An Ex-Post Assessment of RES-E Support in Greece by Investigating the Monetary Flows and the Causal Relationships in the Electricity Market

Abstract

One way to perceive the electricity market is as a network of actors connected through transactions and monetary flows. By exploring the monetary flows in the electricity market, one adopts a holistic view which can provide insights on the interactions between different components of the benefits and costs, as well as on the possible conflicts or alliances between the involved actors of the system. The importance of such an analysis becomes even more evident when considering if the system’s state would change due to either the effectuation of a policy measure or a shift in the external drivers of the system. Additionally, by identifying conditions of conflicting interests between the involved actors, one can devise a roadmap of least-resistance for a policy measure to attain its goals. Our work is based on the premise that understanding and quantifying the monetary flows in the electricity market can contribute to the efficiency assessment of policy interventions in the market. We present a structured analytical framework and the results of a quantitative analysis, based on available public domain data, for the identification of the main drivers and interactions that governed the major monetary flows in the Greek wholesale electricity market, from 2009 to 2013 and the ex-post assessment of the market impact of the feed-in-tariffs scheme that was in place during this period.

Assessment of the Target Model Implementation in the Wholesale Electricity Market of Greece

“…Existing literature provides illustrative information considering the impact of the Target Model on RES [32] and the role of RES Aggregators [33]. Figure 18 depicts the upcoming scheme in Greece, which contains substantial operational charges such as clearing, imbalance, and non-compliance costs.…”

Public Service Obligation Levy in the Context of Energy Sustainability and Security: The Cases of Ireland, Greece, Denmark and Lithuania

“…As the penetration of renewable energy sources gradually reached a high level, the Greek economic downturn in 2008 caused it to down. Nonetheless, regulatory efforts have been made to converge with other European electricity markets where a transition from a high FIT status to the market environment has been achieved [137]. The main directions of the Greek RES development are wind, photovoltaic (solar and photovoltaic panel), hydro (predominantly large-scale dams and growing wave energy), geothermal and localized biomass energy [128].…”

Special issue of International Conference on Economics, Energy and Environment (ICEEE’2020)

“…Renewable energy sources are a major contributor to this solution (Stavrakas, Papadelis, and Flamos 2019) and thus, bear great potential to lead the energy transition due to advances in related -low-cost now -technologies . In particular, solar & wind energy can play a significant role in the shift from conventional to non-conventional energy production and consumption (Stavrakas, Kleanthis, and Flamos 2020), while they can affect several macroeconomics indicators (Nikas et al 2019).…”