Skylakakis: An end to subsidies for RES and batteries drawing near

The transition from the period of subsidies for renewable energy sources to their direct participation in the market is the main priority of the environment and energy ministry, which includes the storage of energy in batteries, said Environment and Energy Minister Theodoros Skylakakis on Wednesday, speaking at the 28th Annual Economist Government Roundtable.

"RES today are very cheap and batteries can operate on the market without subsidies, especially in times of 'green' energy cuts. We will open up the storage market with a bill to be tabled in the next two months," the minister said. At the same time, he announced a 70% reduction in the value of letters of guarantee for RES producers in order to reduce costs.

In his message to the conference, the United States Assistant Secretary of State for Energy Resources Geoffrey Pyatt underlined Greece's role for energy security in the region, as well as the great potential for the development of offshore wind capacity.

At the same conference:

• Moldovan Energy Minister Victor Parlicov emphasised that Russia's "energy blackmail" has changed the energy landscape in the region, as countries that were almost 100% dependent on Russian gas became interconnected with the EU and are active in transfer of energy. He was also in favour of the development of the "vertical" natural gas corridor from Greece to Central Europe.
• The Secretary General of the East Mediterranean Gas Forum, Osama Mobarez, underlined the importance of regional cooperation and securing financing for natural gas projects in the region.
• Former Deputy Assistant Secretary of State for European and Eurasian Affairs Matthew Bryza said that the geopolitical planning of energy projects sometimes leads to consensus and at other times to tensions, citing Turkey's stance as an example. He was in favour of increasing the capacity of the Turkish-Bulgarian natural gas interconnection from 3 to 15 billion cubic meters per year by securing private financing.
• The managing director of the IGI Poseidon pipeline, Fabrizio Mattana, spoke about the need to diversify energy sources and routes.
• The CEO of Hellenic Gas Transmission System Operator (DESFA), Maria Rita Galli, stated that the reduction in the prices of Russian natural gas has led to it now covering 60% of Greece's domestic needs, while this percentage had fallen to almost zero two years ago. This development, she said, hindered the development of the natural gas vertical corridor as companies are avoiding long-term commitments. She argued, however, that investments should not depend on short-term price developments.
• Τhe president of SolarPower Europe and CEO of Principia, Aristotelis Hadavas, noted the need to accelerate the green transition since RES is the cleanest and cheapest source of energy, while simultaneously increasing energy security.
• Τhe partner of Metaxas & Associates Law Firm, Antonis Metaxas, pointed out the need for clean and transparent rules in the energy market and in particular regarding "green" energy cuts. "Without legal certainty, clear rules and transparency we cannot have the significant investments required," he said.