Power grid interconnections with the islands to save 400 million euros a year, IPTO says
The reduced cost of public utilities due to the progress in the interconnection of the islands to the main grid offsets the additional burden on consumers from the higher charges for the transmission system, that kick in this year in order to finance the Independent Power Transmission Operator's (IPTO) investments, the operator's management said in an announcement on IPTO's 2020 annual report.
IPTO announced comparable net profits of 81.1 million euros, compared to 78.7 million euros last year (an increase of 3.1 pct) and record investment which amounted to 456 million euros, increased by 82 pct compared to 2019 which was also a record year.
The benefit from the Crete-Peloponnese interconnection that will operate this year is already estimated at 150 million euros, which is added to 70 million from the Cyclades interconnection. Once the "big" Crete-Attica interconnection is completed in 2023, the benefit will rise to 400 million per year.
For the 4th phase of the interconnection of the Cyclades, which includes Santorini, due to be completed in 2023, the selection of contractors is expected before the summer. This will be followed by the announcement of tenders for Folegandros, Milos and Serifos with the prospect of completion in 2024. In the period 2022-2025, IPTO planning includes investments of 2.1 billion euros for island and international interconnections, network renewal, energy storage etc.