Howden Matrix was a Gold Sponsor during the 6th Energy Transition Symposium “Looking Ahead with Optimism, Beyond the Covid Era”, that took place from Tuesday, 28 September to Friday, 1 October 2021, in Athens.
For yet another year, the annual Symposium of the Hellenic Association for Energy Economics served as an open-dialogue platform, where state, academia and private sector representatives contributed the maximum to debates and exchange of views on crucial energy matters.
The panel discussions were mainly focused on the decarbonization of the Greek energy sector, underlying the ambitious plan that the government has enacted, which will lead to the saving of billions of euros because of decommissioning older lignite plants and replacing them with renewables of much lower cost. At the same time, emphasis was given to the first tender for storage systems that is expected to take place during the first quarter of 2022 with a budget of 200 million Euros.
There is an increased appetite for PPAs, as it was stated by the energy experts. The use of a partner that offers hedging tools is significant for the market players. At the beginning, as banks adjust to the new reality, there will be a mix of PPAs and traditional support mechanisms. When it comes to renewable producers, bankability is essential, and they need to avoid the risk of increased cost as a result of the need for balancing. Energy storage will need some kind of support at its first stages of development.
Concerning energy transition and sustainability challenges, academics and energy experts pointed out that for achieving 2030 goals of high renewables penetration, reserves are very important in an environment. At the same time, they mentioned that the structural swift of the banking sector towards green and sustainable investments, is a change that creates opportunities and attracts competition and investments.
The future of Greek RES Market is promising, since the latest data on renewables contracts in Greece, are expected to reach 2GW in 2022. Additionally, interest for 14 strategic investments in renewables with a total capacity of 5.4GW was expressed by foreign investors. However, emphasis should be given on faster licensing procedures, while the energy storage framework needs to be developed to allow even more investments. Concerning the very important development of offshore wind energy in Greece, attention should be given to the special planning, the grid connection, the installation criteria and the scale of installations.
Panagiotis Doumas, Director and Member of the MT, Howden Matrix, during his presentation underlined:
“The increasing appetite for RES in Greece -more than 5GW during next year- combined with the unforeseen consequences of climate change and the extreme weather conditions we experience in very high frequency and density in Greece, as well as the complexity of placing insurance because of the many interested parties involved -Investors, Banks, Funds, Lenders, Contractors & subcontractors, Manufacturers, Asset Managers-, demands bespoke insurance solutions from an expert broker. In Howden Matrix we offer cover for 1,5GW, while the Howden Broking Group is placing insurance for 100GW worldwide. Our experts are leading the way in assessing new challenges and risks, especially within the ever-expanding renewable energies sector and tailor proactive insurance and risk management solutions that ensure cost effective de-risking over the lifetime of assets.”
