New responsibilities for Hellenic Hydrocarbon Management Company

New responsibilities were added to the Hellenic Hydrocarbon Management Company – EDEY.

In particular, since April 15, EDEY is the competent national authority for the licensing and monitoring of carbon dioxide storage (CCS) projects as well as other gas and liquid storage projects. This is provided by the amendment of the Ministry of Environment and Energy that was voted in Parliament.

In particular, with the bill of the Ministry of Finance (Law no. 4920/2022, Government Gazette A ’74 / 15.04.2002), an amendment of the Ministry of Environment and Energy was voted in the Parliament (Chapter B, article 228), which expands the purpose of EDEY SA and its founding law changes.

As mentioned in this provision, EDEY SA is defined as the competent authority “for the issuance of licenses for exploration and storage of carbon dioxide in geological formations and the general management of the rights of the Greek State regarding the exploitation of geological formations for the storage of carbon dioxide and other gases or liquids and including the conclusion and monitoring of the implementation of the relevant contracts “. To the purposes of EDEY is added the monitoring of the safe operation of the relevant projects, as well as the suggestion to the competent Ministers for the issuance of the foreseen regulations.

Landmark amendment

This amendment to the constituent law of EDEY SA is a milestone for the operation of the Company and strengthens its role in achieving the goals of Greece for the energy transition. Aristophanes Stefatos, CEO of EDEY, said: “CCS is introducing practical short- and medium-term solutions for domestic industries that need to reduce their carbon footprint, which makes them both competitive in the domestic and international markets,” he added. »

CO2 storage is a technology for mitigating climate change, as it allows the reduction of CO2 emissions and is going to play a key role in tackling global warming. The CCS involves a three-step process: (1) CO2 capture from industrial activities such as electricity generation, cement, steel and aluminum, petrochemicals, etc. (2) transport of bound CO2 by ship or pipeline to a specified storage area and (3) the permanent storage of CO2 in specific geological formations. CCS technologies may also include the removal of existing CO2 from the atmosphere.