The project seeks participation in the wholesale electricity market by utilizing arbitrage, demand response and ancillary services for the country’s electricity system. Arbitrage allows energy to be bought and sold at profitable points in time, while demand response and ancillary services help stabilize the system and provide additional services. Although compensations for ancillary services are limited and not fully institutionalized in the Greek energy market, there is a recognition of the necessity for improvement in this particular sector.
The Object of the Project
The project focuses on centralized energy storage. Central storage is critical to the efficient operation of the electrical system, as it allows excess energy produced during periods of low demand to be stored for use during periods of increased demand or low energy production. This improves system reliability and helps to avoid redundant corresponding energy facilities and networks.
Nevertheless, the challenge of developing large-scale centralized energy storage in the Greek market is the lack of appropriate remuneration mechanisms. The profitability of investments in this area depends significantly on the compensation mechanisms and the correct assessment of the value of energy storage.
Project Activities
The project’s energy activities are diverse. Fluctuating capacity mechanisms contribute to system flexibility, providing the ability to cope with demand fluctuations and offering additional revenue. By participating in intraday and rebalancing markets, the project creates opportunities for additional revenue, enhancing its financial viability.
The management of RES cuts is a critical part of the activities. Through energy storage, the project can compensate for the losses resulting from the cuts, thus contributing to the stabilization of the electricity system.
The Financing Scheme of the Project
The financing scheme is vital for the implementation and sustainability of the project. The need for new payment mechanisms is imperative to accurately reflect the value of energy storage, while the subsidies and grants envisaged for PCI projects can significantly affect its sustainability.
Project History
The significant energy infrastructure project “PTOLEMAIDA BESS” is aligned with and implemented within the framework of the Government’s strategic plan for the country’s energy transition and related targets, as outlined in the recent National Energy and Climate Plan (NECP) and the country’s new Climate Law.
