Welcome note

2014 was a critical year for the EU and its energy policy and even more for and its vital energy sector. The Research Centre for Energy Management (RCEM) at ESCP Europe Business School in collaboration with the Greek Energy Forum, are thus convening this conference in order to discuss the latest developments around the ongoing liberalisation of the Greek energy market, focusing on both Natural Gas and Power markets, and its integration to a European commercial environment.

The efforts for Greece to have a leading role in the international energy scene, retain its status as the most credible party in the wider region, and strengthen its diplomatic ties with its counterparts, should not be the sole endeavour of the present government; on the contrary, they should be first in the list of a National Energy Plan, which should be the product of ample societal consensus. History has shown that an over-expanded public sector and market monopolies have proven to be ineffective. Greece, being one of the first members acceding to the EU, should lead in the process of abolishing monopolies and strengthening competition. The only purposes served by a policy of contesting foreign investments are, Greece’s political isolation, the casting of doubts on the prospective economic recovery, and the undermining of the political stability.

The investments in energy infrastructure in South-East Europe, which is characterised by high dependency on Russian gas and partial implementation of the 3rd energy package, will be the trigger for the liberalisation of the markets and the foundation for their future integration. The EU should continue on the track of a thorough implementation of the 3rd energy package with the aim to strengthen competition, through the integration of the European markets and the establishment of a level playing field. A further diversification of supply sources and the safeguard of security of supply seem to be a one-way road.

In conclusion, the geostrategic location of Greece alongside the advancement in structural reforms in its energy markets, in comparison with neighbouring countries, render Greece as the optimal choice for attracting foreign direct investment in the crucial energy sector, one of the few pillars that can become the country’s driving force for growth, economic development and job creation.

Dr. Kostas Andriosopoulos, Director, Research Centre for Energy Management (RCEM) at ESCP Europe Business School & Vice Chairman, Public Gas Corporation S.A. (DEPA)

Prof. Dinos Arcoumanis, Ambassador-at-Large of the Hellenic Republic for Energy Policy and New Technologies

Recent developments in the Greek Gas and Power Markets 3 Conference Programme Conference Programme

09:00 - 10:00 Registration Introduction and Chair: Chrysa Liagou, Journalist, Kathimerini 10:00 - 10:15 Welcome remarks: Kostas Andriosopoulos, Director of RCEM at ESCP Europe Business School & 1. Nikos Frydas, Planning Manager, European Network of Transmission System Operators Vice Chairman, Public Gas Corporation S.A. (DEPA) for Electricity (ENTSO-E) 2. Rania Aikaterinari, Deputy CEO, Greek Public Power Corporation Dinos Arcoumanis, Ambassador-at-Large of the Hellenic Republic for Energy Policy 3. Yiannis Yiarentis, Chairman and CEO, Independent Power Transmission Operator (ADMIE) and New Technologies 4. Konstantinos Zontanos, Chairman and CEO, Hellenic Electricity Distribution Network Operator (DEDDHE) 5. Anastasios Garis, Chairman and CEO, Operator of Electricity Market (LAGIE) 10:15 - 10:45 Opening keynote address: 6. Miltos Aslanoglou, Vice Chairman, Regulatory Authority for Energy (RAE) for Electricity Makis Papageorgiou, Deputy Minister of Environment, Energy and Climate Change, (ENTSO-E) Hellenic Republic 7. Michel Emmanuel Piguet, CEO, Elpedison (Power & Energy) 8. Dinos Benroubi, Executive Director-General Manager, PROTERGIA S.A. 10:45 - 12:45 “Liberalisation of the Natural Gas Market”

