Transforming the Greek Cycladic islands into a wind energy hub

Abstract

The interconnection of the Greek Cyclades islands with the mainland national grid system is scheduled to be completed by 2025. The aim of this project is to improve energy security, reduce costs and carbon dioxide emissions and increase the use of renewable energy resources. Enhancement of the current isolated power networks through interconnectors will allow higher integration of intermittent wind energy loads to the system. This paper analyses an action plan alongside its economic and carbon dioxide emissions impact, between 2017 and 2030, for the implementation of 258·6 MW wind farms in the region, the equivalent of 772·5 GWh/year according to the Weibull wind speed distribution analysis. The estimated average investment return rate for wind projects equals 23%. This is calculated using a life cycle cost analysis. The average cost of energy by using the International Energy Agency methodology equals €80·9/MWh. This paper concludes that the Cyclades interconnection will assist in transforming the region into a wind energy hub, with zero carbon dioxide emissions, allowing electricity exports of 101 GWh/year to the Greek mainland, while reducing the total electricity costs by €1·4 billion from 2017 to 2030.