IENE’s major study project, the “SE Europe Energy Outlook 2016/17”, was presented on June 7, 2017, at the Athens Exchange. This special event, jointly organized by the Institute of Energy for SE Europe (IENE) and the Athens Exchange Group, gathered together IENE members and eminent professionals from Greece’s energy, banking and financial sector, as well as representatives of major companies form the industrial and services sectors
IENE’s major study project, the "SE Europe Energy Outlook 2016/17”, was presented on June 7, 2017, at the Athens Exchange. This special event, jointly organized by the Institute of Energy for SE Europe (IENE) and the Athens Exchange Group, gathered together IENE members and eminent professionals from Greece’s energy, banking and financial sector, as well as representatives of major companies form the industrial and services sectors.
The event began with opening remarks by the CEO of Athens Exchange Group, Mr.
Socratis Lazaridis, followed by Mr. John Chadjivassiliadis, Chairman of ΙΕΝΕ. The IENE Outlook study was presented by three of its contributors and members of the IENE team. Mr. Costis Stambolis, Executive Director of ΙΕΝΕ, described thoroughly the trends and latest developments in the energy sector in SE Europe, the energy security situation, the discrepancies between EU and regional energy policies perspectives, as well as the investment prospects of the next decade. Mr. Dimitris Mezartasoglou, Resident Research Associate of ΙΕΝΕ, referred to latest electricity market developments at the existing and planned power exchanges of SE Europe, and also analyzed the parameters for setting up a regional gas hub, whereas Mr. Nicholas Sofianos, Head of Research of the Institute, presented the overall activities and trends in RES in SE Europe and the path towards decarbonization.
The speakers stressed that the SEEEO 2016/2017 study provides a thorough and comprehensive insight of the region’s energy sector and contains a huge amount of data including energy demand and supply projections and investment estimates until 2025 for a whole range of energy applications. According to IENE’s latest study, the total estimated investment potential in the region amounts to €267 billion, in the forthcoming decade, in the base scenario and €321 billion in an optimistic scenario.
Commenting on EU and SEE energy policies, IENE’s study observes that there is "painful realization of the conflicting points of view between EU energy planners and SEE countries’ priorities when it comes to the development of indigenous energy sources. The hierarchy agreed and followed by the countries at national energy policy level is strictly determined by economic considerations and gives credence to solid fuels, in spite of GHG commitments and the overall EU Climate Change policy direction”.
Oil and coal still appear as a mainstay of the regional energy mix, whereas natural gas is becoming increasingly important to the energy mix, mainly used as a balancing fuel by several SEE countries, both for power generation and domestic use.
For renewable energy sources to achieve greater penetration in the SEE energy mix and thus facilitate the region’s decarbonisation, the IENE study says that strong policy measures are needed to be backed by EU guaranteed financing, adding that, despite national and regional regulatory and legislative initiatives, energy efficiency in SE Europe is not being given enough priority or attention. SEEEO 2016/2017 also stresses that electricity market liberalization in the region has shown significant progress, contrary to natural gas markets that remain largely regulated.
Prof. Pantelis Capros, Chairman of IENE’s Scientific Council and Director Ε3Μ Lab, National Technical University of Athens (NTUA), in his in-depth intervention, analyzed the various aspects of the overall energy demand and supply equilibrium in SE Europe, as well as the ongoing procedure of incorporating the environmental European "acquis” in the countries of the region. It must be noted that Ε3Μ Lab of NTUA and IENE closely co-operated in the preparation of the energy scenarios of the SEEEO 2016/2017 study.
Finally, Mr. Aristidis Tasoulis (Executive Director of Regulatory European Affairs of the Electricity Market Operator, LAGHE) and Mr. Andreas Daskalakis (Director of Market Operations & Member Support Division, Athens Exchange Group) provided detailed information concerning the reshaping of Greece’s energy market, while they also stressed that this effort is a fundamental precondition for Greece to play a substantial role in this field at regional level. Furthermore, they provided details on the planning for the Energy Market to be launched next year by the Athens Exchange.
Funding for this major IENE Study came from a group of sponsors which included the following companies: Hellenic Petroleum (HELPE), Public Power Corporation (PPC), Public Gas Corporation (DEPA), while supporters included: Terna Energy, LAGIE (The Electricity Market Operator), ADMIE (The Electricity Transmission Operator), EnSCo, Energean Oil & Gas, the Athens Exchange Group and KG Law Firm.
