Mytilineos group head Evangelos Mytilineos.
The Mytilineos group’s decision to construct a new combined cycle unit fueled by natural gas represents a change in the electricity market landscape, which today is dominated by retail developments and the sale of Public Power Corporation lignite plants.
The decision announced by Dinos Benroubi, CEO at Mytilineos subsidiary Protergia, at the Delphi Economic Forum on Saturday, also shows that one of the domestic power market’s major players is making the move into the post-lignite era, a strategy followed by all the big power companies in Europe after the adoption of European Union measures against climate change.
The future for EU power companies after 2030 lies in the combination of renewable energy sources with storage in high-capacity batteries, with gas being the bridging fuel for this transition.
Mytilineos is now moving away from developments in the sale of PPC’s lignite units, weakening the privatization process, not only because it is among the potential investors but also because the new investment in a gas-powered unit with a performance rate of 63 percent will create the most efficient combined-cycle plant in Europe.