The Greek renewable energy market is currently at the forefront of European renewables. It has recently been claimed that this is because the country has strong potential for renewable energy, due to its high exposure to solar and wind potential. This article provides an introduction to the Greek market and some information on how it can be a good place to do business.
The Energy Mix
In January 2021, 38% of the electricity sold in the Greek market was from natural gas, being the greatest share to the country’s power mix. Greece has limited resources of oil and gas, with imports playing an important role in power generation. However, with lignite expected to decrease over the next couple of years, the use of RES will strengthen.
The next greatest sector is renewables, with non-hydro sources amounting to 28% of the country’s total energy mix. An additional 13% of electricity sold derived from hydropower.
The table above highlights the total renewable energy (MW) in Greece and its breakdown by technology. The total RES capacity in 2020 was 10,867 MW and is expected to grow over the next few years.
The vast penetration of RES in the system and the improvement in energy efficiency, reflect Greece’s efforts to adopt European and national policies.
EU 2030 National Climate Targets
In 2009, Greece introduced legislation that set a target of 20% renewables by 2020. Greece has reached the 20% goal of energy produced by RES to the final energy consumption for heating and cooling.
In December 2019, Greece published its 2030 RES targets in the final National Energy and Climate Plan (Ministry of Environment and Energy 2019).
The national targets for 2030 for RES are set as follows:
- At least 35% RES share in gross final energy consumption
- At least 60% of gross final electricity consumption
- At least 40% of gross final energy consumption for heating and cooling
- At least 19% of gross final energy consumption in transportation
To reach these shares, the following RES capacities are foreseen to be installed in 2030:
It is estimated that, by 2030, the total RES capacity will grow by 61-64% in Greece, with PV having the biggest RES share.
Summary
The Greek renewable energy market is a growing opportunity for both renewable energy providers and buyers. Renewable energy sources are becoming more and more popular as a result of the significant shift towards sustainability.
Greece is already in the top ten countries worldwide in electricity production from renewables and there is an expected 18.9GW by 2030.
For further information regarding the Greek renewable energy market, download our recently updated Greece Country Overview. It outlines the full energy mix, including plans and expectations for renewable sources, predictions, auctions and the key market drivers.
If you would like to talk to our experts in the Greek market, please contact us.
