Energy / Greece
New management speeds up Greece’s smart grid, transmission links
New stakeholders are turning Greece into a regional electricity transmission hub faster than expected.
Headquarters of Greece’s Independent Power Transmission Operator (ADMIE)
Smart grid development, new technology R&D and greater efficiency in the deployment of critical electricity transmission projects across the Greek islands are now atop the agenda for Greece’s Independent Power Transmission Operator (ADMIE) following the completion of its partial privatization. ADMIE, which sealed a €320 million sale for a 24% stake to China’s State Grid late June, is now declaring that electricity transmission projects such as the delayed Cyclades Interconnector, which aims to link several of Greece’s eastern islands to the national grid, will be finished earlier than expected. Meanwhile, State Grid’s top executive has confirmed that the investment will be more than just a financial stake, with the Chinese utility giant playing a role in day-to-day operations.
Manos Manousakis, President and CEO of ADMIE, says that new management will now ratchet up ADMIE’s operational efficiency, while dedicating financial focus to advancing smart power grid assets and investment appeal. “We strongly believe that our interconnection projects will be developed more efficiently and in less time now,” says Manousakis. “And we are working to upgrade our credit rating, with an aim to broaden our investor base.”
ADMIE, whose board now includes several new executives from State Grid, has completed the design of all other major interconnections between the Aegean Islands. In addition, ADMIE is also designing international interconnections, including with northern neighbours, through cooperation with the European Investment Bank. When completed, these projects will transform Greece into a regional electricity hub, linking the EU nation to Israel and Cyprus, and northward through the Balkans and beyond.
ADMIE is currently working with regulators to ensure easy integration to its future smart grid following the liberalization of Greece’s energy market, which now allows independent entities to produce green energy, such as solar power. Through new management, ADMIE plans to reorganize the handling of the grid’s assets to better assist these independent power producers and smart grid integration.