IPTO: Greece champion in Europe in penetration of renewable energy sources

The electrical interconnection project – Cyprus – Israel commented on its president and CEO, M. Manousakis, speaking at the 5th POWER & GAS FORUM, stressing the strengthening of the country’s position internationally. Mr Manousakis referred to the IPME investment programme which he described as realistic, taking into account the increasing penetration of renewable energy sources and the need of Greece and all of Europe for rapid and safe energy transition. As he said “in recent years and administrators in neighbouring countries have also been trying to upgrade their systems to facilitate turning to RES, which in turn requires the development of electricity networks at national and cross-border level.” At the same time, the increase in renewable sources in the energy mix poses challenges to the functioning of the system, particularly in recent years. Although the Administrator ensures the stability of the system, however, as he said ” further interventions are needed at regulatory and legal level in order to improve the situation and facilitate the work of the IPTO”. Manousakis stressed that Greece is the European champion in the penetration of renewable sources, a success due to the rapid and rapid development of networks by IPTO. “This will result in achieving the goals of the National Energy and Climate Plan (ESEK), 3 to 4 earlier,” he said. Special mention was made by the President of the IPTO in storage, a technology that, as he said, “will help reduce green energy cuts. “Until then,” he said “it is this demand that will create the need for cuts rather than lack of electricity.” Referring to the work of the electricity interconnection between Greece and Cyprus and Israel, which has been undertaken by the IPTO since October 2023, he stressed that it strengthens the country’s export orientation, is crucial geopolitically important, and is economically viable as long as the regulatory decisions on the allocation of revenues already exist. With regard to the benefits of the project he said it is crucial, as energy production in Cyprus is based on oil and costs are now twice as high as the statistical cost to the European consumer. “The implementation of the electricity interconnection between Greece and Cyprus and Israel will result in cheaper energy for Cyprus,” noted Mr. Manousakis, as well as that “the geopolitical importance of the project is obvious, given that the interconnection reaches Israel”. He stressed that Israel has shown great interest in the rapid implementation of the project, while in the following period there will be a meeting between the three parties involved in Cyprus. Source: RES – ICM