Island power connection to save millions
The reduced cost of public utilities thanks to progress in the interconnection of the islands with the country’s main power grid offsets the additional burden on consumers from the higher charges for the transmission system, which kick in this year in order to finance the Independent Power Transmission Operator’s (ADMIE) investments, the operator’s management said in an announcement regarding ADMIE’s 2020 annual report.
ADMIE announced comparable net profits of 81.1 million euros, compared to €78.7 million last year (an increase of 3.1%), and a record investment which amounted to €456 million, up 82% from 2019, also a record year.
The benefit from the Crete-Peloponnese interconnection that will launch this year is already estimated at €150 million, which is added to the €70 million saved with the Cyclades interconnection. Once the “big” Crete-Attica interconnection is completed in 2023, the benefit will rise to €400 million 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.