Gas Processing & LNG is Produced by Gulf Publishing Holdings LLC



Greek power grid to bring forward islands link by two years

ATHENS (Reuters) - Greece's power grid operator ADMIE will bring forward by two years a plan to link some of the country's islands to the mainland grid via undersea cables, the company said on Friday.

Last year, state-controlled ADMIE was spun off from power utility Public Power Corp. (PPC) under Greece's international bailout, with China's State Grid, the world's biggest utility, acquiring a 24 percent stake.

ADMIE'S board decided on Friday to complete the third phase of a plan to interconnect some of the Cyclades islands to the main grid in 2020, two years earlier than initially planned, a company spokesman said.

The third phase has a budget of 102 million euros ($127 million).

ADMIE gave no details of how the project would be financed.

The power grid operator signed a non-binding agreement with China Development Bank in November as it looks for fresh capital to finance infrastructure projects.

ADMIE said on Thursday that the first part of the plan to link the Cyclades islands to the mainland - which costs 245 million euros - will be finished in March. The company aims to wrap up the second phase, costing 71 million euros, in 2019.

The project is part of a 2 billion euro, 10-year investment plan, which also includes connecting the island of Crete to the mainland's grid, via undersea cables.

"All parties are committed to the need of speeding up interconnection plans as the Greek economy is recovering and electricity consumption is seen rising," ADMIE's Chief Executive Officer Manos Manousakis said in a statement.

($1 = 0.8040 euros) (Reporting by Angeliki Koutantou; Editing by Adrian Croft)


Copyright © 2018. All market data is provided by Barchart Solutions. Futures: at least a 10 minute delay. Information is provided 'as is' and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.

                                  CMEGroup                                     Icelogo

FEATURED COLUMNS

Editorial Comment
-Adrienne Blume
As discussed in the HPI Market Data 2019 report, published in November by Gas Processing & LNG’s sister publication, Hydrocarbon Processing, rising propane and ethane supplies in the US have been enabled by greater production of shale gas.
Industry Trends: Norway targets global LNG market
-Eugene Gerden
Norway aims to become a leading player in the global LNG market during the next several years through the establishment of new, large-scale LNG terminals.
Regional Focus: Challenges of scaling up Africa’s LNG production
-Shem Oirere
Several gas projects are underway in Africa, but they continue to be constrained by inadequate infrastructure, slow finance mobilization, lack of security and uncertainty over hydrocarbon regulations that are casting doubt on the outcome of the continent’s drive to meet its anticipated 128% gas demand increase by 2040.


GasPro 2.0: A Webcast Symposium

Register Now

The global LNG industry is becoming increasingly interconnected as grassroots export projects get off the ground. Another technology route for processing gas into fuels—GTL—is attracting renewed attention due to improving economics. Small-scale solutions for both LNG and GTL are at the forefront of new technological developments, while major projects using more conventional technologies continue to start up around the world.

During this webcast, we will focus on LNG, GTL, gas processing technology developments and deployments, operations, small-scale solutions, transportation, trading, distribution, safety, regulatory affairs, business analysis and more.

October 25, 2018 08:30 AM CDT

Register Now

 

Please read our Term and Conditions, Cookies Policy, and Privacy Policy before using the site. All material subject to strictly enforced copyright laws.
© 2018 Gulf Publishing Holdings LLC.