In its quest to become as green as possible, Greece is attracting new international investors as it continues to offer generous subsidies for renewables where other European countries have stopped.
New developments are on the horizon as higher power prices continue to attract international investors. And while other European countries have started phasing out subsidies, Greece is still going strong, with a successful renewables auction program set to run until 2024.
“Greece is finally becoming a contemporarily advanced electricity market,” says Thanasis Tsantilas, chairman and managing director of Rokas Renewables. The country has already attracted major European power companies, from Iberdrola SA to Electricité de France SA, to develop their renewables projects in Greece.
The European country’s last coal plant will be phased out by 2025, with an aim to have a power mix composed of 95% renewables by 2050. Electricity market reforms have also been introduced so Greece aligns with the EU’s plans to have an integrated power market.