Energy policy and the development of Renewable Energy Sources for Electricity: A comparative analysis of the Swedish and Greek cases

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Master of Science Thesis

KTH School of Industrial Engineering and Management

Energy Technology EGI-2011-117MSC

Division of Energy and Climate Studies SE-100 44 STOCKHOLM

Energy policy and the development

of Renewable Energy Sources for

Electricity: A comparative analysis of

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Master of Science Thesis EGI 2011:117MSC

Energy Policy and the Development

of Renewable Energy Sources for

Electricity : A Comparative Study of

the Swedish and Greek Cases

Iakovos-Marios Tsakiris Approved 18th November 2011 Examiner Semida Silveira Supervisor Semida Silveira

Commissioner Contact person

Abstract

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Summary of the thesis

Before electricity liberalization was implemented, national utilities controlled planning and technology choices along their preferred services and equipment suppliers as well as the access to finance. Liberalization came to change that. One of the goals of EU policy is to create a level playing field for power production based on new production technologies. Renewable Energy Source (RES) technologies have significant environmental benefits, but are not competitive enough since the economic benefits of the technologies have not yet been realized. Numerous barriers hinder the diffusion of RES technologies. Further coordination of energy policies is needed in order to alleviate market diffusion barriers, realizing the potential benefits from using RES and creating a level playing field for new technologies.

In this study a comparative approach is used to identify actions towards creating a more level playing field for RES technologies for power production and alleviating barriers for their market diffusion. The study analyses the Swedish and the Greek case in relation to their actions in the energy policy area during the period 2003 to 2008. I identify actions towards creating a more level playing field for RES in the two countries and evaluate the effects in each case. Finally, I identify further challenges in the two cases. Energy policy formation in the EU is multi-level. Therefore, I first analyze the policy actions at EU, national and other governance levels in the fields of RES support and electricity liberalization. I look at how EU directives have been translated into policies at country level and how different actors and institutions have promoted RES technologies and influenced the formation of RES markets. I use relevant literature and reports as well as interviews with key actors. I especially focus on policies and regulations related to RES and electricity pricing. Policies aiming towards shifting administrative and property rights and alleviating structural and institutional barriers are also taken into account. In order to identify relevant actions, I analyze the policy targets, the licensing procedure concerning different technologies and the support mechanisms put in place for different RES technologies.

As a next step, I analyze the effects of regulations and relevant actions on the RES market to understand the actors’ willingness to invest. I investigate the reasons for the current RES mix and the role of regulatory and policy actions in the development of the RES mix. The effects of other institutions are also taken into account. I evaluate actions and institutions in relation to alleviating barriers and creating a more level playing field in RES production and RES technologies. Finally, I identify key structural barriers on market accessibility for various RES technologies. Structural barriers that affected the market formation and that may have impact on the future RES market evolution are considered. Furthermore, similarities and differences between the two cases are especially highlighted.

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Greece’s electricity system also includes a large number of non-interconnected islands. In these areas, there are many opportunities for RES investments due to expensive generation that have not taken place yet due to lack of grid and the current network regime. An interconnection plan for some of them is being carried at present. An important challenge for Greece is investment subsidies to realize complementarities with other industrial sectors. Adjustment of the feed-in-tariffs to promote PVs is needed, including geographical differentiation on investments due to the specific remote characteristics of some areas. In Greece, structural and regulatory barriers play a very important role in RES competitiveness and diffusion as well as their legitimacy. Further liberalization is of outmost importance.

In Sweden, lower and conditional targets for RES shares have been set than the ones set by the EU. A certificates system was set along expectations of establishment of a certificate system at EU level. Long-term planning scenarios of alternative market structures did not materialize and investments took place in existing CHP plants due to a combination of structural, certificates’ system design and intra-market uncertainties. Technology choices were left in the hands of the same players that managed to extract rents from the market. The 2006 changes in the system alleviated some of the uncertainties. Further support for wind power led to additional new large scale investments in a constrained environment. Several barriers still exist for wind power related to the planning and authorization procedure, local tensions, grid bottlenecks and technological issues. Large purchasers of wind equipment should be able to affect technology development. A challenge is to materialize the vision of power exports along a high ambition level for CHP in an environment of trade-offs between prices, export increase rates and various possibilities of additional installed capacity. The effect of counter trading in the electricity system should also be studied. Sweden is a front runner in biofuels. The market needs further international expansion along identification of appropriate technology trajectories through cooperation while open access and competition in the wood fuel chain. The certificates market expansion at Nordic level will create a more stable and competitive environment for investments while regulatory learning and experimentation is necessary for legitimation at European level.

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List of Acronyms

ASEA Swedish General Electric Company

CCGT Combined Cycle Gas Turbine

CDL Main Grid Agreement

CHP Combined Heat and Power

DEPA National Gas Corporation

DESMIE Hellenic Transmission System Operator (HTSO)

EC European Commission

EIA Environmental Impact Assessment

EIB European Investment Bank

ETS Emissions Trading System

EU European Union

EUA EU Emission Allowance

Euratom European Atomic Commission

EMI Energy Markets Inspectorate

FIT Feed In Tariff

GHG Greenhouse Gas

HELAPCO Hellenic Association of Photovoltaic Companies

HTSO Hellenic Transmission System Operator

HV High Voltage

HVDC High Voltage Direct Current

ICT Information and Communication Technology

ISO Independent System Operator

MD MoD Ministerial Decision Ministry of Development MSP MSW

Marginal System Price Municipal Solid Waste

NG Natural Gas

NUTEK OG

Swedish Economic Development Agency Official Gazette

PPC Public Power Corporation

PSO Public Service Obligation

PV Photovoltaic

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RES Renewable Energy Sources

SEA Swedish Energy Agency

SEES National Council for Energy Strategy

SKM Svensk Kraftmäkling

TPA Third Party Access

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List of Tables and Figures

p.17 Diagram 4.1. Electricity Generation development in Greece, by source 1960-2005

p.19 Graph 4.1 Electricity consumption Structure (in %) in Greece in the years 1998 (left) and

2008 (right)

p.19 Table 4.2 Electricity consumption Mix by 31 December 2008

p.20 Diagram 4.2Average Wholesale Price (MSP) Development

p.22 Table 4.3 Scenarios of possible RES production in the year 2010

p.24 Graph 4.2SEES electricity production scenarios for the year 2020

p.25 Table 4.4 Feed-in-tariffs in 2007

p.26 Map 4.1 Areas of wind priority (in red) and places that network absorption capacity

strengthening will take place (elaboration on MoD, 2009).

