Helleniq Energy to boost renewables but cautious over power grids

Holding Admie Ipto SA

16/05/2024 16:38

ATHENS, May 16 (Reuters) - Greece's Helleniq Energy
 HEPr.AT  stuck to its plan to install more renewable capacity
in the coming months but said on Thursday it was concerned about
restrictions related to power grids and a lack of energy
storage.
    Helleniq, Greece's biggest oil refiner, operates solar and
wind parks with a total capacity of 381 megawatts with plans to
increase that to 1 gigawatt within the next 18 months, Chief
Executive Officer Andreas Shiamishis said when commenting on
first quarter results.
    "But (we) remain cautious, as challenges related to grid
constraints and storage technologies remain unresolved," he
added.
    Tapping its abundant solar and wind potential, Greece has
been investing heavily in green energy projects in recent years
but progress has outpaced much-needed upgrades of its power grid
and the building of facilities to store renewable energy.
    As many European grids are decades old and need adapting
from generation by large, fossil fuel power plants to wind and
solar power generation, Europe will need to invest 584 billion
euros ($634.63 billion) in upgrades this decade, according to
European Union estimates. 
    In Greece, power transmission system operator IPTO has said
it is connecting new renewable energy stations at the fastest
possible pace and the electricity grid's capacity will reach 29
gigawatt by 2030 from 18 gigawatt now through its decade-long
investment plan of 5 billion euros.
($1 = 0.9202 euros)

 (Reporting by Angeliki Koutantou; Editing by Kirsten Donovan)
 ((angeliki.koutantou@thomsonreuters.com; +30 2102214608;
Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net))