Prime Minister Kyriakos Mitsotakis visited in the morning the construction site where the pumped storage unit of Amfilochiawhich is the largest large-scale energy storage investment in Greece, amounting to 650 million euros, with the aim of supporting the further penetration of renewable sources in the country’s energy mix.

“Here in the mountains of Amfilochia, a pioneering project is underway, not only for Greek but also for European data. This important pump-saving project should essentially be imagined as a very large battery. When we have a surplus of electricity we move water from the low reservoir to the high one and whenever the system needs electricity it is exactly the reverse course.

This project is particularly important because, as Mr. Peristeris said, it will ultimately reduce the cost of electricity and allow us to use more renewable energy sources and utilize them in the best possible way,” said the Prime Minister, after being guided around the construction site and informed about the progress of the works by the President and CEO of GEK TERNA, George Peristerisand the project manager Dimitris Vrago.

“It is a project that is financed by the Recovery Fund with 250 million and when it is completed, within the next two to three years, it will have a very important added value for the overall stability of the electricity system, as we cannot expect the maximum possible penetration of renewable energy sources without having storage methods.

And pumped storage is the storage method that has the greatest added value, as this construction site will employ almost 1,000 workers in its full development, so we are also talking about many more jobs for the wider region of Etoloakarnania. So, we look forward to the quick completion of this very innovative, as I said, also for the European data project and with the good of meeting here again to inaugurate it”, added Kyriakos Mitsotakis.

“It is a project that has a very high domestic added value, 70% will remain in Greece from the cost of the project in contrast to other storage systems. And we are moving fast with great employment. We believe that in a few years this will be able to serve the electricity system of the entire country and allow the further penetration of RES so that Greece becomes more self-sufficient and cheaper in electricity”, said Mr. Pigeon.

Benefits for the electricity system, lower electricity costs for consumers and jobs

The pumped storage station in Amfilochia will have a total capacity of 680 MW and the ability to produce more than 800 gigawatt hours of green energy per year, helping to reduce the use of imported fuels and serving the goals of the green transition.

The total benefits of its integration into the electricity system are estimated to exceed 120 million euros per year, with a significant reduction in electricity costs for consumers.

About 1,000 jobs are created for the construction of the station, which will have two independent upper reservoirs. During the operational phase, 60 new jobs will be created, involving specialized and support staff.

The technical studies of the project, which is expected to contribute to the transfer of energy between Greece and other countries, were co-financed by the “Connecting Europe Facility” program, while part of the total investment is financed by the Recovery and Resilience Mechanism.