| dc.description.abstractEN | Energy-intensive consumers have generally enjoyed low prices regarding their electricity costs in the past decades. This was mainly since fuel prices (mainly lignite and natural gas), were relatively low as well, including the extra EUAs cost. After 2017 and with the delignitization process well under way, wholesale market prices have begun to gradually rise. At the moment Europe is at the beginning of an energy crisis that results from the volatility of Natural Gas prices and various geopolitical reasons. As an immediate impact, wholesale market prices have soared. This has been imprinted on the cost that energy intensive consumers have to face, since for the first time in the Greek Market, final prices have been directly linked to the Wholesale Market. Taking into account that Greece is still in a transitory period with the implementation of the EU Target Model still under calibration, energy intensive industries and consumers have to find alternatives to contain their energy cost.
Renewables have quickly developed during the past decade, mainly based on Government subsidy schemes. Yet as their technology matures, their actual cost has dropped significantly. Subsidies for RES are also in a new phase, as we move away from Tariffs to more market-oriented investments. Yet long term contracts are still required from investment or banking institutions to finance RES projects that are required to grow for the next years according to the National Energy and Climate Plan.
In this thesis, we explore the evolution of the wholesale market prices and their effect on the final energy prices for large consumers from 2017-2021 in both the Day Ahead Scheduling and the Target Model market formats and we present the cost of electricity as it is formulated through supplier offers linked to the market(s) in 2022. The evolution of RES Levelized Cost of Energy and the prices awarded through auctions as government subsidies are also considered and Green Power Purchase Agreements (Green PPAs) are explored in structure, scheme and portfolio as a means to mediate the impact of the current energy crisis, but also as a tool for future development of RES, the achievement of EU energy policy goals and sustainable hedging for energy intensive consumers regarding their energy mix and cost. | el |
