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-|| Official & final results of the 1st standalone BESS auction in Greece (successful bidding prices) ||-
The 1st auction for standalone (FtM) BESS projects in the Greek market was held from June 17, 2023 to July 10, 2023. The official results of the aforementioned auction for Front-the-Meter (2-hour) Energy Storage projects were announced by the competent Regulatory Authority for Waste, Energy and Water (RAWEW) on Thursday, August 10, 2023 according to the envisaged timeline.
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Key data/results
|> Lowest Successful Bidding Price: €33,948.00/MW/yr
|> Highest Successful Bidding Price: €64,112.00/MW/yr
|> Total Awarded Capacity: 411.79 MW
|> Total Capacity of the Participants: 3,299.55 MW
|> Oversubscription: >8.0x
|> Weighted Average Price of Successful Bids: €49,748.18/MW/yr
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Selected BESS projects and corresponding project companies
1) | 100 MW (50 MW, 25 MW, 25 MW) held by Helleniq Energy |
2) | 98 MW (50 MW, 48 MW) held by PPC |
3) | 100 MW (50 MW, 25 MW, 25 MW) held by Intra Energy (Intrakat) |
4) | 48 MW held by Aenaos – Energy Systems (Mytilineos) |
5) | 7.8 MW held by Energeiaki Techniki Anaptyxiaki SA |
6) | 49.99 MW held by Energy Bank I PC |
7) | 8 MW held by an Energy Community |
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It is mentioned that RAWEW had set the ceiling at €115,000.00/MW/yr. The participants submitted their bids for 10-year Contracts for Difference (CfDs) for revenues from their future Battery Energy Storage Systems. The selected investors will also gain from grants the amount of €200,000.00/MW (on CapEx) to build their projects.
The developers were obligated to submit a Letter of Guarantee (LoG) of €35,000/MW in order to participate in the tender, as well as a LoG of €250,000/MW for the timely completion and a LoG of €200,000/MW for the proper operation of their installations.
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| Future plan for BESS auctions in the Greek market |
Greece is planning two (2) addditional FtM BESS auctions within 2023. The 2nd auction is expected to be held in September for 300 MW. The 3rd bidding is scheduled to take place by the end of the year for additional 300 MW, bringing the total awarded capacity for BESS auctions this year to 1 GW.
According to the draft National Energy and Climate Plan (NECP) of Greece, the target for 2030 is at 2.5 GW of installed capacity for pumped hydro projects and a whopping installed capacity of 5.6 GW for BESS projects, contributing in the management of increased RES intermittency.
The BESS auctions are expected to pave the way for similar auctions from the Regulatory Authority for Waste, Energy and Water (RAWEW) as regards RES projects with embedded (Behind-the-Meter / BtM) BESS i.e. collocated RES+BESS projects, based on the Official Government Gazette under the nr.: 3328/ B’/May 19, 2023.
Moreover, the new round of RES (Wind+PV) auctions will be carried out in October 2023. The call for auction is expected to be published within September. The auctioned capacity is expected to be 1,662 MW. The regular capacity will be 1,200 MW, however will be transferred additional capacity of 462 MW that had not been awarded due to limited participation in the previous auction as of September 2022.
- Reference (Ceiling) Price for PV projects >1MW: €54.00/MWh
- Reference (Ceiling) Price for Wind projects >6MW: €63.00/MWh
As of December 2022, there is strong potential for additional RES generation capacity, of 7.9 GW for PV energy and 4.8 GW for Wind energy (2.9 GW for onshore Wind energy and 1.9 GW for offshore Wind energy) according to the 2030 targets set in the draft National Energy Climate Plan (NECP) as of August 2023 which is under consultation. Core to reaching said targets, considering the current power grid congestion, is the development of energy storage systems, either in the form of stand-alone batteries (FtM) or jointly with generation from RES (RES+BESS i.e. BtM) in the same area. In specific, the total installed capacity of batteries is expected to reach 3.1 GW by 2030, according to draft NECP targets.
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The detailed official results of the aforementioned 1st BESS auction (Decision Nr. E-130/2023 of the RAWEW available in GR) in Greece are as follows:
The views reflected in this article are the views of the author and do not necessarily reflect the views of the global EY organization or its member firms.
-|| RES Auctions as of Sep. 05, 2022 in Greece_|_Electricity prices for PV & Wind investments_|_Key Results and Brief Analysis ||-
New RES auctions held in Greece for RES (PV and Wind) Projects.
Greece held its latest round of (common) RES auction on September 05, 2022. Particularly, a capacity of 538.41 MW of PV and Wind investments was allocated (upon successful bids).
A total of 21 participants (RES projects totaling c.a. 960 MW) submitted bids. The energy/electricity prices (tariffs/FiP-CfD) ranged from €46/MWh to €60/MWh, while the weighted average was €47.98/MWh for PV projects and €57.66/MWh for Wind projects. The overall weighted average for both PV and Wind Projects was €50.97/MWh.
The high level of competition and the simplification of the licensing process were the main factors for the record low auction RES prices.
The results of the recent Greek RES auction are in line with results seen in tenders in other countries in Europe and globally.
The detailed official results of the aforementioned RES auction (Decision Nr. 691/2022 of the Regulatory Authority for Energy/RAE available in GR) are as follows:
Christos Gkikas
Christos Ghikas (Christos P. Gkikas) (Personal Web Page) 
