Country Overview
The Hellenic Republic (Greece) is bordered by Albania, North Macedonia, Bulgaria, Turkey, Aegean Sea, Ionian Sea, Sea of Crete, and Mediterranean Sea. The population of Greece is approximately 10.33 million people.
In 2022, Greece’s economy was ranked 54th in the world in gross domestic product (GDP). The country’s economy is dependent on merchant shipping, tourism, and the export of refined petroleum, packaged medicaments, aluminum plating, raw cotton, and cheese.
Environmental Policies
In 2008, Greece initiated energy reforms including creation of power networks, improving grid security, and moving from fossil-fuels (coal, petroleum, and natural gas) to renewable energy.
In 2009, Greece as a member of the European Union (EU) committed to the Renewable Energy Directive, which requires each country to use renewable energy for 20% of its total energy needs by 2020 and 27% by 2030.
In 2016, the Greece as a member of the European Union (EU) signed the Paris Climate Agreement. The EU committed to a 40% reduction in greenhouse gas emission by 2030 compared to 1990 levels.
Power Generation Capabilities
In 2021, 100% of the people in Greece had access to electricity. In 2022, utilities used renewable energy (43.3%), natural gas (37.3%), coal (10.4%), and oil (9.0%) to generate electricity in Greece. Wind, solar, and hydropower are the dominant types of renewable energy used to generate electricity in Greece.
Recent renewable energy projects in Greece include:
- 230 MW Onshore Solar Projects – In May 2023, Greece’s state-owned Public Power Corporation commissioned three solar projects with a total capacity of 230 MW at sites approximately 250 miles northwest of the nation’s capital.
- 200 MW Onshore Solar + 100 MW Energy Storage + 50 MW Hydrogen Electrolyzer Project – British company, Hive Energy is continuing work on a solar, lithium-ion battery storage, and electrolyzer project capable of producing 16 tons of hydrogen per day in Greece.
- 204 MW Onshore Solar Project – In April 2022, German renewable energy company, Juwi Holding AG commissioned the Kozani solar project, which is located in northern Greece.
- 120 MW Floating Solar Projects – Greek conglomerate, GEK Terna is continuing work on a floating solar project on the Kastraki water reservoir in central Greece. The project is scheduled to be commissioned by year-end 2023.
- 103 MW Floating Solar Projects – GEK Terna is continuing work on a floating solar project on the Pournari water reservoir in central Greece. The project is scheduled to be commissioned by year-end 2023.
- 102 MW Onshore Wind Projects – Spanish utility, Iberdrola is continuing work on the Askio II, Askio III, and Rokani wind projects, which are located in northern Greece. The projects are scheduled to be commissioned by year-end 2023.
- 50 MW Floating Solar Project – In April 2022, Greece’s state owned utility, Public Power Corporation commissioned a floating solar project on the Haliacmon River in northern Greece.
- 42 MW Floating Solar Projects – In December 2022, GEK Terna commissioned a floating solar project on Lake Stratos in central Greece.
- 6 MW Onshore Wind Project – In June 2022, Iberdrola commissioned the Mikronoros wind project, which is located in northeastern Greece.
- 5 MW Solar + 10 MWh Energy Storage Project – Greece’s state-owned utility, Public Power Corporation is continuing work on a solar plus battery energy storage system (BESS) project on the island of Astypalaia in the Aegean Sea. The projects are scheduled to be commissioned by June 2025.
Conclusions
Greece imports fossil fuels (coal, oil, and natural gas) for power generation, heating, and transportation. In 2021, the nation imported U.S. $19.7 Billion for crude oil, U.S. $6.53 Billion for refined petroleum, and U.S. $4.39 Billion for natural gas.
On 24 February 2022, Russia invaded Ukraine, prompting the European Union, United Kingdom, United States, Canada, Japan, South Korea, Australia, and New Zealand to place economic sanctions on Russian imports and exports. As a result, the crude oil and natural gas prices increased by over 50% from May 2021 to May 2022.
Greece has significant undeveloped renewable energy resources, including offshore wind, solar, onshore wind, biomass, and hydropower. Volatile fossil fuel prices have accelerated Greece’s development of new renewable energy projects.
Jack Kerfoot
Website – “Our Energy Conundrum”
www.jackkerfoot.com
Jack Kerfoot is a scientist, energy expert, and author of the book FUELING AMERICA, An Insider’s Journey and articles for The Hill, one of the largest independent political news sites in the United States. He has been interviewed on over 100 radio, podcast, and television stations from New York City to Los Angeles on a diverse range of energy issues.