
GEK TERNA has succeeded in strengthening and expanding its position in the domestic energy market by acquiring 100% of the shares of its subsidiary HERON energy production and supply company.
The latter includes the two power plants HERON I and II with a total capacity of 600 MW, which the listed company built 20 years ago and gradually strengthened its presence with the alliances of the French energy group Engie and the oil giant Qatar Petroleum. To be precise, GEK TERNA owned HERON I with Engie, while in HERON II it owned 25%, Qatar Petroleum also owned 25% and Engie 50%.
After the decision of the French for about a year to limit their international exposure to conventional forms of energy, and to leave Greece as well, GEK TERNA, which was the first to have the right to offer a takeover, moved dynamically.
It acquired, as it announced yesterday, the entire package of shares of IRONA, the company it had set up in the early 2000s to enter the then monopoly of electricity production by PPC.
IRON today also has a portfolio of 270,000 customers consisting of households and businesses, while in synergy with TERNA ENERGIAKI (the other subsidiary of GEK TERNA) has “green” electricity programs for consumers and electricity.
Vertical group
The course of the domestic electricity market towards the climate-neutral era but also its full interconnection with the neighboring and other European markets (Target Model) requires vertical groups. With activity both in the production of electricity from RES but also conventional forms of energy as well as in supply.
The new era that is emerging in the energy market wants groups with an expanded portfolio in terms of production mix and the ability to offer bilateral contracts (PPAs) to their customers by ensuring the required amounts of power but also fixed prices against factors that change energy costs.
GEK TERNA having TERNA ENERGIAKI and fully owning the HERON group can play this role and claim market shares.
TERNA ENERGIAKI aims by 2025 to have an installed capacity of 3 GW through RES .
IRON on the other hand has the two units of 600 MW, while GEK TERNA in collaboration with Motor Oil intends to build a third in Komotini with a capacity of 877 MW with natural gas as fuel.
GEK TERNA, therefore, is building with the current data the largest private group in energy, the second immediately after PPC, with a portfolio of 4.5 GW. Of these, 3 GW will be from RES and 1.5 GW from conventional production.
The products it will provide to its customers will be highly competitive given the composition of the production mix.


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