Motor Oil S.A. is an active member of the Greek and European Electricity Markets in the Wholesale, Power Generation and Retail sectors.
Motor Oil participates with a 35% stake in Korinthos Power S.A., which operates a C.C.G.T. plant fueled with natural gas of installed capacity 436,6 MW, located near company’s Refinery, in Agios Theodoros, Corinth.
In October 2019, Motor Oil made its first investment in the production of electricity from RES, acquiring the 85% of a wind farm project with an installed capacity of 9.4MW and in February 2020, a portfolio of Photovoltaic Plants located in Northern and Central continental Greece, with an aggregate capacity of 47 MW.
This was followed by additional investment, with the leading acquisition of a portfolio of wind projects with a total installed capacity of 220 MW and production licenses of wind projects with a total capacity of 650 MW.
In late 2018, Motor Oil expanded its activities to include wholesale cross-border trading , which gradually expanded to a full-scale cross-border trading business across the wider region.
Motor Oil is an active member of the European Energy Exchange (EEX), the largest Energy Exchange in Europe trading Power Financial Futures as well as Emissions Rights on spot & financial market and an active member of the Italian Energy Market (Gestore del Mercato Elettrico), of the Joint Allocation Office (JAO) and of the Coordinated Auction Office in Southeast Europe (SEE CAO).
In addition, Motor Oil holds a 300MW power license with which it operates as a Cumulative RES Representation Body.
In summer 2021, MORE (Motor Oil Renewable Energy) was created, to which the non-Oil Group activities were transferred, including the Electricity sector. MORE has a 50% stake in an 870 MW natural gas-fired power plant under construction, which is expected to be commercially operational in 2024.