ADMIE

Seven memorandums of understanding and seven declarations covering a wide range of issues were signed on Thursday between Greek and Turkish ministers in the framework of the 5th High Cooperation Council.

A teleconference concerning Greece, Cyprus and Israel's electrical interconnection project was held on Tuesday by the three countries' power operators.

Participating in it were Greece's Independent Power Transmission Operator (ADMIE), Cyprus' Transmission System Operator Cyprus (TSOC), and Israel's Independent System Operator (NOGA).

Greece and Saudi Arabia agreed on Wednesday to set up a jointly-owned company that will look at linking their power grids, taking the first step in their plan to supply Europe with cheaper green energy, the Greek energy ministry said.

Net energy from renewables and large hydroelectrics in the first eight months of 2023 reached an all-time high of 16,683 gigawatt-hours, according to data from Greece's transmission system operator, ADMIE, processed by The Green Tank.

Greece's power transmission operator ADMIE is promoting a green electricity connection with Central European countries that will transmit electric power produced from renewable energy sources in Greece, Egypt and Israel to EU countries to the north.

A solution appears likely for the funding snags for EuroAsia interconnector, the planned high-voltage direct-current cable that will connect the power grids of Greece, Cyprus and Israel.

Electricity bills in Greece are about to rise again due to regulated charges, while the government continues to subsidize consumption.

Electricity demand in Greece is expected to hit a new record on Tuesday and Wednesday, putting fresh pressure on electricity rates and posing even greater challenges for the transmission and network system operators (ADMIE and DEDDIE), as the third heatwave finds infrastructure strained by temperatures which have remained higher than usual for the time of year for almost two weeks.

Greece's power network is under control, despite being tested by high temperatures and increased demand, as well as the multiple forest fire fronts.

The heatwave of the last few days generated upward trends in electricity rates, as demand skyrocketed mainly from households that resorted to the use of air conditioners to cool down.

In the week of July 10-16, electricity demand increased by 15% compared to the immediately preceding seven-day period and reached 1.2 terawatt-hours, with the hourly load increasing by 944 megawatts.