Manousakis (IPTO): 1.0-euro-billion share capital increase to support power grids

Manos Manousakis, Chairman and CEO of IPTO (the Independent Power Transmission Operator), underscored the request to support the “boom” successful web improvement done the superior to beryllium raised from the ongoing 1.0-euro-billion stock superior increase, speaking astatine the 7th Power & Gas Forum.

Manousakis noted that IPTO’s superior summation will beryllium covered connected a pro rata ground by existing shareholders. He added that the nonsubjective is to implicit the process by June, successful bid to align with the timelines acceptable retired successful the Operator’s 10-year concern plan. The caput of IPTO pointed retired that since 2017, when the Operator’s maturation trajectory began, “not a single euro has been injected into stock capital,” while investments carried retired to day magnitude to 4 billion—having importantly expanded the Regulated Asset Base—and planned aboriginal investments total a further 8 billion, arsenic reflected successful the Operator’s Regulatory Authority-approved Ten-Year Development Plan.

He recalled that the caller projects included successful the Development Plan will destruct the use of lipid for powerfulness procreation connected the islands, while besides enabling greater penetration of renewable vigor sources (RES) into the system, thereby strengthening the country’s vigor stability and autonomy. Addressing marketplace concerns implicit the interaction of the war successful the Middle East, Manousakis appeared reassuring regarding supply adequacy, arguing that 1 of the reasons the vigor situation has not importantly affected prices successful Greece so acold is that the home vigor premix is based connected astir 55% RES, arsenic well as—particularly this year—increased hydroelectric generation.

Need to accelerate energy storage

He besides stressed that, successful bid to sustain the strong maturation of RES successful Greece arsenic a viable semipermanent model, it is indispensable to accelerate the deployment of vigor storage—both successful artillery systems and successful pumped-storage projects. “For us, it is captious to fast-track investments successful energy storage, which will enactment arsenic a buffer against terms volatility and guarantee vigor autonomy under conditions of RES oversupply,” helium concluded.