New Era For Greece’s Power Grid Operator Places Completion of Interconnection Projects at the Core of its Strategy

In an exclusive interview with Manousos Manousakis, CEO and Chairman of ADMIE -Greece’s Independent Power Transmission Operator - South EU Summit magazine was provided with a closer look at how the company has reinvigorated its business model and expanded its horizons to global levels.

Manousos Manousakis was appointed Chairman and CEO of Greece’s Independent Power Transmission Operator in June 2017, coinciding with major changes in the company’s ownership status. The company was fully separated from its parent group PPC, listed on the Athens Stock Exchange and welcomed the entry of a strategic investor, State Grid of China.

ADMIE made a big splash across energy markets in 2016 when it sold minority shares of the previously state-owned company to China’s State Grid. In addition to generating power for over one billion people across China, State Grid, the second largest revenue grossing company in the world, executes overseas electric power asset investments in more than a dozen countries.

The collaboration, along with the recent hiring of Manousakis, Greece’s former Secretary General of the Ministry of Economy, marks a new phase of development for Greece’s transmission operator and brings a competitive edge to the newly privatized company. In addition to promoting itself on various international platforms, Manousakis expressed that ADMIE’s future success will be thanks in a large part to its new investment partner. The advanced technology and innovation that State Grid brings to the table will support ADMIE in its efforts to expand its scope in the electricity industry, starting with its top priority to connect Greece’s islands to the main electricity grid.

Manousakis explained that the key to Greece meeting its Renewable Energy Standards (RES) will be the electric integration of its islands. While they offer large potential for renewable energy generation, renewables alone cannot provide inhabitants a stable power connection, due to their intermittency. This is where ADMIE plans to lend a hand in creating the infrastructure to interconnect these islands to the nation’s electricity grid. “If there are enough RES and also if there is the interconnection, together these two factors can make sure that we will have a cleaner energy mix in the whole country.”

The recent privatization of ADMIE was part of Greece’s efforts to adhere to its international bailout plan which required that state power company, Public Power Corporation, to sell its stake in ADMIE. As a result, Manousakis says the company’s priorities have shifted to increased efficiency and profit. ADMIE is currently working on 10 different interconnection projects, and has moved up the completion dates of some of its most important endeavours in an effort to increase profits, efficiency, and push reliable electricity forward into the Greek market and beyond.

ADMIE’s four-year investment plan foresees investment projects in the transmission network of approx. 1 billion euros. Expectations have also been set for ADMIE to make profits after taxes of 100 million euros by 2021. Copyright: ADMIE

Increased efficiency and interconnectedness is also what Manousakis says is the way to bolster the country’s political ties. “International interconnections can play a positive role for the relations of the state in economic, and also in diplomatic contexts.” ADMIE is currently interconnected with all of Greece’s neighbouring countries. It’s work with State Grid, which aims to interconnect all continents with electric grids, offers Greece the opportunity to sit at the helm of some of the world’s biggest changes in the global electricity market. “If this vision seemed a little bit laughable five years ago, right now, because of State Grid, it is can become a reality.” The company is currently working on several international projects, like the EuroAsia Interconnector, which will create an energy bridge between Asia and Europe, through the electrical interconnection of Israel, Cyprus and Greece via Crete.

The transformation that ADMIE is making in the energy industry is a peek into what investment possibilities the country is offering as it shifts away from a Grexit mindset and towards becoming a more integrated member of the European Union. Manousakis reported that ADMIE is expecting roughly 55 million euros of net profit by the end of 2017, and 100 million euros by 2021. The company is also offering a 50% dividend return for investors, which will make it an increasingly attractive choice for investment within Europe. “Our company could be seen as a bond. We are really stable, we are operating in a regulated, secure environment. So our profits are going to be maintained or upgraded regarding our new projects and the new interconnections that are going to happen.”

One thing is for sure, ADMIE’s transformative business plans ensure that the future of electricity generation is Greece is looking bright.

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Editorial Staff

South EU Summit's editorial team is comprised of an international team of journalists and communication specialists with wide-ranging areas of expertise. We pride ourselves in developing firsthand content, and undertaking personal interviews with the most influential players in each market.

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