Intense investment interest from Greek and foreign investors in the sector of renewable energy sources in Greece, industry bodies find that despite the abolition of the guaranteed absorption prices of ““green” energy and the phenomenon of power cutbacks in periods of oversupply.

However, they point out the need to address institutional and financial issues that will facilitate the further development of the market with the ultimate goal of the complete decarbonization of the energy system.

The new landscape that is taking shape in the sector was described in a joint event by the representatives of the Hellenic Association of Electricity Producers from Renewable Energy Sources (ESHAPE) and the Hellenic Scientific Association of Wind Energy (ELETAEN), noting that the model on which the development of RES has been based until now and which brought our country to the top positions internationally in this particular field cannot be maintained.

The key elements they point to as necessary for green energy to be produced at competitive prices (to help contain costs but also to ensure export growth as all countries develop RES) are:

  • Development of storage so that “green” energy is also available when it is not windy or sunny and to limit the cuts in RES production that are now applied in periods of excess supply, for reasons of grid security. Cuts last year reached 2% of production and this year – as more renewables enter the system – it is estimated that they will be many times that.
  • Electrification of sectors of the economy such as transport and heating to increase consumption that can be covered by RES.
  • Development of networks for exports.
  • Change the legislation that regulates the priorities in the commitment of the electricity space, in order to give more emphasis to wind over solar.
  • Dealing with the deficit in the RES financing account, in principle by increasing the revenues from the auctions of polluting emission rights and by utilizing funds from the Recovery Fund. As highlighted, the shortfall is due to the old units being compensated with high guaranteed prices. The new units collect lower prices from the system while from now on there will be no guaranteed prices but the producers will participate in the market and will be compensated with the Stock Exchange prices.