p.27 Table 4.5 Additional wind farms capacity from ongoing initiatives

p.28 Figure 4.1 RES authorization procedure and jurisdictions

p.31 Diagram 4.3 Cumulative installed capacity of RES in Greece

p.32 Diagram4.4 Cumulative development of PV installations in the interconnected system

p.33 Table 4.7 Licensed RES plants in the interconnected system as of 31.12.2008

p.33 Table 4.8Installed wind energy capacity market shares of largest producers, 2007

p.34 Table 4.9 Level of investments in RES 2003-2008

p.37 Diagram 5.1 Electricity production in Sweden by type of source

p.39 Graph 5.1 Electricity consumption Structure in Sweden, in the years 1990 (left) and 2008

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p.39 Table 5.1 The Swedish Energy balance 2005-2009

p.40 Graph 5.2 Sweden’s (left) and the Nordic Region’s (right) largest electricity generators in

2007

p.40 Graph 5.3 Shares of low voltage consumers for the three largest distribution networks

owners

p.41 Diagram 5.2 Nordpool Prices development in Sweden

p.42 Table 5.2 Comparison of 2001 scenarios for the electricity mix to the year 2020

p.43 Table 5.3 Annual quotas in the electricity certificates system and estimated new RES

electricity production

p.44 Graph 5.4 Long term plan for electricity production in Sweden

p.48 Diagram 5.4 Installed power generation capacity changes in district heating cogeneration

plants (left) and industrial back pressure

p.48 Diagram 5.5 Installed power generation capacity changes in wind power plants

p.49 Graph 5.5 Certificates production by type of plant

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p.50 Graph 5.6 Biofuels use in the certificates system

p.51 Graph 5.7 Swedish district heating ownership

p.52 Diagram 5.6 Spot traded Electricity Certificate Prices

p.52 Graph 5.8 Number of certificates issued and cancelled, together with accumulated surplus

over the period 2003-2008

p.53 Table 5.5 Exposure to uncertainties by various technologies

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Foreword

When I use a word,” Humpty Dumpty said, in a rather a scornful tone, “it means just what I choose it to mean - neither more nor less.”

“The question is,” said Alice, “whether you can make words mean so many different things.” “The question is,” said Humpty Dumpty, “which is to be master - that’s all.”

Lewis Carroll – Through the Looking Glass

This study started with multiple aims and large ambitions. The layest was finding easy answers on how a less developed country such as Greece could 'emulate' ways of acting in the energy policy field of a more developed one like Sweden. Also, to map the space left for a country to form a national strategy for energy within the framework of European Union policy. Furthermore, address questions of personal professional orientation in an uncertain environment of industrial and technological change and finally, to put these questions under a proper framework. This meant that I should find new ways of organizing my thought. In this quest, I realized that since technology and institutions co-evolve knowledge, experience and interpretation of meanings have their own role to play along economic facts at different points in time. In that way, context and timing of decisions seriously affects structural outcomes.

The context of the two cases is not the same. Electricity systems are built over decades and used to be based on very stable business structures depending on specific societal organization models and political structures. In addition, they are very capital intensive and extend on a large scale. For these reasons, they cannot be changed overnight. Moreover, this societal-economy-technology link is governed by ambiguous actor-networks when looked upon from an ethical-normative perspective and not as historical constructions. In order to address this ambiguity, covered by discourses and bounded rationality, I felt obliged to check how the electricity system was set within the two societies historically. While this had a positive effect on my analytical skills as also having ready for use historical facts, it affected seriously the timeframe of my thesis.

Putting the issues raised in an appropriate context was not an easy task. The context is related with the framing of an issue and dominant discourse has much power over the way the context is perceived. Inevitably, this affects the way some trade-offs are viewed. It was quite a shock for me realizing that in many points instead of who I should ask why or what and the other way round. Choosing an appropriate level of analysis seemed related to grasping an acceptable context for my aims. The degree of breaking down the context is connected with opportunities to raise more questions while answers lie within the ability to rebuild a coherent link between the context and the issue of analysis. In any case grasping the right actor-network was what I was searching for.

The variable time also seemed of outmost importance. From a long term perspective, some efficiency beliefs could come in conflict with technology development. Societal and technological capabilities take time to develop even in a non turbulent environment. Technologies, attitudes, perceptions and trade relations do not change overnight. One can find cases that even the simplest bureaucratic procedure change might take substantial amounts of time and effort to put in place, let alone produce intended results. Nevertheless, it is difficult to deny that what some call timing in combination with change creates great opportunities for one to seize. Appropriate visions that can draw a path taking into account the possible extend of change may produce improved levels of equity. Commitment and policy recalibration are in need in order to win the games of setting and meeting objectives and targets.

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well as trade relations and perceptions on way things are come to surface when asking this question. The EU is not a homogenous entity in economic and social terms. Sustainable energy technologies and their social impacts fit shockingly for study under the 'creative destruction' lenses. Opportunities for less developed regions to reduce the financial burden of energy system building as also fuel expenses rise along democratic demands. On the other hand, these opportunities might come at a cost for actors who want to do business as usual. The complexity of the issue is even more pronounced when considering that European Union does not act in vacuum in the energy and economic fields while energy is a basic factor of most of the activities in our civilization.

When comparing the two cases, the differences related to their path dependencies can be revealed. In parallel, identification of the key actors and institutions can take place. On the other hand, the causal processes of change in the electricity systems relate more to ways that information and ideas are communicated and perceived. As the semantic networks evolve along the change process critical elements for the interests of each actor can be identified. Ambiguity can create both opportunities and losses according to interpretations and eventual policy programme implementation. For me, not accustomed to the practices of international relations, many questions came to surface related to key actors’ motivation and the boundaries of the extend of change.

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1 Introduction

Until liberalization, the electricity sector was in the hands of State utilities which responded for energy planning including service provision, infrastructure and equipment supplies as well as funding. National electricity markets liberalization came to change this. Sweden was among the first to move into liberalization while Greece had to wait the European Union’s directives to justify the needs for liberalization. Opening access to the electricity sector and creation of competition is among the goals of liberalization. This would involve competition in the production and supply of electricity but also in technology development and fuels. Decentralized power supply also tries to find its place in this environment.

