Reducing the cost of Services of General Interest (SGI) due to the progress of the interconnections of the islands, compensates for the burden on the consumers from the increase in transmission system charges expected from this year to finance the investments of the ADMIE.
This was stated yesterday by the management of the Operator, on the occasion of the announcement of the results for 2020. ADMIE announced yesterday comparable a net profit of EUR 81,1 million, compared to EUR 78.7 million in the previous year ( an increase of 3.11TTP3T) and record investments which amounted to EUR 456 million, up by 821TTP3T compared to 2019 which was also a record year.
The WEEE paid by consumers through their electricity bills mainly covers the increased electricity costs for islands based on oil-fired power stations. This cost is limited as the interconnections progress (Cyclades, Crete, etc.) and compensates for the increase in system usage charges to cover the investments of the Operator.
Already the benefit from the interconnection of Crete - Peloponnese, which will be operational this year, is estimated at 150 million euros, which are added to the 70 million from the interconnection of the Cyclades, while when the “big” interconnection of Crete and Attica is completed in 2023, the benefit will rise to 400 million per year.
It is noted that for the 4th phase of the interconnection of the Cyclades, which includes Santorini, with a completion date of 2023, the selection of contractors is expected by the summer. This will be followed by the call for tenders for Folegandros, Milos and Serifos with a view to completion in 2024. In the four-year period 2022-2025, ADMIE's planning includes investments of €2.1 billion for island and international interconnections, grid renewal, energy storage, etc.
