Greece: Increased profit at ADMIE in 2020

, SEE Energy News

According to Greek electricity transmission system operator ADMIE, the reduced cost of public utilities thanks to progress in the interconnection of the islands with the country’s main electricity network, offsets the additional burden on consumers from the higher charges for the transmission system.

ADMIE said that it has recorded a net profit in the amount of 81.1 million euros in 2020, which is by 3.1 % higher compared to the previous year (78.7 million euros). The operator also achieved record investments in the past year, which amounted to 456 million euros, 82 % more than in 2019, which previously held a record in term of investments.

Benefits from the Crete-Peloponnese interconnection that will launch at full capacity later this year, is already estimated at 150 million euros, which is added to the 70 million euros saved with the Cyclades interconnection. Once the large-scale Crete-Attica interconnection is completed in 2023, the benefits will rise to 400 million euros per year. The selection of contractors for the fourth phase of the Cyclades interconnection, which includes Santorini and is due to be completed in 2023, is expected before the summer. This will be followed by the announcement of tenders for Folegandros, Milos and Serifos.