15:45 - 16:15 Coffee Break • Can a virtual trading gas hub be established in the Balkans? What is the role of Greece and what are the necessary conditions for this to happen? • How can we boost the internal gas demand, both for industrial and consumer use? What will be the benefits for the consumers? 16:15 - 18:00 “The 2030 European Energy Targets and their role/impact on the liberalization of • What could attract more international energy firms to seek active involvement in the Greek the Greek Energy markets” Gas market, and thus increase competition? • What are the milestones before we can talk of a fully liberalised gas market in Greece? • How can the national regulators and networks support the EU energy strategy? • What will be the future role of gas in regional power generation? Introduction and Chair: • Are the banks in a position to provide the necessary financing and credit requirement for Angelos Gkanoutas-Leventis, Vice Chairman, Greek Energy Forum this new era of the energy markets? • What are the main geopolitical developments and implications in SE Europe? 1. Stephan Kamphues, President, European Network of Transmission System Operators for Gas (ENTSO-G) Introduction and Chair: 2. Michalis Thomadakis, Board Member, Regulatory Authority for Energy (RAE) Leo Drollas, Director & Chief Economist, Centre for Global Energy Studies 3. George Spanoudis, Chairman, Greek Public Gas Corporation (DEPA) 4. Anar Mammadov, CEO, Socar Energy Hellas 1. Carlo Andrea Bollino, President, Italian Association of Energy Economists (AIEE) 5. Konstantinos Xifaras, CEO, Hellenic Gas Transmission System Operator (DESFA) 2. Jean-Michele Glachant, Director, Florence School of Regulation 6. Panayiotis Kanellopoulos, CEO M&M Gas 3. Rudy Van Beurden, Communication and Public Affairs Director, Fluxys 7. Giuseppe Tringalli, Manager, Knud E Hansen A/S 4. Dimitris Dimopoulos, Deputy CEO, National Bank of Greece (NBG) 5. Solon Kassinis, Managing Director, Kassinis International Consulting 12:45 - 13:45 Light Lunch 19:45 Official Dinner

13:45 - 15:45 “Liberalization of the power market” Dinos Arcoumanis, Ambassador-at-Large of the Hellenic Republic for Energy Policy and New Technologies • How is the on-going liberalisation of the power market progressing? • How important is the interconnection of the Greek Islands with the mainland power grid? Kostas Andriosopoulos, Director of RCEM at ESCP Europe Business School & • What are the future opportunities for growth for the two “new” Power Utilities? How can Vice Chairman, Public Gas Corporation S.A. (DEPA) consumers benefit from the competition? • Can we learn from the Italian or other European experiences? Closing Remarks: • How is the market going to perceive the new NOME-type auctions? , Prime Minister, Hellenic Republic

4 Recent developments in the Greek Gas and Power Markets Recent developments in the Greek Gas and Power Markets 5 Keynote Speakers Conference Organizers

