Log in
A+ A A-

Electricity and gas from Greece will power the Balkans

Featured Electricity and gas from Greece will power the Balkans

Five plus five projects totaling 4 billion euros are coming to turn Greece into a central support pillar of the Balkan energy system in the next two years.

According to the war in Ukraine, the countries of our neighborhood are seeking energy independence from Russia, while their de-lignitization efforts are creating needs for imports of electricity and natural gas.

It is worth noting that only the Balkan countries need 11 billion cubic meters of natural gas per year if they stop importing the fuel from Gazprom.

Private and public companies in Greece are advancing investments in five new power plants with a total installed capacity of 4 GW as well as five floating liquefied natural gas storage and gasification units (FSRUs) with the latter in full development to cover fuel demand. They will be able to supply gas quantities through the interconnection pipelines of 25 billion cubic meters.

In detail, the new generation of power generation units are:

PPC - DEPA - Kopelouzos

The scheme announced before the end of 2022, "PPC - DEPA Commercial - Damco Energy" is actively fighting to gain a strong position in the new electricity generation landscape.

In the first quarter of 2023, construction work on the 840 MW natural gas power plant will begin. Next Saturday, January 14th, an opening ceremony of the factory will be held at the Alexandroupolis VIPE. The permit was obtained by Damco Energy of the Kopelouzos group and as announced by the "Electrorargogiki Alexandroupolis" firm, PPC entered with 51%, with 29% DEPA Commercial and Damco retains 20%. The cost of the investment is estimated at around 400 million euros and the new unit that will also receive gas from the Alexandroupoli FSRU will be ready in 2025.


A year earlier, in 2024, the joint unit of GEK TERNA - MOTOR OIL with a capacity of 877 MW in Komotini will be able to operate. The Siemens Energy gas turbine was recently received and installed and work continues as normal. The plant will operate and generate electricity with natural gas and is located a stone's throw from the national nat gas grid and close to the IGB pipeline.

And this unit, like PPC - DEPA - Kopelouzos, is one of the most efficient in Greece. The amount of the investment reaches 375 million euros.


Mytilineos' new 826 MW power plant in Agios Nikolaos, Viotia, is almost ready.

The plant is in trial mode and will generate electricity with natural gas and is expected to be in normal operation in the first quarter of the new year. The investment amounts to 300 million euros. And this factory is considered one of the most efficient.

It will be the first of the new generation of power plants.


In January, Elpedison's two partners, Helleniq Energy and Edison, are expected to make the investment decision for the construction of the 826 MW natural gas plant.

It is manufactured in Thessaloniki at Helleniq Energy's refineries and Elpedison, with the FSRU it plans to develop outside the co-capital, intends to supply the new factory, among other things. The investment is estimated to exceed 400 million euros.

Ptolemais 5

In the first months of the new year, the last new lignite unit of PPC will be put into normal operation.

This is Ptolemaida 5 with a power of 660 MW, which cost about 1 billion. euro.

The new unit will provide additional security to the system but will also be capable of exporting quantities of electricity to neighboring countries.


Two of the total five FSRUs (Floating Storage Regasification Unit) planned by private investors will be in full development by 2023.

By the end of next year, one of them will most likely be able to export the first quantities of natural gas to the Balkans, marking the beginning of the complete replacement of Russian fuel by the countries in the region.

The reason for the Alexandroupolis FSRU with Gastrade shareholders racing to get the infrastructure up and running by December 2023.

The second FSRU to follow will be Motor Oil's 'Gas Pipeline', which completes its binding market test on 15 January. Estimates call for this floating LNG storage and gasification unit to be ready in late 2023 or early 2024 if not later.

In detail the five floating units are:

FSRU Alexandroupolis:

The €380m project has started to be built and is owned by the Gastrade company.

The FSRU, with a capacity of 153,500 cubic meters of LNG, will be connected to Greece's National Natural Gas Transmission System by a 28 km long pipeline, through which the gasified LNG will be transported to the Balkan and Moldovan and Ukrainian markets. The terminal is expected to be operational at the end of 2023, with the contracted gasification capacity already reaching up to 50% of the technical capacity of 5.5 billion cubic meters. per year.

Gas Canal:

The Motor Oil group is also moving into FSRU development. The "Gas Canal" will be located southwest of the Motor Oil refinery in the area of Ag. Theodoroi of Corinthia.

The plant's storage capacity is up to 210,000 cubic meters, with a gasification capacity of 132,000 MWhs/day and an annual estimated demand of 2.5 billion cubic meters.

Motor Oil, due to the increased interest of buyers of the quantities of gas that will be available through the FSRU, extended until January 15 for the submission of binding offers in the market test.

FSRU Thrace:

It is also owned by Gastrade and will also be developed in the Thracian Sea, off Alexandroupoli. It is likely to be operational in 2024. The FSRU will have a storage capacity of 170,000 m3. LNG and will be able to deliver up to 22.7 million m3. of natural gas per day or 5.5 billion cubic meters annually


Mediterranean Gas' ARGO FSRU off Volos is also in the preparation stage.

The company recently announced that the first non-binding phase of the market test was successfully completed with the expression of interest from Greek and international companies.

The regasification capacity of ARGO will amount to 5.2 billion. cubic meters of natural gas per year. "It is located in the heart of Greece, in the middle of the ESMFA, offering high pressure for the proper operation and sustainability of the National System and flexibility to the terminal users, as well as a wide range of services," says the company.

Thessaloniki FSRU

Elpedison is also moving forward with FSRU development. The new project, "Thessaloniki FSRU", will be developed in Thermaikos Gulf, off Thessaloniki and is expected to be operational within 2025.

The FSRU will have a storage capacity of 170,000 m3. LNG and will be able to deliver up to 20 million m3 of natural gas per day or 5.5 billion m3 annually.