In the Greek market, major energy players are positioning themselves to capture a share of a pie that, in electricity alone, is estimated at around €13 billion. The electricity market is becoming increasingly concentrated in the hands of a few players, primarily vertically integrated groups, following a trajectory similar to that of the telecommunications sector.
At the same time, other players are building positions through investments aimed at expanding into Balkan markets.
The HERON–NRG deal in electricity
Within the first three months of 2026, the agreement between GEK TERNA and Motor Oil for the consolidation of their electricity supply subsidiaries, HERON and NRG, is expected to be implemented. The joint venture is awaiting approval from the Hellenic Competition Commission in order to proceed.
The new entity will have 1.5 GW of flexible power generation capacity, with its flagship asset being Thermoilektriki Komotinis S.A., the joint natural gas-fired power plant of the two groups with a capacity of 877 MW. Once operational, the new company is expected to hold a 17% market share in electricity, serve 550,000 customers, and command an 11% share in natural gas.
The HERON–NRG joint venture is targeting a 30% market share by 2030, leveraging opportunities among smaller suppliers (4 TWh) and anticipated growth in electricity demand (8 TWh) over the next five years.
According to AXIA, the valuation of the new entity is estimated at €1.4 billion.
AKTOR’s moves
The AKTOR Group is also making a new entry into the energy sector.
Beyond building a renewable energy portfolio — further strengthened by a deal completed at the end of 2025 — AKTOR aims to reach 1.3 GW of operational renewables by 2028, through a project and licensing portfolio totaling 2.4 GW.
Two months before the end of 2025, AKTOR announced the establishment of a joint venture with DEPA Commercial for the trading and transport of LNG. In ATLANTIC, AKTOR holds a majority stake and has already concluded agreements for the transportation of LNG volumes via the Vertical Corridor to Balkan countries and Ukraine.
Nevertheless, Alexandros Exarchou, Chairman and CEO of AKTOR Group, did not rule out investments in natural gas-fired power generation or in FSRU infrastructure.
Should AKTOR proceed with these moves, it would clearly emerge as a new player in Greece’s domestic electricity market.
DEPA Commercial’s natural gas power plant
The AKTOR–DEPA Commercial alliance in LNG has fueled scenarios regarding AKTOR’s participation in DEPA Commercial’s project — developed with Israeli funds and Volton — for the construction of a 792 MW natural gas power plant in Larissa.
According to available information, shareholders in the company developing the combined-cycle gas turbine (CCGT) plant are expected to take a final investment decision within 2026.
DEPA Commercial also holds a 29% stake in an 840 MW power plant being built in Alexandroupolis with PPC as the lead investor, and a 34% stake in a 174 MW power plant in Albania, where GEK TERNA is the main investor.
It should also be noted that DEPA Commercial operates in electricity and natural gas supply through its subsidiary Fysiko Aerio Elladas.
PPC’s €10+ billion energy investments
A different track is being followed by Public Power Corporation (PPC).
Recently, during its Capital Markets Day in London, PPC’s management presented its new three-year business plan for 2026–2028.
The PPC Group plans investments totaling €10.1 billion in the coming years, targeting EBITDA of €2.9 billion by 2028, while aiming to have 12.7 GW of installed renewable energy capacity in Southeast Europe within three years. At the same time, it is placing strong emphasis on flexible power generation (gas-fired plants, batteries, pumped storage, and hydropower) in Romania, Bulgaria, Italy, Croatia, and, of course, Greece.
PPC aims to evolve into a powertech leader in Southeast Europe and, to that end, is also planning investments in data center development in Western Macedonia.
Until these ambitious plans materialize, PPC’s management has decided that 2026 will be the final year of lignite-based power generation.
Enerwave: HELLENiQ ENERGY’s new face in electricity and gas
Meanwhile, HELLENiQ ENERGY is significantly strengthening its retail footprint following the acquisition of 100% of Elpedison, sharply intensifying competition. The new company, operating under the name Enerwave, is targeting a 12% market share in 2026, up from 6.39% today.
At the same time, it plans to double its installed capacity from 1.3 GW today (renewables and thermal units) to 2.6 GW over the next three to five years.
Developments are also expected regarding the future of the Thessaloniki FSRU, as well as a third license for an 826 MW combined-cycle gas unit acquired in 2019. What is certain is management’s decision to fully upgrade the 420 MW power plant in Thisvi, Boeotia, with completion scheduled for 2027.
Motor Oil’s moves in renewables and FSRU
Beyond its power deal with GEK TERNA, Motor Oil Group is also deepening its footprint in the energy sector.
Through MORE Energy, which manages the group’s renewable portfolio, Motor Oil has emerged as a regional leader in renewables, primarily wind power, with a total installed capacity of 847 MW.
MORE Energy is systematically investing in wind and solar parks, as well as energy storage systems that enhance the stability of the national electricity distribution network. Projects are progressing toward a goal of exceeding 2 GW of installed capacity and €250 million in EBITDA by 2030.
During 2026, Motor Oil is expected to make decisions regarding the implementation of its FSRU investment. The “Dioriga Gas” project will be located offshore from the Corinth refinery and, if constructed, will constitute an additional entry and transit point for LNG into Eastern Europe.
Metlen: a pioneer in energy
The expansion race among large vertically integrated groups began earlier with Metlen, which acquired Watt + Volt, Volterra, Unison, and EfA Energy. The company now aims to increase its market share from around 20% today to 30% by 2026, either through further acquisitions or organic growth.
Metlen holds the second-largest share in electricity supply after PPC and is the largest independent power producer in Greece.
Buoyed by its listing on the London Stock Exchange, the company has also moved more dynamically into LNG trading, recently delivering its first U.S. cargo to meet demand in the Bulgarian market.