Industrial group Mytilineos is cementing its leading position in Greece's energy market with a modern natural gas unit that will start operating in 2021 as it also moves to build on its position in environmentally friendly development. This strategy comes at a time where the Greek government is revising its strategy on green power, setting ambitious goals for the country's switch to renewable energy sources.
With three thermal heat-producing units that have a capacity of 1.2 GW and a production of 200MW from green energy sources, Mytilineos is leading the way among independent power producers with a 10.9 percent share of power shared on Greece's national grid.
A new unit at Agio Nikolaos, in central Greece's Viotia region, that was inaugurated on Wednesday by Prime Minister Kyriakos Mitsotakis, will allow Mytilineos to boost its production capacity by 800 MW in a two year period, covering a large part of domestic demand and paving the way for exports as part of the European Union's Target model.
In a 350 million euro investment, the unit will add an exceptionally efficient power plant to Mytilineos' portfolio that was designed by General Electric, allowing the Greek company to boost its profitability in the energy sector.
The group's shift towards natural gas does not only relate to the production of energy as it also has developed into the largest competitor of state gas company DEPA on imports after having struck strategic deals on bringing in to Greece liquified natural gas from the US. Earlier this year, Mytilineos acquired the shares held by Motor Oil and now controls natural gas supplier M-NG Trading.
Mytilineos' natural gas strategy is unfolding as Greece ups goals on green power, by deciding to close down state-controlled coal power plants by 2028 and upping renewable energy sources in the country's energy mix to 35 percent by 2030.
"Natural gas is the bridge between coal and renewable energy power," said group chairman Evangelos Mytilineos. "Industry's environmental switch is a one-way road," he added. Mytilineos' new power plant will produce 70 percent fewer emissions than a lignite (coal) powered unit.
Mytilieos is also pushing ahead with its RES investments, not only in Greece but in a total of 36 countries. In Greece, Mytilineos was awarded in July a deal to build a 43.2 MW wind park in a tender ran by Greek power authority RAE.