Electrical Energy Storage is internationally recognized by scientific, political, market and regulatory authorities as a necessary step in the transition to cleaner energy forms and carbon neutral economies. The share of storage in the energy mix nonetheless is still far from the required levels indicated by relative studies. The recognized necessity combined with the current storage scarcity and the decreasing cost of storage technologies create an environment of rapidly increasing investment interest. On the other hand, lack of legal and regulatory frameworks, energy markets with little consideration for storage technologies, uncertainty over project viability and lack of substantial input for business plans bring investments to a halt. Storage projects remain unrealized while waiting for market and regulatory conditions to mature.
This dissertation was written as part of the Executive MBA at the International Hellenic University. It focuses on the challenges involved with the development of Battery Energy Storage Systems (BESS) in Greece. Its intention is, (i) to review the operation of Greek wholesale energy markets, (ii) to gather and present the most important information sources from foreign and domestic literature, (iii) to study the country’s regulatory framework, and (iv) to investigate the commercial viability of such projects by analysing secondary data based on a typical BESS case study.
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