Antonis Samaras, Prime Minister, Hellenic Republic Kostas Andriosopoulos, Director of RCEM at ESCP Europe Business School & Vice Chairman, Public Gas Corporation S.A. (DEPA) Antonis C. Samaras is the Prime Minister of the Hellenic Republic and President of Nea Demokratia (ND). He was born in on May 23, 1951. He is married to Georgia Kritikos; they have a daughter, Dr. Kostas Andriosopoulos (Kostas) is the Executive Director of the Research Centre for Energy Lena, 23, and a son, Kostas, 16. He holds degrees in Economics and Business Administration from Management at ESCP Europe Business School where he holds the position of Associate Professor in Amherst and Harvard University (MBA). From 1977 to 1993 he was a member of the Hellenic Finance and Energy Economics. He is also the Academic Director of the full-time (MEM) and the Executive Parliament representing the Prefecture of Messinia with Nea Demokratia and served as Minister of (EMEM) Masters in Energy Management. Kostas holds a PhD in Finance (Cass Business School, City Finance and Minister for Foreign Affairs. In 1993 he was elected member of the Hellenic Parliament for University London), where he has been the recipient of the prestigious Alexander S. Onassis Public the Prefecture of Messinia with the political party “Political Spring” (Politiki Anixi), which he founded and Benefit Foundation’s scholarship. He also holds an MBA and MSc in Finance (Northeastern University, led till 2004. In 2004 he was elected member of the European Parliament with Nea Demokratia. He was member of the Budget Boston, USA), and a bachelor’s degree in Production Engineering and Management (Technical University of Crete, Greece). Committee, the Committee for Economic and Monetary Affairs, the Committee for the Lisbon Treaty and the Committee of the Kostas’ current interests include energy-related geopolitical issues, price modelling, financial engineering and the application EU-Russia Parliamentary Cooperation. In 2007 Mr. Samaras was elected member of the Hellenic Parliament for the Prefecture of of operational research tools on risk management and investment techniques in energy, shipping and agricultural commodity Messinia with Nea Demokratia and was reelected in 2009. He was a member of the Standing Committee for Economic Affairs and markets. His work has been published in international finance- and commodity-related Journals, and has been presented in the Committee for European Affairs of the Hellenic Parliament until January 2009, when he was appointed Minister of Culture. recognised conferences world-wide. He has edited special issues in recognised journals, acts as a reviewer for a number of Under this capacity, he inaugurated the new Acropolis Museum in July 2009. In November 2009 he was elected the 7th President academic journals, and has organised numerous international conferences. of Nea Demokratia by the party members. On June 20th, 2012, he was elected Prime Minister of the Hellenic Republic and formed In addition to his academic profile he has an extensive professional experience in the business world. Kostas is currently the Vice- a three party coalition government. He is fluent in English, French and Italian. Chairman of the Board of Directors of the Greek Public Gas Corporation (DEPA). Kostas has served as an advisor for a number of international clients from the energy, food, manufacturing, web & software, commodity trading and shipping industries. He also co-founded in 2009 Symmetria Web Solutions, a web-based software company. In addition, he is a board member of Symmetria Ltd., a family owned commodities brokerage and trading firm. He has also worked for the British Bankers’ Association reporting directly to the senior Director for Retail Banking and the CEO (2007). Kostas is a member in various professional and academic associations and acted as a member of the Energy Commission of the Industry and Parliament Trust in the UK (2012-13). He lives in London with his wife Chrysoula and his two children, Maria and Dimitris. Makis Papageorgiou, Deputy Minister of Environment, Energy and Climate Change, Hellenic Republic

Born in 1956 in Athens, Greece, Makis Papageorgiou graduated from the Experimental School of the University of Athens (Peiramatiko) and obtained a Law Degree from the University of Thessaloniki. After a degree in Business Administration he obtained an MBA from Bentley University in Boston, Ma., USA.