In parallel to electricity market liberalization, concerns about climate change and environmental impacts of the electricity sector affect the way competition is taking place. RES technologies are often perceived as more expensive despite their actual benefits in environmental and economic terms. Moreover, they have to face numerous barriers that hinder their diffusion. RES policy but also wider energy policies altogether need coordination in order to alleviate these barriers and realize the existing RES potential benefits. Energy policy is a multi-level process in the EU and its member states. The outcome of the European Union energy policy decision making process expresses the contradicting opinions of the numerous actors involved. The EU sets the agenda in agreement with member states. In that way, it sets a first policy space enabling or constraining some views and actions and therefore affecting expectations at national level. Within this policy setting, the national policy makers have to make their own decisions on the national path to be followed as policy goals are pursued. They further set national priorities according to which the translation of the EU mandates at national level takes place while they choose instruments and measures that fit their ambitions. Depending on the national capabilities, a narrower or wider policy space can be set, enabling the formation of relevant expectations and actions. Nevertheless, the implementation of the measures chosen is relying on the actions of various national, regional and local authorities according to the governance regime of each country. Therefore, constraints setting and expectations formation are also dependent on national views and interpretations. Policy actors act according to their access to information, their epistemic beliefs and their view of the world. Norms, beliefs and regulations as also financial and technological abilities define a policy space where expectations are formed and actions are to take place.

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2 Objective and Organization of the Study

2.1 Objective

The objective of this study is to analyze the role of energy policy in the development of RES in Sweden and Greece. We look at how EU directives have been translated into policies at country level and how different actors and institutions have promoted RES technologies and influenced the formation of markets for RES. The analysis focuses particularly on the period 2003-2008.

We will evaluate the process of translation of the Directives into national policy in relation to its effect into shifting barriers for higher diffusion of RES and towards the creation of a more level playing field for electricity production from RES as also among RES technologies. The evaluation will take into account the success in shifting administrative, financial, network access and other institutional and structural barriers for RES. We will also identify policy trade-offs between uncertainty, competition and the creation of a level playing field.

We will further identify present and future challenges for further RES diffusion as also for enhancing a level playing field in RES electricity production and technology choice focusing on structural and legitimacy issues. Finally, we highlight similarities and differences in the two cases.

2.2 Methodology

As a first step, a description of the content and mandates of the European Union Directives on Electricity market liberalization and RES promotion will take place, as these appear in the EU’s official site. We will also shortly refer to the drives behind EU legislation not assigning them to specific policy actors.

Then, we will move at national-country level. We will shortly describe the historical evolution of the electricity sector and its structure before liberalization and the institutions of that era. As we do that, we will be identifying the key actors of the sector. This will be followed by an analysis of the national reports submitted to the European Union and other national legislative provisions in order to identify actions taken for RES support. We shall also take a look on specific parts of the legal provisions that set the market liberalization at national level as also the ones aiming at promotion of RES. We will especially focus on regulations related to RES and electricity pricing as also ones aiming towards shifting administrative, property rights and other structural and institutional barriers. In order to do that, we will analyze the policy targets, the licensing procedure for different technologies and the support mechanisms put in place for different RES technologies.

As a next step, we will analyze the effects of regulations and relevant actions on the RES market. We will use Agencies’, associations’ and companies’ reports and data sets, interviews and press releases in order to find what actual investments took place as also which ones did not. We will try to analyze the reasons why the actual RES mix occurred, and find out the role that regulatory and policy actions have had.

Finally, we identify key structural barriers on market access for various RES technologies that affected RES market formation as also ones that may have further impact on present and future RES market evolution and expectations formation and highlight similarities and differences between the Swedish and Greek cases.

2.3 Organization of the study

In chapter three, we make a short reference to the drives of the EU energy policy and describe the mandates of the two Directives for RES support and the liberalization of electricity.

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measures taken in the areas of authorization procedures, grid access and RES support mechanisms. A short reference in the role of climate change instruments follows. Each chapter ends with an analysis of the actors’ willingness to invest as also the actual investments made in each case.

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3 The EU

3.1 Energy Policy in the European Union

The EU Energy Policy is based on the three pillars: security of supply, competitiveness and sustainability (EC, 2006). To achieve these goals a number of policy initiatives have been launched. These concern, for example, the internal market for energy, the RES promotion and the European Union Emissions Trading Scheme among others.

Since the very establishment of the European Community, the issue of covering the energy needs of a growing Europe has been high on the agenda. A first step towards defining common energy policies was the establishment of Euratom. Today, the EU’s level of energy dependence on imports is still high and the expectations are that it will grow further (EC, 2006). Environmental protection has also been at the heart of the European Union. Clauses for a common environmental policy and the polluter pay principle are set already with the Treaty of Rome (European Communities, 1957).

Competitiveness has two aspects. The one is linked to securing low energy prices for the European industry in order to remain competitive in the global arena and thus contribute to growth and jobs (EC, 2006). The other aspect has to do with the development of new services, technologies and business in the energy value chain that will support European economic growth. The rise of the climate change issue in the global agenda has strengthened the last aspect. Nevertheless, risks related to the importance of the issue in the global agenda and questions concerning climate change science, its impacts and courses of action are still perceived as strong.

Social and economic cohesion is also a motive for action in the energy policy arena (EC, 2006). RES can be an opportunity for less developed regions to reduce economic and political dependence on foreign fuel and technologies. Another motive for action in the energy policy field is keeping sectoral public funds spending low.

A motive that is often downplayed in the energy policy field is European Integration. Integration can be achieved by divesting national governments of the authority to make substantive policy choices and concentrating such authority in the hands of EU institutions as also by devolving decision making to lower levels of government (Hadjilambrinos, 2000). Energy policy harmonization is a very strong tool towards both that direction and energy security. As national actors have to conform to a common European set of rules, actions driven by opportunistic behavior due to privileged access rights which might threaten European unity and security should be less likely to occur.

Concluding, the main motives of EU energy policy are: • energy security

• economic growth while maintaining employment levels • social and economic cohesion

• integration

• environmental protection • keeping public spending low

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3.2 Electricity Market Liberalization in the EU

The first Directive on the internal market for electricity was adopted in December 1996 (EC, 1996). Its scope was to create a system of common rules applying to each member’s electricity sector. Special emphasis was given to the avoidance of dominant position by opening access to the sector. The measures adopted towards this direction were:

• Unbundling of the vertical utilities accounts

• Provision of access to the network for third parties (TPA) by means of regulated or negotiated TPA or a single buyer system

It also designated the creation of a new body responsible for plant dispatching and publishing the tenders as also the plan for new capacity in generation and transmission, the transmission system operator (TSO). TSO:s could also give priority to new electricity generation resources if that was the State’s decision. It also designated undertaking of the distribution systems by the distribution system operator responsible, also possibly giving priority to new sources of generation and promoting efficiency of the distribution system. The directive also designates the need for a body to undertake the tendering procedure. The freedom to build direct lines by parties interested is also defined.

