HELLENiQ ENERGY has brought a 100 MW/200 MWh battery storage facility into operation at its Thessaloniki industrial complex. The project is part of a shift from renewable generation expansion toward investment in flexible electricity infrastructure. HELLENiQ Renewables developed the installation, which involves an investment of approximately €50 million.
Battery configuration and grid connection
The facility includes three lithium-iron-phosphate battery systems. It is supported by a new 33/150 kV substation and about five kilometres of underground high-voltage connection. The design targets at least one full charge-discharge cycle per day. More than 200 MWh of electricity can be stored and released.
Construction has been completed and the Thessaloniki site has entered commercial operation. This contrasts with many other Greek battery projects that have been announced but not yet commissioned. The operational status is relevant as the market differentiates between permitted battery pipelines and assets that can generate revenues.
October price signals for charging and discharge
During October, Greece recorded repeated periods of negative wholesale electricity prices. The negative pricing coincided with solar and wind output exceeding daytime demand. At the same time, evening prices frequently rose above €200–300/MWh.
The spread between negative daytime prices and higher evening levels creates conditions for batteries to charge when electricity is cheap and discharge when prices rise. Storage can also provide balancing services and reduce renewable curtailment. The Thessaloniki facility therefore begins operation as Greece’s electricity market sends signals for flexibility.
Tender selection and metrics for future financing
The project was selected under Greece’s first competitive battery-storage tender. It also benefits from the national recovery and resilience framework. As it operates, the installation provides a benchmark for future investments in battery storage.
Developers and lenders can assess charging costs, discharge revenues, operating availability, degradation, and balancing-market performance based on real operational data. These metrics are expected to become more important as additional batteries enter the Greek market and competition compresses trading spreads.
HELLENiQ ENERGY’s battery investment also supports diversification beyond refining and petroleum products. The company is expanding into renewable generation, storage, and electricity-market services. Battery assets can provide dispatchable electricity while supporting a more diversified portfolio across these activities.