Prior to his appointment as Managing Director of Public Gas Corporation (DEPA) SA in December 2005, he Dinos Arcoumanis, Ambassador-at-Large of the Hellenic Republic for Energy Policy worked for more than ten years in several senior positions and as General Manager in various companies and New Technologies of the private sector in Greece and abroad mainly within the auto industry and the publishing and retail industry. From June 2004 till December 2005 he was the Managing Director of Suburban Railroad SA. He Professor Arcoumanis holds undergraduate and graduate degrees in Physics, Engineering and joined DEPA in December 2005 as Managing Director and from May 31, 2006 until December 16, 2009 as Chairman of the Board of Mechanical Engineering from the Aristotelian University of Thessaloniki, Greece (1973), the University of Directors and CEO. From 2010 he worked as a consultant for Business Investments. He served as Deputy Section Head for Energy California at Irvine, USA (1980), and the Imperial College of Science, Technology and Medicine, London within the political party of and on June 21 2012 he was appointed Deputy Minister of Environment, Energy and (1984), respectively. Following his appointment as Lecturer at Imperial College in 1988, he was promoted Climate Change. Makis Papageorgiou is a father of four children. He is fluent in English and during his leisure time he enjoys to Reader in 1992 and to Professor of Internal Combustion Engines in 1995. In October 2000 he joined sports, cinema and theatre. City University as Head of the Aeronautical, Civil and Mechanical Engineering Department (ACME) and assumed the post of Dean of the School of Engineering & Mathematical Sciences (SEMS). In July 2006 he was appointed Pro- Vice-Chancellor with responsibility for research and international links, whilst remaining part-time Dean in SEMS. In July 2008 he stepped down as Dean of the School to take up the post of Deputy Vice-Chancellor (Research & International), which he occupied until 01 August 2014.For his extensive research on fluid mechanics and combustion of internal combustion engines Professor Arcoumanis has received numerous awards including the 1991 Dugald Clerk Prize of IMechE and the 1995 and 1998 Arch T. Colwell Merit Award of the Society of Automotive Engineers. He has been a member of the Swedish National Board for Industrial and Technical Development (1996, 2000) and acted as Consultant to Brussels (DG17) and Bechtel Ltd. on the Auto-oil II European Programme (1998 to 2000), which focussed on alternative and renewable fuels for transportation. He is a Fellow of the UK Institution of Mechanical Engineers and the International Society of Automotive Engineers and was elected to the Royal Academy of Engineering in 2001. He holds honorary professorships at Tianjin and Nanjing University of Aeronautics and Astronautics and at the St. Petersburg State Polytechnic University of Russia where he received an honorary doctorate in 2009. Since 2011, he is Director of the International Institute of Cavitation Research which is funded by the Lloyd’s Register Educational Trust and represents a partnership between City University London, Loughborough University and the Delft University of the Netherlands. In 1999 Professor Arcoumanis founded the International Journal of Engine Research (JER) and he is now acting as its Editor for Europe. He is author and co-author of some 230 publications and in 2009 he edited and co-authored a Springer-Verlag monograph on “Flow and Combustion in Automotive Engines”. Since 2010 he is also the co-ordinator of the World Cities World Class (WC2) University Network which brings together like-minded international institutions located in the heart of world cities for addressing through research and education issues around transport, global health, business and cultural industries. In September 2012 Professor Arcoumanis was appointed Ambassador-at-Large of the Hellenic Republic with responsibility for Energy Policy and New Technologies.

6 Recent developments in the Greek Gas and Power Markets Recent developments in the Greek Gas and Power Markets 7 Session Chairs and Moderators Speakers

