Greek experts have recently proposed forming a committee between Türkiye and Greece to strengthen energy cooperation and facilitate the exchange of information and expertise, highlighting the importance of communication in this area.
Costis Stambolis, the executive director of the Athens-based Institute of Energy for Southeast Europe (IENE), told Anadolu Agency (AA) on the sidelines of the first Greek-Turkish Energy Forum held in Istanbul late last month that a standing committee on electricity and gas between the two countries would be a practical solution to facilitate interaction for the benefit of both countries.
He suggested that a joint committee could meet regularly during the year for information exchange to enhance expertise.
Michael Thomadakis, the director of the strategy and development division at Hellenic Gas Transmission System Operator (DESFA), echoed Stambolis’s sentiments by recommending that the Turkish and Greek sides "meet more frequently" for strong energy cooperation.
He said that such cooperation would be important at a working level, as politicians would follow what the market wants.
"Let people from both sides of the border talk to each other and find ways to cooperate. Find out what the other one needs. This is, I think, the key issue," he said.
According to Stambolis, such bilateral cooperation would also contribute to Europe's energy security and potentially make collaborative inroads for promoting hydrogen and enhancing cybersecurity.
The first energy forum between the two nations was held on April 25, only a few months after President Recep Tayyip Erdoğan's landmark visit to Greece, following a turbulent period in relations in previous years.
Greek Prime Minister Kyriakos Mitsotakis announced on April 18 that he would visit the Turkish capital, Ankara, on May 13 to meet with Erdoğan.
‘Electricity as a key area of cooperation’
Stambolis also suggested that the existing electricity exchange between the two countries could further expand.
Over the last two decades, Greece and Türkiye have established major electricity and gas interconnections across the Greek-Turkish border and have developed active cross-border transmission, and electricity and gas trading.
"We have one interconnection, and now the two countries have decided to build a second one," he said, referring to a deal between Greece and Türkiye signed in December last year in Athens for a power line to be completed in 2029 for the connection of both countries’ power grids.
According to Stambolis, interconnections have become very important as electricity demand increases and the whole system gets more electrified.
Citing the second interconnection line project between Turkish Electricity Transmission Corporation TEIAŞ and Greece's Independent Power Transmission Operator (IPTO) from Babaeski, Türkiye to Nea Santa, Greece, Stelios Kromlidis, director of the operational business department at the Southeast Electricity Network Coordination Center (SEleNe), agreed with Stambolis.
"The possibility of having additional lines or interconnecting lines is important to us," Kromlidis said. This can "assist both countries when they have excess renewable energy sources to provide it to their neighbors," he added.
The Nea Santa, Greece-Babaeski, Türkiye connection line has grown in significance given the anticipated boost in electricity generation from the rising share of renewables for power generation and when Türkiye launched its first nuclear power plant.
Consequently, Kromlidis said developing this line while also encouraging bilateral electricity trade would be a strategic step.
For his part, DESFA's Thomadakis proposes opening up the existing interconnection as a first project for development, as he considers that more interconnections between electricity networks would benefit all.
Thomadakis recommended that cooperation at the operative level between Energy Exchange Istanbul (EXIST), known by its Turkish initials EPIAŞ, and its Greek counterpart HenEx would lend market support and facilitate the smooth running of the underlying physical systems.
Establishing EastMed energy market
Stambolis also supported cooperation between EPIAŞ and HenEx. However, he suggested that bilateral cooperation not be limited to electricity but to gas in the next phase of the energy transition.
"I think we're going to see a lot more gas displacing oil and coal, and in this area, the two countries can work together in terms of policy, coordinating policy moves and energy security," he said.
"The next phase of developing a broader cooperation between Greece and Türkiye and maybe other countries in the region is to establish an EastMed energy market where oil and gas can be traded regionally," he added.
Thomadakis said the pipeline connecting the natural gas networks of Türkiye and Greece offers a great opportunity for more trade, and he called on Turkish sellers to buy more capacity in the country.
Stambolis also envisages that EPIAŞ and HEnEx could establish joint, common products in the derivatives and physical markets.
Similarly, with floating liquified natural gas (LNG) terminals in both countries, Stambolis believes that LNG imports and exports are also possible.