Jeffrey Pyatt’s message to American investors: Opportunities abound in the Greek energy sector

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US Secretary of State Jeffrey Pyatt referred to the incentives of the Inflation Reduction Act, noting that our country is a stable partner of the US

“Opportunities abound in the Greek energy sector” was the message sent to international investors by the US Deputy Secretary of State responsible for Energy Resources, Geoffrey Pyatt, during his speech at Capital Link’s annual Greek investment conference in New York.

The American deputy minister made reference to the incentives of the Inflation Reduction Act, noting that our country is a stable partner of the USA that will continue to play a central role in European energy security and energy transition. “Now that Russia has proven once and for all that it is an unreliable energy supplier, Greece’s role as an energy hub in south-eastern Europe, with access to supplies from around the world, is more critical than ever. American LNG suppliers and service providers have increased their exports to Greece and the rest of Europe,” he pointed out.

Mr Payat argued that Greece’s emergence as an energy hub was made possible thanks to long-term investments in projects such as the Greece-Bulgaria Interconnection, the Revythoussa LNG terminal and the Trans-Adriatic Pipeline. In this light, he estimated that Greece’s regional importance will continue to grow when the Alexandroupoli Floating LNG Storage and Gasification Terminal (FSRU) and the Interconnection Greece – North Macedonia (IGNM) pipeline are implemented. Improving and expanding this infrastructure while minimizing the carbon footprint is another promising area for investors to consider, he said.

Regarding the promising prospects presented by our country for American investments in the field of of Renewable Energy Sources, Mr. Pyatt underlined that “Greece is home to a growing renewable energy sector, with growth potential in wind, solar and green hydrogen. The $369 billion in the recently passed Inflation Reduction Act will significantly boost research, development, and market deployment of these technologies both in the United States and abroad. American ingenuity and investment acumen will play an important role in stimulating this sector. This greatly complements Greece’s efforts to leverage EU recovery funds to strengthen its leading role in the green transition. There are many outstanding examples of Greek leadership in the energy transition, from Prime Minister Mitsotakis’ bold decision to accelerate the phasing out of lignite, to the pioneering example of Advent Technologies’ Green HiPo hydrogen project in Boston, and the increase in wind energy investment by US companies, like 547 Energy and Ameresco.”

At the same time, the American undersecretary also referred to examples of Greek companies that expanded their production activities in the USA, such as the Sunlight battery company that focuses on the booming energy storage market and the Hellenic Cables company that invests in an unused production plant in the state of Maryland . With this data, he pointed out that transatlantic investments demonstrate how the transition to clean energy is beneficial not only for the planet but also for all economies.

Concluding his speech, Jeffrey Pyatt sent the message that the American government sees Greece as an attractive investment destination. Therefore, it looks forward to supporting energy companies interested in investing or joint ventures in Greece, while welcoming Greek companies interested in investing in the US. “Greece-American relations continue to be strong – politically, economically and militarily. The joy is particularly great for Greece-US investment partnerships, declaring the intention to continue efforts for Europe’s energy security this winter and beyond, while increasing investments for the transition to clean energy,” he emphasized.

RES-EMP

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