Greece is developing into an electricity export powerhouse for 2024, according to data released by the Institute of Energy for Southeast Europe (IENE).
The Institute, has reported that the country’s electricity exports in 2024 for the Jan-Nov period, reached 5.7 TWh (terawatt-hours), reflecting an increase of 76% compared to the same period in 2023 (3.2 TWh).
During the same period, total net imports dropped to 1.2 TWh, a significant drop of 77.3% compared to 5.1 TWh in 2023.
This performance indicates that Greece has surpassed the target set in the revised National Energy and Climate Plan (NECP), which aims for the country to export 3.5 TWh of “green” electricity annually by 2035, as renewable energy sources are expected to account for 95.6% of power generation by then.
The goal for green electricity exports is even higher for 2045, set at 11 TWh, a development anticipated to reduce electricity costs. IENE researchers emphasize that this will contribute towards the reduction of electricity imports which will result in lower prices for the average consumer.
Regarding the energy generation mix in 2024 compared to 2023, there was increased use of natural gas of 39% and renewable energy sources (RES) of 48%, alongside a significant decline in the use of hydropower, lignite, and net imports.
However, the IENE report on energy sector trends during the first ten months of 2024 highlights a major issue with rejected “green” energy. This occurs due to low demand and the system’s inability to absorb the electricity produced by solar and wind farms during the day, a measure necessary to avoid widespread blackouts.
As for Greece’s total natural gas imports during the first ten months of 2024, they amounted to 51.9 TWh, a 14% increase compared to the same period in 2023. Of these, 25% was LNG imported via the Revithoussa terminal, while 54% was Russian Gas coming through Sidirokastro gateway.
The contribution of LNG was notably smaller due to the competitive prices of imported Russian pipeline gas. In the first ten months of 2024, Russian natural gas accounted for at least 59.1% of the country’s total natural gas imports.