The strong reactions of some actors led to the acceptance in the directive of the single buyer system and the possibility for designation of Public Service Obligations for the utilities by the States. Nevertheless, the obligations have to be published and not violate Article 90 of the Treaty of the establishment of the European Union, according to which parties enjoying exclusive rights should not act contrary to the competition rules. The directive designated a three-step market opening procedure for all customers by 2003 while Greece was given an additional two years for applying it.

As the procedure did not move as expected and significant barriers remained by 2001, the Commission acknowledged the need for a second directive that would strengthen the measures of the first one. The new Directive was adopted in June 2003, almost two years after the RES promotion directive (EC, 2003). The directive aimed at creating more transparent framework of access to the electricity market where planned future electricity system parameters will cover clear policy objectives.

More specifically, the Directive imposed the legal unbundling of the vertical electricity undertakings and specified the minimum tasks for the TSO and the Distribution System Operator. At the same time, it also designated the establishment of a new regulatory body and specified its tasks in order to fulfill its mission. Third party access to the grid is to be ensured by published tariffs. The minimum criteria applying for the authorization procedure of new plants are specified, as well as the role that Public Service Obligations (PSO:s) are to play. In particular, once more, the option of using long-term planning by the state or the appropriate body is specified in order to achieve environmental, security and energy efficiency objectives while for the same reasons all available tools and incentives should be used.

At the same time, the member States are to take appropriate measures to protect vulnerable consumers that will be specified with transparency. Within the frame of PSO:s, it is specified that Member States will ensure that information on the fuel mix and its environmental impact are available to the consumers within their bills and other appropriate reference sources. Moreover, the terms under which direct lines-electricity lines complementary to the interconnected system are to be applied are specified. Finally, stringent reporting procedures for the implementation of the measures into national legislation to the Commission as also a review procedure of the directive are adopted.

3.3 RES promotion

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support of RES investments. This concerned the establishment of clearer levels of expectations, network access, and the realization of actual costs and benefits for the consumer.

According to the Directive, the Member States are required to adopt and publish a report setting national indicative targets for future consumption of electricity produced from renewable energy sources in terms of a percentage of electricity consumption for the next 10 years not later than 27 October 2002 and every five years thereafter. The targets are to be according to the indicative targets set in the Annex of the Directive. Another report to outline the measures taken or planned, at national level, to achieve these national indicative targets will also be published regularly. Also an evaluation by the Commission of the application of mechanisms used in Member States on the basis that these contribute to the objectives of establishing an internal market, cost-effectiveness and promotion of the renewable energy sources in electricity consumption in conformity with the national indicative targets is to take place not later than 27 October 2005. This report shall, if necessary, be accompanied by a proposal for a Community framework according to specific principles. Also, the Commission is to present to the European Parliament and the Council, no later than 31 December 2005 and thereafter every five years, a summary report on the implementation of the Directive.

The MSs or the competent bodies are to evaluate the existing legislative and regulatory framework with regard to authorization and other relevant procedures not later than 27 October 2003, a report on the evaluation indicating the actions taken including measures to be taken to facilitate access to the grid system of electricity produced from RES-e. Also, the MSs have to ensure that TSO:s and DSO:s guarantee the access to the networks and prioritize RES-e in the dispatching. They may also provide priority access to the grid systems. The TSO:s and DSO:s are required to set up and publish standard rules relating to the bearing of costs of technical adaptations, such as grid connections and grid reinforcements and in relation to the sharing of such costs between all producers benefiting from them. The MSs may also require that the TSO:s and DSO:s bear full or in part, these costs. The rules regarding costs should reflect realizable cost and benefits resulting from the plant's connection to the network such as direct use of the low-voltage networks. The Directive also establishes rules for use of Guarantees of origin and the term of hybrid plants.

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4 The case of Greece

4.1 Liberalization of Electricity Market in Greece

4.1.1 Country Profile

Before World War 2, electricity was only found in some large cities in Greece, while development of natural resources for electricity generation and industrialization stood at very low levels. The war had severe impacts on the underdeveloped local electric

Marshall plan provided resources for the country's reconstruction and electricity development. This happened in a context of severe battles concerning the organization of industrialization and electrificati that were taking place in the political and societal turmoil of that period in the country (Pantelakis, 1991). Eventually, a centralized organization of the electricity system emerged and the state

Corporation (PPC) was established.

PPC gained the exclusive right for electricity business in the country and, according to rule of law, it had the freedom to regulate its tariffs. The development of indigenous resources such as hydro

a small extent, lignite had already begun

the turn of 1950s to 1960s, the establishment of energy intensive industries begun on a basis of doubling the electricity production of the country. The contracts signed and courses of act

electricity generation mix and industrial investments timing preferred, raised battles in the political arena (Petrakis, 1990, Tsotsoros, 1991). As the 1970s approached, manufacturing industries related to electricity distribution and consumer use were created, based on foreign licenses. At the same time, a turn towards oil fired electricity generation was taking place (D

the oil price shocks occurred. Meanwhile by 1979 electrificati

among other solutions discussed, the path of investments in lignite fired plants was promoted with additions in the hydro-power capacity. The European Investment Bank (EIB) contributed substantially in the investments after 1979 (EIB). As lignite was set under a discourse of national fuel, the national construction industry managed to grow by leading consortiums of hydro and lignite plants building while capital equipment was imported by European countries.