Leo Drollas, Director & Chief Economist, Centre for Global Energy Studies

Born in India of Greek and Anglo-Irish parents, and educated at Athens College in Athens, Greece, from which he graduated cum laude, Leo Drollas attended the London School of Economics where he read economics. Having obtained his B.Sc. (Econ) and M.Sc. (Econ) at the LSE, he then completed a doctorate at the same university, choosing as his thesis a country’s foreign trade sector in disequilibrium. After leaving the LSE in 1975, Leo Drollas worked in London at the Commodities Research Unit and then joined British Petroleum in 1977 as the company’s first econometrician. At BP he managed the energy Rania Aikaterinari Miltos Aslanoglou Dinos Benroubi Carlo Andrea Bollino and economic modelling team in the company’s Corporate Planning Department (1980-86) and was Deputy CEO, Greek Public Vice Chairman, Regulatory Executive Director-General President, Italian Association responsible for many studies on various aspects of the oil market. Whilst at BP, Leo Drollas was seconded for two years to Power Corporation (PPC) Authority for Energy (RAE) Manager, PROTERGIA S.A. of Energy Economists, AIEE the Confederation of British Industry (1986-88), where he held the post of Deputy Director of Economics and completed two major studies — one on the attitude of British business towards exchange rates and the other comparing British and German manufacturing. In 1989 Leo Drollas joined as its Chief Economist the Centre for Global Energy Studies (CGES), a think-tank founded in that year by Sheikh Ahmed Zaki Yamani, the former Oil Minister of Saudi Arabia. Leo Drollas was the Deputy Director and Chief Economist at the CGES from 1989 until 2011, becoming in that year the CGES’ Director and retaining the title of Chief Economist. During his time at the CGES, which ceased operations in January 2014, Leo dealt with subjects as diverse as oil prices in the long run, oil speculation versus fundamentals, oil’s shipping needs, the demand for aviation fuel, US gasoline demand, the relationship between oil inventories and prices, the determination of oil product prices, the factors driving oil production, oil capacity utilisation and oil prices, oil pipeline tariffs, OPEC’s oil-quota policies, Chinese oil demand, US and global demand for natural gas, the connection between desired oil stock cover and oil futures prices, and many Dimitris Dimopoulos Nikos Frydas Anastasios Garis Jean-Michele Glachant more. Leo Drollas co-authored with David Long of Oxford Petroleum Research Associates a major CGES study on the strategic Deputy CEO, National Bank Planning Manager, European Chairman and CEO, Director, Florence Institute of hedging activities of oil companies and directed the CGES’ work on many aspects of the oil futures markets. of Greece (NBG) Network of Transmission Operator of Electricity Regulation Over a career spanning 37 years, Leo Drollas has written many articles and studies on oil, energy and the economy in general, System Operators for Market (LAGIE) Electricity (ENTSO-E) and co-authored a book on oil with Jon Greenman called “Oil – the Devil’s Gold” [Duckworth, 1989]. He has spoken at numerous conferences on diverse oil and gas-related subjects, including the oil market in the short and long term, Asian oil demand, the oil futures markets, the world’s gas outlook, global warming, oil fundamentals versus speculation and non-OPEC oil supplies, among many others. Thus far in 2014 Leo has spoken at energy conferences in Abu Dhabi, Tokyo, Athens, Rotterdam, Milan and London. He has appeared frequently on the business programmes of CNN, CNBC, ITV-1, BBC-1, the BBC’s World Service, Bloomberg TV, Al Jazeera, Sky News, Channel Four and other channels, and has contributed to numerous radio programmes in Europe, the Far East and the US. Leo Drollas has been quoted regularly on the main wire services and in the world’s leading financial newspapers in the West and the Far East. Stephan Kamphues Panayiotis Kanellopoulos Solon Kassinis Anar Mammadov President, European CEO, M&M Gas Co S.A Managing Director, Kassinis CEO, Socar Energy Hellas Network of Transmission International Consulting Angelos Gkanoutas-Leventis, Vice Chairman, Greek Energy Forum System Operators for Gas (ENTSO-G) Angelos is an economist, with a strong academic background, having graduated from the London School of Economics and the City University of London where he was awarded a PhD for his research on the financialisation of the oil market. After gaining experiences in the consulting, marketing and banking sectors, Angelos started his career in the oil & gas industry as an economist of Pertrobras, focusing on expanding its business activities in the international area. Since then, he joined BP, where he is currently part of the commercial management team of a production facility, overlooking a number of products as well as focusing on management of change and crisis & continuity management. Angelos is a founding member and current Vice Chairman of the Greek Energy Forum, a professional network for Greek energy professionals, while he also holds the position of a Fellow in the CITYPERC Research Center (City Univiresity, London). Michel Emmanuel Piguet George Spanoudis Michalis Thomadakis Giuseppe Tringalli CEO, Elpedison Chairman, Public Gas Board Member, Regulatory Manager, Knud E Hansen A/S (Power & Energy) Corporation S.A. (DEPA) Authority for Energy (RAE)

Chrysa Liagou, Journalist, Kathimerini

Chrysa Liagou works at the newspaper “Kathimerini” covering the fields of energy and industry. Her experience at this field, consists of 18 years of systematic monitoring of developments in the domestic and international markets, with a focus on sectors of oil, gas and electricity. Her articles and analysis on economic and geopolitical dimension of energy issues are rich and distinguished by validity and reliability. At times she has collaborated with specialized financial press and electronic media, and since 1999 she has been working in the financial section of the newspaper “Kathimerini” . She is a graduate of Panteion University with specialization in public-finance. Rudy Van Beurden Konstantinos Xifaras Yiannis Yiarentis Konstantinos Zontanos Communication and Public CEO, Hellenic Gas Chairman and CEO, Chairman & CEO, Affairs Director, Fluxys Transmission System Independent Power Hellenic Electricity Operator (DESFA) Transmission Operator Distribution Network (ADMIE) Operator S.A. (DEDDIE)

8 Recent developments in the Greek Gas and Power Markets Recent developments in the Greek Gas and Power Markets 9 Notes Notes

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