The “Pumped Storage System in Amfilochia”, the largest clean energy production and storage project using the pumped storage method in our country, was visited today by Prime Minister Mr. Kyriakos Mitsotakis, having the opportunity to verify the progress of the construction works, in which approx. 400 people.
The project is the largest investment in a storage project in Greece, totaling 650 million euros, upgrading the domestic power generation system, as well as Greece’s energy system. In particular, the inclusion of the Amfilochia pumped storage tank offers total benefits to the electricity system that exceed €120 million per year, as it is expected to play a decisive role in the country’s energy supply sufficiency and in the independence from imported fuels, in the flexibility and stability of the interconnected electricity network with the further penetration of renewable sources, but also in the reduction of the total cost of electricity.
In addition, among the main advantages of the implementation of this project are the creation of 1,000 new jobs during construction and the maintenance of 60 jobs during operation for specialized and support staff, the utilization of domestic resources, its nature as a ~70% project of high domestic added value, as well as the consequent improvement of local infrastructure and the increase in the area’s visitation.
It is a key project that has been characterized, since 2013, as a Project of Common European Interest (Project of Common Interest PCI 3.24) and since 2014 as an Investment of Strategic Importance. The project studies were co-financed by the Connecting Europe Facility Program, while part of the total cost (€250 million) of the project is financed by the Recovery and Resilience Mechanism (RMF).
Electricity storage, together with electricity interconnections, are the main pillars of supporting the energy transition process towards climate neutrality, in view of the massive penetration of fluctuating renewable generation into the energy systems.
With a total installed capacity of 680 MW (production) and 730 MW (pumping/storage), the project includes two independent upper reservoirs (Agios Georgios and Pyrgos) with a total capacity of 9 million cubic meters, while the lower reservoir uses the existing Kastraki lake.
The operation of pumped storage requires two reservoirs with a difference in altitude, i.e. a geomorphological relief that our country has in abundance. When there is excess energy in the system, this energy is used to pump water from the “lower” to the “upper” reservoir. When there is high demand in the system, the water returns to the lower reservoir producing hydroelectric power. In this simple way, the “excess” energy is temporarily stored to be converted into hydroelectric power when the system needs it.
Pumped storage is the most proven method, accounting for 97% of global storage. The first pumped-storage projects appeared as early as 1890 to manage the loads of large thermal base units. They have significant comparative advantages over other energy storage methods (such as imported batteries) in that they have mass storage capability, much lower cost, high domestic added value, and a long lifetime exceeding 50 years.
Accompanying the Prime Minister, Mr. Kyriakos Mitsotakis, to the Amfilochia construction site, the President and CEO of GEK TERNA Group, Mr. Giorgos Peristeris, noted that this investment marks the entry into a new era for the RES sector in Greece, as the country is now looking towards the utilization of its natural sources for the storage of large amounts of electricity and for a long duration exceeding 10 hours. “After 10 years of planning, studies, thorough checks at the Greek and European level, Greece is now ready to make the vision of large-scale clean energy production and storage a reality, utilizing its water potential as well as its special geomorphology. The energy autonomy of our country must be a priority. We must first of all make the most of domestic energy sources and shield our national electrical system and of course exploit the interconnections, infrastructure and energy sources of other countries for the benefit of our country. We are proud to invest and implement a project with a high degree of domestic added value, which will provide hundreds of jobs, contribute to the development of local communities and of course shield the domestic electricity system, allowing the further penetration of domestic, clean and cheap energy in the energy mix of Greece. TERNA ENERGY once again justifies its role as the largest Greek RES company, leading the way with new investments, setting even higher goals for the future.”
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