Diagram 4.1. Electricity Generation development

By 1989, 73.1% of the electricity generation was concentrated in the two ‘national fuel’ mining centres of Ptolemaida and Megalopoli. During the 1980s, enviro

created tensions with the local communities. At the same time, the electricity demand structure was shifting from industrial use leading growth towards household and commercial consumption. In late 1980s, the states of Greece and USSR signed bilateral agreements for purchase of quantities of natural gas (NG) including take or pay clauses. The deal would support Greece's weakening balance of imports and exports with USSR through exports of manufacturing, alumi

(Siolavos, 1991, Maiopoulos, 2008). Moreover, NG was considered an environmentally friendly fuel that -20-

The case of Greece

Liberalization of Electricity Market in Greece

Before World War 2, electricity was only found in some large cities in Greece, while development of natural resources for electricity generation and industrialization stood at very low levels. The war had severe impacts on the underdeveloped local electricity systems, almost totally dependent on oil. The Marshall plan provided resources for the country's reconstruction and electricity development. This happened in a context of severe battles concerning the organization of industrialization and electrificati that were taking place in the political and societal turmoil of that period in the country (Pantelakis, 1991). Eventually, a centralized organization of the electricity system emerged and the state

Corporation (PPC) was established.

PPC gained the exclusive right for electricity business in the country and, according to rule of law, it had the freedom to regulate its tariffs. The development of indigenous resources such as hydro

a small extent, lignite had already begun after the war while older oil fired generation was strengthened. In the turn of 1950s to 1960s, the establishment of energy intensive industries begun on a basis of doubling the electricity production of the country. The contracts signed and courses of act

electricity generation mix and industrial investments timing preferred, raised battles in the political arena (Petrakis, 1990, Tsotsoros, 1991). As the 1970s approached, manufacturing industries related to electricity nsumer use were created, based on foreign licenses. At the same time, a turn towards neration was taking place (Diagram 4.1). This resulted in high generation costs when the oil price shocks occurred. Meanwhile by 1979 electrification in the country was completed. In 1981, among other solutions discussed, the path of investments in lignite fired plants was promoted with power capacity. The European Investment Bank (EIB) contributed substantially in nts after 1979 (EIB). As lignite was set under a discourse of national fuel, the national construction industry managed to grow by leading consortiums of hydro and lignite plants building while capital equipment was imported by European countries.

am 4.1. Electricity Generation development in Greece, by source 1960-2005 (Meidanis et al. 2007) By 1989, 73.1% of the electricity generation was concentrated in the two ‘national fuel’ mining centres of Ptolemaida and Megalopoli. During the 1980s, environmental issues related to fossil fuel generation created tensions with the local communities. At the same time, the electricity demand structure was shifting from industrial use leading growth towards household and commercial consumption. In late e states of Greece and USSR signed bilateral agreements for purchase of quantities of natural gas (NG) including take or pay clauses. The deal would support Greece's weakening balance of imports and exports with USSR through exports of manufacturing, aluminium and construction goods and services (Siolavos, 1991, Maiopoulos, 2008). Moreover, NG was considered an environmentally friendly fuel that Before World War 2, electricity was only found in some large cities in Greece, while development of natural resources for electricity generation and industrialization stood at very low levels. The war had ity systems, almost totally dependent on oil. The Marshall plan provided resources for the country's reconstruction and electricity development. This happened in a context of severe battles concerning the organization of industrialization and electrification that were taking place in the political and societal turmoil of that period in the country (Pantelakis, 1991). -owned Public Power

PPC gained the exclusive right for electricity business in the country and, according to rule of law, it had the freedom to regulate its tariffs. The development of indigenous resources such as hydro-power and, to after the war while older oil fired generation was strengthened. In the turn of 1950s to 1960s, the establishment of energy intensive industries begun on a basis of doubling the electricity production of the country. The contracts signed and courses of action in relation to electricity generation mix and industrial investments timing preferred, raised battles in the political arena (Petrakis, 1990, Tsotsoros, 1991). As the 1970s approached, manufacturing industries related to electricity nsumer use were created, based on foreign licenses. At the same time, a turn towards iagram 4.1). This resulted in high generation costs when on in the country was completed. In 1981, among other solutions discussed, the path of investments in lignite fired plants was promoted with power capacity. The European Investment Bank (EIB) contributed substantially in nts after 1979 (EIB). As lignite was set under a discourse of national fuel, the national construction industry managed to grow by leading consortiums of hydro and lignite plants building while

2005 (Meidanis et al. 2007) By 1989, 73.1% of the electricity generation was concentrated in the two ‘national fuel’ mining centres of

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would help lower the energy intensity of the Greek economy (Vasilakos, 1991). At the same time, agreements for NG purchase with Algeria were also taking place. Greek companies participated in the pipelines construction while a large part of the project was financed by EIB. In the political turmoil of the early 1990s, many large industrial customers of NG either ceased to exist or were unable to accept the NG quantities while the urban distribution networks were still not ready. As the plan for NG introduction in the energy mix failed, PPC was forced to sign contracts for purchase of NG at specific prices and readjust its investment programme in order to avoid the take or pay clauses and secure the pipelines project finance by the EIB (Maiopoulos, 2008). In 1996, NG entered the electricity generation mix and since then it is raising its participation in the electricity mix substituting lignite and old oil fired units (Diagrams 4.1). During the 1990s, with EIB's financial aid, the international connections of Greece that were still underdeveloped started to be strengthened.

By the time liberalization was gaining momentum in the European Union, the electricity system organization had to face a number of challenges. Its monolithic, decision making structure supported large scale overpriced investment and procurement practices based on unaccountability. Investment planning and assets operation was not taking place according to static and dynamic efficiency paradigms. The electricity tariff structure was set through political intervention and was not linked to consumer groups’ marginal costs, resulting in cross consumer subsidizations (Tsotsoros, 1991).Moreover, the tariff levels were not adjusted to the increased costs of fuel and expensive investment programmes of the last decades. In addition, the employee number was higher than needed for covering its operations. The result for the company was inability to change path dependent choices and practices, inability to incorporate technical and economic innovations as well as executing long term plans while its debt obligations could not be covered.

Despite, the draw of various restructuring plans, the challenges persisted. The liberalization act with the issuing of law 2773/1999 came in order to adapt the Greek legislation to the provisions of the directive 96/92 EC. The new law did not come without reactions from the trade unions of PPC while it also met opposing discourse of loss of national sovereignty through market opening. The law gave to the Ministry of Development the right to regulate PPC tariffs according to a plan of strengthening the competencies of the general Competition Authority (Aslanoglou, 2009). In 1999, PPC was granted the option of acquiring 30% of DEPA and in 2000, after initial public offerings, state ownership was reduced to 51.5%. With the new law, other parties gained the right to electricity generation and with the invitation of interest from the newly established Regulatory Authority for Energy in December 2000, applications for licenses for 6800 MW NG fired units, 10000 MW wind power, 760 MW large and 550 MW small hydropower, 360 MW geothermal and 340 MW biopower were filled. The Ministry of Development on a first phase gave its concession for 2600 MW CCGT units, 1800 MW RES and 300 MW of large hydropower.

