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dc.contributor.author
Papakonstantinou, Ioannis
el
dc.date.accessioned
2022-09-13T12:25:20Z
dc.date.available
2022-09-13T12:25:20Z
dc.date.issued
2022-09-13
dc.identifier.uri
https://repository.ihu.edu.gr//xmlui/handle/11544/30023
dc.rights
Default License
dc.subject
BESS
en
dc.subject
Battery Storage
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dc.subject
Energy storage
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dc.subject
Electricity Storage
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dc.subject
Wholesale Electricity Market
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dc.title
Battery Energy Storage Systems (BESS) in the Greek wholesale electricity market and regulatory framework
en
heal.type
masterThesis
en_US
heal.generalDescription
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.
en
heal.classification
Business
en
heal.classification
Engineering
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heal.dateAvailable
2022-06
heal.language
en
en_US
heal.access
free
en_US
heal.license
http://creativecommons.org/licenses/by-nc/4.0
en_US
heal.recordProvider
School of Economics, Business Administration and Legal Studies, Executive MBA
en_US
heal.publicationDate
2022-01
heal.bibliographicCitation
Papakonstantinou, Ioannis. "Battery Energy Storage Systems (BESS) in the Greek wholesale electricity market and regulatory framework", School of Humanities, Social Sciences and Economics, Executive MBA, International Hellenic University, 2022.
en
heal.abstract
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.
en
heal.tableOfContents
Abstract i Disclaimer i Acknowledgements ii Contents iii Tables v Figures vii Abbreviations x 1. Introduction - 1 - 1.1 Definition of storage - 3 - 2. Literature Review - 4 - 2.1 The Greek Wholesale Electricity Market - 4 - 2.1.1 The Target Model - 4 - 2.1.2 Hellenic Energy Exchange (HEnEx S.A.) - 6 - 2.1.3 The Day-Ahead Market - 6 - 2.1.4 The Intra-Day Market - 9 - 2.1.5 The Balancing Market - 10 - 2.1.6 The Derivatives Market - 12 - 2.2 Storage - Necessity and Benefits - 13 - 2.3 Types of Storage - 14 - 2.4 International Experience and Literature on Storage - 15 - 2.5 Storage Status in Greece - 20 - 2.6 The Regulatory Framework - 21 - 3. Methodology - 26 - 4. Data Analysis - 29 - 4.1 Key Assumptions - 29 - 4.1.1 BESS technical characteristics - 29 - 4.1.2 Investment financial characteristics - 30 - 4.1.3 Scenarios - 32 - 4.1.4 Commodities and system load - 33 - 4.2 Historical data - 35 - 4.3 Cost data - 39 - 4.4 Modeling & Forecast data - 41 - 4.5 Cash Flows - 43 - 5. Conclusions & Recommendations - 47 - References - 50 - Appendix A – Cash Flows - 55 -
en
heal.advisorName
Panagos, Theodore
el
heal.committeeMemberName
Dergiades, Theologos
en
heal.committeeMemberName
Chantziaras, Antonios
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heal.committeeMemberName
Panagos, Theodore
en
heal.academicPublisher
University Center of International Programs of Studies, School of Humanities, Social Sciences and Economics, Executive MBA
en
heal.academicPublisherID
ihu
en_US
heal.numberOfPages
84
en_US
heal.spatialCoverage
Greece
en


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