The investments that IPTO is “running” are proceeding on all fronts, as presented in detail by Manousos Manousakis, President and CEO of the Independent Electricity Transmission Operator (IPTO), speaking at the OT.gr stand at the Thessaloniki International Festival.
Commenting on yesterday’s acquisition of 49% of Hellenic Electricity Distribution Network Operator HEDNO by Macquire, M. Manousakis stressed that the green transition is an opportunity for large investments in the energy sector and that yesterday’s transaction is proof that we are on the right track.
Regarding IPTO’s latest investment moves of, Mr. Manousakis said that in recent years we connect our islands with the mainland. Until 2017 the network was in mainland Greece. For the last 4 years we have been aiming with a very large investment plan – 5 billion euros per decade – to connect the island country with the mainland. As Mr. Manousakis explained, the northern branch of the island connections has been completed, in the Naxos-Santorini branch the tender has just ended, while the Crete-Peloponnese interconnection has been completed, which in fact operated normally in the summer. We are also in the construction phase of the large Attica-Crete interconnection in a greener form and the cost of SGUs less the cost of the investment, will be a net benefit in the pocket of the consumer who will see it in the accounts in the near future. From this connection alone, 1 million euros per day will benefit the consumer accounts as a whole from 2022.
Referring to the Attica-Crete power line, Mr. Manousakis said that the project will be completed by the end of 2023 and early 2024 and that the construction schedule is generally being adhered to.
Regarding the interconnections with neighboring countries, the head of IPTO referred to the line with Italy where there are some defects after its 17-year operation and said that a second interconnection with a parallel cable will be built using the existing connection.
Referring to the interconnection projects with Balkan countries such as Bulgaria and Albania, Mr. Manousakis stressed that in the EU there is a comprehensive plan for a single electricity market. This means that producers will compete in different countries and eventually the cheapest energy will be the one that will be transferred through the network. Regarding the connection with Bulgaria in particular, he noted that this project will be contracted immediately.
Also referring to the connection with Egypt, he said that it is in the goals of the authorities and that the connection will be made through the mainland system. Energy will be transferred from Egypt’s renewable energy sources to Europe. This will have an overall benefit for Europe and Greece. Then new connections to all of Europe and strengthening of connections from Greece to other destinations will be required. Funds exist in different parts of the world and there is interest in this investment.