4.1.2 Market characteristics and dominant positions

A specificity of the Greek electricity system has to do with the fact that 8.9% of its consumption takes place in the non interconnected island electricity networks that cover more than 90% of their demand through oil fired units (RAE, 2009). Due to that, electricity production is more expensive, nevertheless tariffs are regulated at the same level as the rest of Greece. Since 2004, the interconnection of the islands was discussed and in 2006 it entered the plan for grid expansion. In that way, the untapped wind potential of the islands could be exploited under interconnected system license regime while the PSOs burden would be reduced. Moreover, the cost burden of oil generation in the islands would be reduced. Solutions such as hybrid systems for islands that will not enter the interconnection scheme as also other solutions are under research.

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while natural gas has increased its share to more than 20% (T

exploit approximately 60.5% of total exploitable reserves. It is expected that due to the age structure of its existing lignite plants, PPC will have to replace lignite power capacity totally by som

with the replacement rate increasing even faster

of large hydroelectric plants in Greece, that due to precipitation scarci

has initiated an infringement procedure in 2006, against the Greek State concerning the rights for exploitation of lignite deposits proposing ways that lignite mining would open to competition (EC, 2008). Imports account for almost 10% of consumption

compared to the market size and moreover up to 2006, a significant part of it was allocated directly to PPC for ensuring supply to non eligible customers (RAE, 2006).

Graph 4.1 Electricity consumption Structure

Table 4.2 Electricity consumption Mix by 31 December 2008, (RAE, 2009) With the coming into force of the Law 3175/2003, a

generation and wholesale supply. T

their variable costs was granted to generation players. That was in order to reduce risk and allow them pursue a return on their investment while PPC’s dominant position would be reduced by as new NG CCGTs would enter the system

adopted, based on the obligation of suppliers to hold capacit

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ts share to more than 20% (Table 4.1). PPC has been granted the right to exploit approximately 60.5% of total exploitable reserves. It is expected that due to the age structure of its

PPC will have to replace lignite power capacity totally by som

with the replacement rate increasing even faster after 2022 (Kavouridis, 2008). PPC also owns the whole of large hydroelectric plants in Greece, that due to precipitation scarcity are used as peak power units.

initiated an infringement procedure in 2006, against the Greek State concerning the rights for exploitation of lignite deposits proposing ways that lignite mining would open to competition (EC, 2008). for almost 10% of consumption (Table 4.1). The interconnections capacity is limited compared to the market size and moreover up to 2006, a significant part of it was allocated directly to PPC for ensuring supply to non eligible customers (RAE, 2006).

raph 4.1 Electricity consumption Structure (in %) in Greece in the years 1998 (left) and 2008 (right) (ESYE, personal elaboration)

Electricity consumption Mix by 31 December 2008, (RAE, 2009)

With the coming into force of the Law 3175/2003, a mandatory pool system was introduced for power eration and wholesale supply. The right to submit free economic bids to the Pool that reflect at least their variable costs was granted to generation players. That was in order to reduce risk and allow them

a return on their investment while PPC’s dominant position would be reduced by as new NG CCGTs would enter the system (MoD, 2003). In addition, a capacity assurance mechanism has been adopted, based on the obligation of suppliers to hold capacity certificates and the obligation of generators PPC has been granted the right to exploit approximately 60.5% of total exploitable reserves. It is expected that due to the age structure of its PPC will have to replace lignite power capacity totally by some 620 MW by 2015 after 2022 (Kavouridis, 2008). PPC also owns the whole ty are used as peak power units. EC initiated an infringement procedure in 2006, against the Greek State concerning the rights for exploitation of lignite deposits proposing ways that lignite mining would open to competition (EC, 2008). The interconnections capacity is limited compared to the market size and moreover up to 2006, a significant part of it was allocated directly to

in Greece in the years 1998 (left) and 2008 (right)

Electricity consumption Mix by 31 December 2008, (RAE, 2009)

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to issue and market these certificates. T

is separated from generation license. Through the capacity certificates, a margin of inland capacit secured in order to cover lacks of electricity in the future while the HTSO operates as last resort supplie In 2006, the methodology for calculating the System Marginal Price changed so that the value of the hydropower plants for the system is refle

The wholesale price shows an upward trend and at peak hours it reaches over 110

The price is dependent on a variety of factors with most important hydro reserves levels, NG pri prices of imports from Italy and Balkan region

Diagram 4.2Average Wholesale Price

The natural gas market opening in Greece has moved slowly. The Greek State, during 1990s had signed long-term contracts with companies that included high clauses, in cases that the agreed amounts would not be purchased. These amounts

pipeline owned by the national gas corporation DEPA (Kat

NG storage, the situation of the market has not changed (RAE, 2009).

DEPA. Up to 2008, only two IPPs a natural gas turbine, with installed capacity of 150 MW and an NG CCGT of 400 MW were operating

PPC’s investments, excluding RES are under sp capacity would take place from the HTSO

renewal and substitution of old units up to 1600MW that afterwards go into cold reserve and are managed by the HTSO. PPC tenders for construction of new plants are also under scrut

Commission. The EIB still participates in funding PPC generation and grid and network expansion investments (EIB).

4.1.3 Unbundling of functions

According to the provisions of the first Electricity Directive, unbundling of accounts and third party access was an obligatory action for the incumbent utilities. As a first step, according to the article 14 of Law 2773/1999 and after the MD 328/2000 the

DESMIE) was established with the scope of taking over the operation, management and expansion of the HV Grid in the whole country and the international connections. The body also assumed responsibility for the management of the RES plants of the interconnected system after October 2002.

In order to further enhance the liberalization process and adapt to the provisions of Directive 2003/54/EC the law 3426/2005 was enacted. The law strengthened the HTSO’s competenc

Public Power Corporation regarding operation, maintenance and expansion of the grid. Nevertheless, the -23-

arket these certificates. The trading and supply of energy is regulated by special license and is separated from generation license. Through the capacity certificates, a margin of inland capacit secured in order to cover lacks of electricity in the future while the HTSO operates as last resort supplie In 2006, the methodology for calculating the System Marginal Price changed so that the value of the hydropower plants for the system is reflected rather than their variable costs.

