The strengthening of Greece’s position through international connections was emphasized by the President and CEO of the Independent Power Transmission Operator (IPTO) Manousos Manousakis during his presentation at the 5th POWER & GAS FORUM organized by energypress.gr.
Manousakis referred to the investment program of IPTO which he described as realistic, taking into account the increasing penetration of renewable energy sources and the need – throughout Europe – for a quick and secure energy transition.
As he said, “administrators in neighboring countries have also been trying to upgrade their systems to facilitate the shift to RES, which in turn requires the development of national and cross-border electrical networks.”
At the same time, the increase of renewable sources in the energy mix creates challenges in the operation of the system, especially over the last years.
Although the Administrator ensures the stability of the system, however, as he said, “further interventions are needed at the regulatory and legal level in order to improve the situation and facilitate the work of IPTO.”
Greece a champion in RES penetration
Manousakis underlined that Greece is a champion in Europe in the penetration of renewable sources, a success attributed to the timely and rapid development of networks by IPTO.
“This will result in us achieving the goals of the National Energy and Climate Plan, 3 to 4 times earlier,” he said.
Greece-Cyprus-Israel electrical interconnection project
Referring to the Greece-Cyprus-Israel electrical interconnection project, which IPTO has undertaken since October 2023, he emphasized that it strengthens the country’s export orientation. It is also geopolitically important, and it is economically viable since the regulatory decisions for revenue sharing exist.
Regarding the benefits of the project, he said that it is significant, as the energy production in Cyprus is based on oil and the cost is currently double compared to the statistical cost for the European consumer.
“The implementation of the Greece-Cyprus-Israel electrical interconnection will result in cheaper energy for Cyprus,” Manousakis pointed out, adding that “the geopolitical importance of the project is also obvious, given that the interconnection reaches Israel.”
He also emphasized that Israel has shown great interest in the quick implementation of the project, while in the next period a meeting of the involved parties will take place in Cyprus.
