logo
Sunshine and shadows: Greece's renewable energy challenge

Sunshine and shadows: Greece's renewable energy challenge

Qatar Tribune2 days ago

Agencies
In a field in central Greece that once grew clover and corn, maintenance worker Nikos Zigomitros deftly drives a tractor between rows of solar panels, trimming weeds under a blazing sun. 'Letting them grow too high impairs the panel performance,' the 52-year-old explains, wiping sweat from his brow. Once a centre of agricultural production, the area around Kastron Viotias, some 110 kilometers northwest of Athens, has seen solar parks mushroom over the past 15 years, part of a major renewable energy push in the country.
Greece currently has 16 gigawatts of renewable energy installed, with solar power representing nearly 10 gigawatts, including 2.5 gigawatts that came on line last year. The rapid growth of solar is similar to other countries in Europe, where it has overtaken coal for electricity production, according to climate think tank Ember. It estimates renewables have risen to account for nearly half of the EU's electricity production.
Greece did even better: 55 percent of annual consumption was covered by renewables last year, with solar accounting for around 23 percent, according to SPEF, an association which unites local solar power producers. In 2023, Prime Minister Kyriakos Mitsotakis predicted that Greece would 'soon generate 80 percent of its electricity needs through renewables.' But getting there is proving complicated. SPEF chairman Stelios Loumakis said that the solar sector has hit a wall because of a combination of factors, including Greece's small size, limited infrastructure and delays in building up energy storage capacity.
The Greek state approved too many photovoltaic projects over the last five years and the market is saturated, leading to a 'severe production surplus' on sunny days, the 56-year-old chemical engineer and energy consultant said. Greece's national grid operator in May repeatedly ordered thousands of medium-sized operators to shut down during the sunniest hours of the day to avoid overburdening the network and triggering a blackout.
'The trick is to balance supply and demand. If you don't do it well, you get a blackout,' said Nikos Mantzaris, a senior policy analyst and partner at the independent civil organisation Green Tank. In April, a huge blackout of unknown origin crippled the Iberian Peninsula. The Spanish government has said two major power fluctuations were recorded in the half-hour before the grid collapse, but the government insisted renewables were not to blame. 'It could be something as mundane as a faulty cable,' Mantzaris said.
To manage the surplus, Greece is building battery storage capacity. But catching up to its solar electricity production will take years. 'The next three years will be crucial,' said Stelios Psomas, a policy advisor at HELAPCO, a trade association for Greek companies producing and installing solar panels. In the meantime, solar panel operators will have to ensure production does not outstrip capacity, thereby limiting their potential earnings. 'Managing high shares of renewables - especially solar - requires significant flexibility and storage solutions,' said Francesca Andreolli, a senior researcher at ECCO, a climate change think tank in Italy, which faces a similar problem. 'Battery capacity has become a structural necessity for the electricity system, by absorbing excess renewable energy and releasing it when demand rises,' she told AFP.
Mimis Tsakanikas, a 51-year-old farmer in Kastron, readily admits that solar has been good to his family. The photovoltaic farm they built in 2012 at a cost of 210,000 euros clears at least 55,000 euros a year.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Inditex's early summer sales fall short of expectations, shares dip
Inditex's early summer sales fall short of expectations, shares dip

Qatar Tribune

time10 hours ago

  • Qatar Tribune

Inditex's early summer sales fall short of expectations, shares dip

Agencies Fast-fashion giant and Zara owner Inditex missed analysts' expectations for first quarter sales and early summer trading on Wednesday, as tariff fallout weighed over its efforts to maintain strong growth. Concerns about resurgent inflation and an economic slowdown triggered by U.S. President Donald Trump's erratic tariff rollout have already dampened shopping enthusiasm in the U.S. and other major consumer markets. The weaker-than-expected numbers, which sent Inditex's shares down 4.6% on Wednesday, offer a first glimpse of the impact of global trade tensions on the fast-fashion industry ahead of the second quarter earnings season. The tariff environment is difficult to predict, but Inditex is well-placed to weather it, Gorka Garcia-Tapia, the Spanish company's head of investor relations, said in an investor call. 'We have such a global presence, and therefore we have a lot of experience over the last few decades with regards to managing changes in tariff regimes,' he said, adding that Inditex's diversified sales and sourcing give it flexibility. 'We have that focus on proximity sourcing. I think that all that, regarding the U.S., really helps us out.' Inditex reported a slower start to its summer sales, with currency-adjusted revenue growth of 6% from May 1 to June 9, compared to analysts' expectations of 7.3%, and down from 12% growth in the same period a year ago. Revenues for the first quarter ending April 30 were 8.27 billion euros ($9.44 billion), falling short of the analysts' average estimate of 8.36 billion euros, according to an LSEG poll. Garcia-Tapia said that net income increased 0.8% in the quarter, to 1.3 billion euros. The company expects its growth margin to remain stable, as stated. Inditex did not provide an explanation for the weaker sales growth. In a statement, it called its performance 'solid,' having labelled it 'very robust' at its previous results announcement in March, when annual sales were up 10.5%. 'We need to take a step back and look at mid single-digit growth as actually being quite good in this environment,' said Bernstein analyst William Woods. Inditex's competitors have also experienced a sluggish spring. H&M's sales have struggled, growing by just 1% in March compared to 4% in the same period a year earlier. Its December-February revenue grew by 2%, below analyst forecasts. H&M will report results for the second quarter on June 26. Rainy weather in Inditex's home market, Spain, which accounts for 15% of its global sales, also likely hurt the company's performance, according to Bernstein analysts. Spain has experienced one of its wettest-ever springs, with Madrid recording three times its usual levels of rainfall for the season. With volatility in foreign exchange markets driven by trade risks, Inditex said currency fluctuations will have a bigger impact than expected, predicting a 3% adverse effect on its 2025 sales, compared with the 1% it flagged in March. Inditex is testing its low-priced, Gen Z-focused brand Lefties in markets beyond Spain, Portugal and Mexico, CEO Oscar Garcia Maceiras said. It also plans to open new stores for its Oysho brand in the Netherlands, he said.