The wholesale price shows an upward trend and at peak hours it reaches over 110

The price is dependent on a variety of factors with most important hydro reserves levels, NG pri from Italy and Balkan region (Diagram 4.2).

Wholesale Price (MSP) Development (Athanasopoulos, 2008)

The natural gas market opening in Greece has moved slowly. The Greek State, during 1990s had signed term contracts with companies that included high clauses, in cases that the agreed amounts would not be purchased. These amounts accounted for 90% of the existing transfer capability of the national pipeline owned by the national gas corporation DEPA (Kathimerini, 2001). Despite the construction of a NG storage, the situation of the market has not changed (RAE, 2009). PPC still is the main customer of PA. Up to 2008, only two IPPs a natural gas turbine, with installed capacity of 150 MW and an NG

were operating.

RES are under special constraints and regulations while tenders for new from the HTSO according to 2005 law. Finally, PPC was granted a license for renewal and substitution of old units up to 1600MW that afterwards go into cold reserve and are managed by the HTSO. PPC tenders for construction of new plants are also under scrutiny by the European The EIB still participates in funding PPC generation and grid and network expansion

nbundling of functions

According to the provisions of the first Electricity Directive, unbundling of accounts and third party access was an obligatory action for the incumbent utilities. As a first step, according to the article 14 of Law 2773/1999 and after the MD 328/2000 the Hellenic Transmission System Operator (HTSO DESMIE) was established with the scope of taking over the operation, management and expansion of the HV Grid in the whole country and the international connections. The body also assumed responsibility

nagement of the RES plants of the interconnected system after October 2002.

In order to further enhance the liberalization process and adapt to the provisions of Directive 2003/54/EC the law 3426/2005 was enacted. The law strengthened the HTSO’s competenc

Public Power Corporation regarding operation, maintenance and expansion of the grid. Nevertheless, the he trading and supply of energy is regulated by special license and is separated from generation license. Through the capacity certificates, a margin of inland capacity is secured in order to cover lacks of electricity in the future while the HTSO operates as last resort supplier. In 2006, the methodology for calculating the System Marginal Price changed so that the value of the

The wholesale price shows an upward trend and at peak hours it reaches over 110 €/Mwh (DESMIE). The price is dependent on a variety of factors with most important hydro reserves levels, NG price and

Development (Athanasopoulos, 2008)

The natural gas market opening in Greece has moved slowly. The Greek State, during 1990s had signed term contracts with companies that included high clauses, in cases that the agreed amounts would he existing transfer capability of the national . Despite the construction of a the main customer of PA. Up to 2008, only two IPPs a natural gas turbine, with installed capacity of 150 MW and an NG

while tenders for new . Finally, PPC was granted a license for renewal and substitution of old units up to 1600MW that afterwards go into cold reserve and are managed iny by the European The EIB still participates in funding PPC generation and grid and network expansion

According to the provisions of the first Electricity Directive, unbundling of accounts and third party access was an obligatory action for the incumbent utilities. As a first step, according to the article 14 of Hellenic Transmission System Operator (HTSO-DESMIE) was established with the scope of taking over the operation, management and expansion of the HV Grid in the whole country and the international connections. The body also assumed responsibility

nagement of the RES plants of the interconnected system after October 2002.

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ownership stays within PPC and therefore is in charge of implementing the relevant works according to the HTSO plans and orders. The Distribution network operator is legally unbundled from PPC by 1st July 2007 and its responsibilities are taken over by the HTSO which is to be named Hellenic Power Transmission System and Distribution Network operator (HTDSO-DESDIE). The ownership of the responsibility for connecting new users and the day-by-day operation and maintenance of the distribution network remain with PPC while its management is undertaken by the HTSO. In the non interconnected islands, PPC continues to act as network operator while production authorization is granted to PPC, with the exception of Crete. In order that this does not have any bearing on the licensing regime of RES, hybrid stations and stations of auto-producers, the law consolidates the system of direct licensing of plants for the whole country with the exception of Crete where a tendering procedure is foreseen.

In order to overcome potential incompatibilities with the EU Directive, the law comprises specific rules for the functional unbundling of the PPC divisions that involve the obligation of PPC to create specialized units for the network and operation of the non interconnected system. On the issue of unbundling of accounts, infringement procedures were launched by RAE against PPC due to non-compliance with the provisions of law 2773/1999 mainly in respect to the activity of lignite mining and administrative fines were set. This led to a long dispute between RAE and PPC that was concluded in 2007 when RAE approved the unbundling methodology (Iliadou, 2008).

4.1.4 Consumer pricing and Public Service Obligations

In 2006, the EC launched an infringement procedure against the Greek state on the issue of PSO:s. In 2007, according to a Ministerial decision, it was decided that Generation in islands of the non-interconnected system constitutes a public service obligation provided by PPC. In that way, island tariffs do not reflect their costs and are subsidized by the mainland consumers. Supply to families with many children also constitutes a PSO. RAE has launched a method for calculation of the PSO:s that was accepted by the Ministry the same year.

With liberalization, the Ministry of Development acquired the right to regulate PPC tariffs as long as PPC has over 70% share of the supply market after opinion of RAE. In June 2009, the EC sent a letter of notice on that issue. Only customers connected at the high voltage are able to negotiate their prices with PPC. All consumers, except households and consumers located on non-interconnected islands became eligible to change supplier from July 2004 and by July 2007 all household customers follow, except those located on the islands. Household tariffs are still below their marginal costs with subsidization from commercial and small industrial consumers (Appendix 3). By 2008, only four consumer category tariffs out of more than thirty covered their costs. The tariff regulation for commercial and small industrial consumers makes supply from new entrants in the retail market competitive. In that way, up to 2008, PPC still accounted for more than 98% of the supply. Only some large commercial consumers changed supplier. Due to its position in supply, PPC accounts as the largest single purchaser of power for the country. PPC’s production costs are dependent on fuel prices and since the establishment of the EU emissions trading scheme on need for carbon allowances purchase. Despite the fact that tariffs take into account such costs when issued, these costs do not appear on the bills separately as in the form of levies. Unbundled bills have been issued since autumn 2009. A RES levy also appears on bills and since 2004 and until July 2006 was at the level of 0.8 per MWh. After August 2006, it was reduced at the level of 0.4 per MWh since the higher wholesale price covered the payments of wind power production with the agreement of RAE (MoD, 2006, RAE 2006). The RES levy is applied to all retail customers. Nevertheless, RAE’s opinion is that its level should be adjusted to the kWh price that each consumer category pays (Papaioannou, 2011).

