HELLENiQ ENERGY has brought a 100 MW/200 MWh battery storage facility into operation at its Thessaloniki industrial complex. The project is developed by HELLENiQ Renewables and involves an investment of approximately €50 million. The facility is designed to complete at least one full charge-discharge cycle daily, storing and releasing more than 200 MWh of electricity.
Battery configuration and grid connection
The installation includes three lithium-iron-phosphate battery systems. It is supported by a new 33/150 kV substation and around five kilometres of underground high-voltage connection. Unlike many announced storage projects in Greece, the Thessaloniki facility has completed construction and entered operation.
This operational status is relevant as the market differentiates between permitted battery pipelines and assets that can generate revenues. As additional projects come online, the distinction between development-stage capacity and dispatch-capable storage becomes more significant for market participants.
Market conditions for charging and discharging
During October, Greece recorded repeated periods of negative wholesale electricity prices when solar and wind output exceeded daytime demand. At the same time, evening prices have frequently risen above €200–300/MWh. The spread between negative daytime prices and higher evening levels creates opportunities for batteries to charge when electricity is cheap and discharge when prices increase.
Storage can also provide balancing services and reduce renewable curtailment. With the Thessaloniki project entering operation, it aligns with conditions that indicate demand for flexibility in Greece’s electricity market.
Financing under competitive tender and recovery framework
The Thessaloniki project was selected under Greece’s first competitive battery-storage tender. It also benefits from the national recovery and resilience framework. The company’s operation is positioned as a benchmark for evaluating future investments.
Developers and lenders can assess charging costs, discharge revenues, operating availability, degradation, and balancing-market performance based on real operations. These metrics are expected to become more important as more batteries enter the Greek market and competition compresses the most profitable trading spreads.
The first wave of storage projects may operate in an environment with exceptionally volatile electricity prices. Later projects may require more detailed revenue strategies and stronger operational performance as the market develops.
For HELLENiQ ENERGY, the investment supports diversification beyond refining and petroleum products. The company is expanding into renewable generation, storage, and electricity-market services, with battery assets providing dispatchable electricity to support a more diversified portfolio.