFA) as well as PPC and DEPA Commerce about the simulation exercises that are being carried out in order for the Greek energy system to cope in case of interruption of the gas supply to Europe but also in the scenario of the shutdown of the Turk Stream pipeline that transports Russian gas to Greece.
Europe’s security of supply debate is now dominated by yesterday’s announcements by Gazprom, which said it could not guarantee the supply of gas through Nord Stream 1 as it was unable to have an idea of whether the turbine sent to Canada for maintenance will be back. This is critical equipment of the pipeline, for which Siemens announced last week that they have found a way for the turbine to be released for re-installment.
Power adequacy of Greece
Although the interruption of the supply of Russian gas through Turk Stream seems an unlikely scenario, the Greek government is nevertheless preparing for the possibility of a blackout of Nord Stream, which will have a chain effect on the energy sufficiency of the whole of Europe.
For example, it is uncertain whether it will be possible to supply the Old Continent with quantities of LNG due to the boom in demand that will trigger Gazprom’s shut-off of Nord Stream 1.
The Prime Minister and the Minister of Environment and Energy have repeatedly given assurances that Greece faces the least risk in terms of security of supply. The measures taken are:
1. The installation of the floating LNG tank in Revythoussa, to start operations at the end of the month.
2. Increase in LNG imports
3. The uninterrupted operation of PPC’s lignite units, while Ptolemaida 5 will also enter the system in September.
4. The readiness of private units as well as PPC units that currently operate with natural gas to alter equipment to burn diesel for electricity production.
5. The further increase of gas imports from the TAP pipeline
6. Plan to cut gas exports and limit the power consumption of industries, if there is a complete interruption of Russian gas.
Latest News
Poll: Greeks, EU Citizens Eager to Vote in European Elections
EU citizens are eager to vote in the upcoming elections for the European Parliament in June, with eight in 10 saying the current geopolitical situation makes voting imperative
Mitsotakis-Erdogan Meeting in Ankara Fixed for May 13
The Greek PM himself made the announcement from Brussels on Thursday, while he also responded to a question on Athens' intent to create a marine park in the central Aegean, an environmental initiative
Greece Aims to Boost Energy Capacity, Economy with Offshore Wind Farms
Greece’s Energy Ministry is pushing legislation to accelerate the construction of the first floating wind farms in Greek seas
Reuters: Greek Economy Surges After Decade of Pain
Nevertheless, the article also highlights some of the challenges facing the country, with a falling birthrate and labor shortages posing a threat to the long-term outlook
IMF: Greek Growth in 2024 at 2%; Debt to Ease to 158.8% of GDP This Year
Projected consumer prices are forecast to rise by 2.7%
Major Increase in Russian Natgas Imports by Greece in 1Q 2024
Russian state natgas exporter Gazprom dominated imports to the country, mostly through the overland pipeline entering via a northern frontier pipeline
Lamda Development Announces First Profitable Year for The Ellinikon Project
The ATHEX-listed developer reported 206 million euros in EBITDA for FY23, a 69%-percent increase from 2022 results
Europa Nostra Adds Sifnos, Serifos, Folegandros to Most Endangered List
Europa Nostra says three Greek islands are at risk due to surge in tourism development and rampant construction
EU Cracks Down on Social Media Influencers Making Illegal Profits
A recent EU inquiry uncovered 358 online influencers, among them 20 in Greece, found to be violating consumer laws
Greek PM Announces €2 Billion Decarbonization Fund for Greek Islands
Greece bolstered its drive for a greener economy with the launch of a €2 Billion Decarbonization Fund for the Greek islands