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4.2 RES policy

4.2.1 Goals and planning targets

In the early 1990s, a new trend started to take place in academic cycles in Greece defending a decentralized system, development at local level and effectiveness of RES development in contrast to the path of large scale electricity system. Within that framing and in a spirit of emulation of the successful 1990 German Feed in tariffs, the 1994 Greek Feed in Tariffs were applied.

In 2003, RAE presented for consultation three scenarios for the energy system development up to 2030 (RAE, 2003). The scenarios are based on the use of PRIMES model. The baseline scenario forecasted for the year 2010, a share of natural gas CCGT in the installed capacity of 25% while the total RES contribution including large hydropower would reach 10.37%. From this share wind power would contribute 24% while small hydropower would contribute another 4%. The rest would be covered by the large hydropower. According to that scenario, the wind capacity would reach 958 MW, small hydro 150 MW and other RES 5 MW. Under this scenario, the EU target of 20.1% share of RES in the consumption could not be reached. This scenario envisaged the year 2030 a rise in the wind share up to 47% while the share of small hydropower would stay at the same level and the rest of RES would reach 2% with installed capacity of 160MW. The demand stays at 4% increase per year up to 2010 and afterwards drops to 1.4% with peak demand rising faster. Gas turbines using NG or diesel are envisaged for peak demand cover while oil units’ installed capacity stays at the same level.

Another scenario, called scenario of environmental policy was also developed. The starting point for this scenario is the reduction of CO2 emissions in relation to the basic scenario. The target of increase of CO2 emissions up to 2025 is set at 25%. In this scenario, the electricity demand stays at 2.9%. Up to the year 2010, in comparison to the baseline scenario, there will be 1017 MW of additional wind, and 643MW of additional large and small hydropower while after 2010 supercritical coal units enter the system. For the period up to 2030 the difference in capacities relate to less 18 094 MW lignite fired units, 9433 MW more of NG units, 2402 MW of coal supercritical units, 663 MW additional wind power and 757 MW additional hydro. Oil units keep their installed capacity level.

In 2003, it was considered that in the case that the total capacity that can be covered in the country (Table 4.3), is built, taking into account network constraints of 2170 MW, the target of the directive will be achieved (MoD, 2003). Taking into account all financing mechanisms only 850MW could take public funding. In the case that there would be only fund subsidizing for the realization of investments the level of RES diffusion could reach only 14% and, therefore, the target would not be achieved. In order to avoid that, the attraction of foreign funds was considered worth studying especially since there were limits in the German and other countries’ networks to accept more RES (MoD, 2003). The introduction of the institution of green certificates trading as an effective mechanism of RES support was already considered by RAE at that point despite the fact that the MoD was moderately optimistic because of the burden that will be caused to the management mechanisms (Mod, 2003).

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Biomass 8 ₁₀₀ 125

Geothermal 0 ₈ 8

Photovoltaics 0 ₅ 5

Total 3461 ₅₁₉₃ 6463

Table 4.3 Scenarios of possible RES production in the year 2010 (MoD, 2003)

In the national report of 2005, the ministry of development sets arbitrarily a target for each technology's share in the RES mix in order to achieve the target set for Greece from the EU, 20.1%. Afterwards, three

scenarios are developed1_{. All of these scenarios are heavily dependent on wind power actual capacity}

achievements and on the effect of policies concerning this technology (MoD, 2005).

The Law 3468/2006 came to change the way RES technologies besides wind and hydropower were faced. In that law, the basic axis of a PV energy deployment scheme is established and elaborated by following Ministerial decisions. It is envisaged that the share of PV stations will reach a target of 590 MW in the mainland’s interconnected system, 200 MW in the autonomous islands and 50 MW for auto-producers during the 2007-2020 period. While new FITs have been set for other technologies, no targets for them are set. A very important contribution of the law was the incorporation in the national legislature of the 20.1% target of RES share in electricity consumption for the year 2010 and 29% in 2020 according to EU mandates.

The target of the scheme was the deployment of decentralized stations with capacity up to 150 kW located as close as possible to the electricity consumption centres as these turn out form peak demand recordings. In the islands only such stations would be installed. The total capacity of the small scale stations would exceed 40% of the mainland total PV capacity target and with the islands reached 410 MW. It was expected that PV stations deployment would proceed with the diffusion rate of large scale stations but the existing holders of production authorizations would not be able to implement the projects until 2020. It was also aimed for the said projects to be provided with public investment grants from domestic and Community resources and therefore coordination for the preparation of the National Strategic Reference Framework was taking place. Despite the reference that progress of the PVs along their learning curve and reduced costs should be taken into account, no such provision was included in the Law 3468/2006 (MoD, 2007).

The benefits anticipated from reaching that target concern (MoD, 2007): • lower environmental impact due to the small scale of installations

• grid decongestion and lowering of transmission losses due to decentralized character

• boosting of regional development through the creation of employment posts and revenue raising by small and predominantly locally active producers

• redundancy of conventional peak capacity to cover peak loads as peak energy supply from PVs occurs during medium and high-demand hours

Albeit not directly reflected in the electricity bills and the special levy in favour of RES, these advantages are nevertheless real and knowledgeable and in the final analysis turn out to the benefit of national economy (MoD, 2007).

In 2006, the National Council for Energy Strategy (SEES) was established. In 2007, its first report on the national strategy to the year 2020 was published (SEES, 2007). The report uses the MARKAL model and moves in the path of the scenarios developed by RAE in 2003. The business–as-usual (BAU)scenario

Energy policy and the development of Renewable Energy Sources for Electricity: A comparative analysis of the Swedish and Greek cases

Energy policy and the development

of Renewable Energy Sources for

Electricity: A comparative analysis of

Energy Policy and the Development

of Renewable Energy Sources for

Electricity : A Comparative Study of

the Swedish and Greek Cases

Abstract

Summary of the thesis

Table of Contents

Foreword

1 Introduction

2 Objective and Organization of the Study

2.1 Objective

2.2 Methodology

2.3 Organization of the study

3 The EU

3.1 Energy Policy in the European Union

3.2 Electricity Market Liberalization in the EU

3.3 RES promotion

4 The case of Greece

4.1 Liberalization of Electricity Market in Greece

The case of Greece

Liberalization of Electricity Market in Greece

4.2 RES policy