Qatar joins political directors' meeting of anti-ISIS coalition
Qatar joins political directors' meeting of anti-ISIS coalition

Qatar Tribune

timea day ago

  • Qatar Tribune

Qatar joins political directors' meeting of anti-ISIS coalition

QNA Madrid The State of Qatar participated in the meeting of the political directors of the Global Coalition to Defeat ISIS, which was held in the Spanish capital. Special Envoy of the Minister of Foreign Affairs Ambassador HE Faisal bin Abdullah Al Hanzab represented Qatar at the meeting. During his speech, he reaffirmed Qatar's firm commitment to the mission and objectives of the Global Coalition, as well as its support for all efforts to mobilise all necessary resources to defeat ISIS, especially in the Syrian Arab Republic and the Republic of Iraq. He stressed that the State of Qatar welcomes the positive steps that have been taken in Syria towards national consensus and the consolidation of the rule of law and institutions, noting that lifting sanctions on Syria is an important step towards supporting stability and prosperity there. HE the Special Envoy of the Minister of Foreign Affairs called for respect for the unity, sovereignty and territorial integrity of Syria, pointing out that any military action that detracts from this sovereignty is no less dangerous than combating terrorist groups.

Sunshine and shadows: Greece's renewable energy challenge
Sunshine and shadows: Greece's renewable energy challenge

Qatar Tribune

time2 days ago

  • Qatar Tribune

Sunshine and shadows: Greece's renewable energy challenge

Agencies In a field in central Greece that once grew clover and corn, maintenance worker Nikos Zigomitros deftly drives a tractor between rows of solar panels, trimming weeds under a blazing sun. 'Letting them grow too high impairs the panel performance,' the 52-year-old explains, wiping sweat from his brow. Once a centre of agricultural production, the area around Kastron Viotias, some 110 kilometers northwest of Athens, has seen solar parks mushroom over the past 15 years, part of a major renewable energy push in the country. Greece currently has 16 gigawatts of renewable energy installed, with solar power representing nearly 10 gigawatts, including 2.5 gigawatts that came on line last year. The rapid growth of solar is similar to other countries in Europe, where it has overtaken coal for electricity production, according to climate think tank Ember. It estimates renewables have risen to account for nearly half of the EU's electricity production. Greece did even better: 55 percent of annual consumption was covered by renewables last year, with solar accounting for around 23 percent, according to SPEF, an association which unites local solar power producers. In 2023, Prime Minister Kyriakos Mitsotakis predicted that Greece would 'soon generate 80 percent of its electricity needs through renewables.' But getting there is proving complicated. SPEF chairman Stelios Loumakis said that the solar sector has hit a wall because of a combination of factors, including Greece's small size, limited infrastructure and delays in building up energy storage capacity. The Greek state approved too many photovoltaic projects over the last five years and the market is saturated, leading to a 'severe production surplus' on sunny days, the 56-year-old chemical engineer and energy consultant said. Greece's national grid operator in May repeatedly ordered thousands of medium-sized operators to shut down during the sunniest hours of the day to avoid overburdening the network and triggering a blackout. 'The trick is to balance supply and demand. If you don't do it well, you get a blackout,' said Nikos Mantzaris, a senior policy analyst and partner at the independent civil organisation Green Tank. In April, a huge blackout of unknown origin crippled the Iberian Peninsula. The Spanish government has said two major power fluctuations were recorded in the half-hour before the grid collapse, but the government insisted renewables were not to blame. 'It could be something as mundane as a faulty cable,' Mantzaris said. To manage the surplus, Greece is building battery storage capacity. But catching up to its solar electricity production will take years. 'The next three years will be crucial,' said Stelios Psomas, a policy advisor at HELAPCO, a trade association for Greek companies producing and installing solar panels. In the meantime, solar panel operators will have to ensure production does not outstrip capacity, thereby limiting their potential earnings. 'Managing high shares of renewables - especially solar - requires significant flexibility and storage solutions,' said Francesca Andreolli, a senior researcher at ECCO, a climate change think tank in Italy, which faces a similar problem. 'Battery capacity has become a structural necessity for the electricity system, by absorbing excess renewable energy and releasing it when demand rises,' she told AFP. Mimis Tsakanikas, a 51-year-old farmer in Kastron, readily admits that solar has been good to his family. The photovoltaic farm they built in 2012 at a cost of 210,000 euros clears at least 55,000 euros a year.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store