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 represents 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 design and grid connection
The installation comprises three lithium-iron-phosphate battery systems. It is supported by a new 33/150 kV substation and approximately five kilometres of underground high-voltage connection. Unlike many announced Greek storage projects, the Thessaloniki facility has completed construction and entered operation.
The operational status is relevant as Greece’s market differentiates between permitted battery pipelines and assets capable of generating actual revenues. The Thessaloniki project therefore adds an operating reference point within the country’s storage build-out.
Wholesale price signals and flexibility needs
During October, Greece experienced repeated periods of negative wholesale electricity prices as solar and wind production exceeded daytime demand. At the same time, evening prices frequently rose above €200–300/MWh. The spread between cheap daytime electricity and higher evening prices creates opportunities for batteries to charge and discharge.
Storage can also provide balancing services and reduce renewable curtailment. The Thessaloniki facility is entering operation as Greece’s electricity market sends signals for flexibility.
Financing framework and performance metrics
The project was selected under Greece’s first competitive battery-storage tender and benefits from the national recovery and resilience framework. Its operation provides a benchmark for future investments in battery storage.
Developers and lenders can evaluate charging costs, discharge revenues, operating availability, degradation, and balancing-market performance. These metrics are expected to become more important as additional batteries enter the Greek market and competition compresses the most profitable trading spreads.
The first wave of storage projects may operate under exceptionally volatile electricity prices, while later projects may require more sophisticated revenue strategies and stronger operational performance. For HELLENiQ ENERGY, the investment also diversifies a business historically concentrated in refining and petroleum products through expansion into renewable generation, storage, and electricity-market services.