Greece offers major opportunities for direct investments in the energy sector as it already constitutes an energy hub and presents a great scope in its renewables market amid its ongoing transition from lignite to greener forms of energy, according to a new report by global consultancy AFRY.
This independent report on Greece, commissioned by China Energy Europe Renewable Energy Holding SA, examines the constant evolution of the Greek market through six dimensions: the transformation of the energy mix, the challenges arising from the rapid increase in installed photovoltaic capacity, market response mechanisms and policy interventions, the investment dynamics in grid infrastructure and energy storage, the reshaping of the competitive landscape, as well as the path toward regional energy integration.
Titled: “Greece as a Southeast European Energy Hub – Integration, flexibility (shortage) and the road ahead,” the report provides an in-depth analysis of the current renewable energy landscape in Greece, highlighting the key challenges as well as emerging investment opportunities for international energy companies operating or interested in investing in RES projects in the country.
It said that over the past five years, Greece has undergone a significant structural transformation in the electricity sector. The country has moved from a lignite-dominated system dependent on net imports to one characterized by high penetration of renewable energy sources and an increasing degree of regional integration. This has consolidated Greece as an important emerging energy hub in Southeast Europe.
At the same time, the AFRY report says that the rapid development of RES, particularly photovoltaics, has put increased pressure on both electricity transmission networks and wholesale market balancing mechanisms. In this light, it stressed that the next energy transition phase will focus on enhancing system flexibility, so as to effectively balance supply and demand.
Looking ahead, Greece is expected to step up investments in electricity grid and energy storage infrastructure, as demonstrated by the Crete-Attica electricity interconnection project, as well as a series of planned large-scale energy storage projects. The report concludes that the Greek renewables sector continues to offer significant growth and innovation prospects.
The report’s publication confirms the lasting commitment of China Energy Europe Renewable Energy Holdings SA in investing in Greece’s energy transition. The Chinese company stated that by promoting sustainable local development, it continues to play an active role in strengthening the dialogue and cooperation between China and Europe in the RES field.