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Energy & Natural Resources

Greece

Just four months after the Ministry of Environment, Energy and Climate Change announced a set of measures to combat the deficit in the Renewable Energy Sources (RES) Special Account - and despite disagreements over these measures and legal actions taken against them - the ministry is preparing further legislation which will increase the burden on RES producers in Greece.

The European Commission has declared several energy projects, which are of strategic importance for Greece, as potential 'projects of common interest'. The highlighting of these projects – and the renewed interest that this has generated in the development of Greek energy projects – is of great significance, considering the recent cautious attitude towards investment in the Greek energy sector.

The Greek electricity system has been functioning at its limit for the past few months as the renewable energy sources special account faces a serious cash deficit. The Ministry of Environment, Energy and Climate Change recently outlined a series of measures in order to resolve the deficit, as well as the ministerial decisions which will implement them.

A simplified procedural system has been established for the transportation of electricity by pipeline, which is governed by EU Regulation 2454/1993. This requires that electricity that enters the EU territory, or that is already within the EU territory, be transported under the common transit procedure. The Hellenic Transmission System Operator determines the exact quantities of electricity traded in Greece and issues all relevant certificates.

The past few months have seen much discussion of the issue of the deficit in the Hellenic Transmission System Operator's (HTSO) renewable energy sources special account. While it is true that the special account faces a deficit, this deficit does not belong to the HTSO; the HTSO is simply tasked with the duty of managing this account.

The minister of environment, energy and climate change recently presented a plan for the creation of a body to oversee research into the presence of hydrocarbons in Greece. Its goal will be to explore, research and exploit Greek hydrocarbon reserves, and take responsibility for managing past and future agreements, in line with similar developments across Europe.

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Projects & Procurement

Greece

In October 2008 the Ministry of Economy and Finance issued guidelines regarding the definition of the term ‘commencement of implementation’ for projects for which an application has been made for consideration under the Investment Law and for the grant of associated subsidies. The guidelines have been issued following long debates on when expenditure on a project is deemed to start.