February 5, 2023

Athens News

News in English from Greece

Demand for electricity from renewable sources is growing

A significant increase in electricity production from renewable sources in 2022, optimistic forecasts for 2023, as well as maintaining a surplus financing account for renewable energy, despite large outflows for subsidies to electricity consumers, are outlined today in the ΕΛΑΠΕ report.

In particular, RES production in 2022 is expected to close at 19 TWh, which corresponds to 39% of demand, while in 2021 it was 16 TWh and with the prospect of reaching 21.3 TWh in 2023. Also, the installed RES capacity approached 10 GW with a forecast of reaching 12 by the end of 2023.

Statement by President and Managing Director Renewables Manager Giannis Jarentis: “It is now generally accepted that green energy production is moving in a positive direction and clearly shows the climate of optimism that has developed in recent years. This is evidenced by the actively shown investment interest in the field of renewable energy sources.”

He adds: “2022 will close with a total surplus of 347.87 million, of which 256.46 million is accounted for by old projects and 91.4 million by new projects, i.e. activated after 2021. The total surplus in 2023 will be $128.7 million, with the settlement of old projects balancing out and new ones closing at $131.25 million. The results for 2022, as well as the forecasts for 2023, are encouraging (…). The contribution of RES to the Energy Transition Fund is still the most important of all energy resources and technologies, not only through a net transfer of 1.1 billion euros from the ΕΛΑΠΕ surplus, but also through a temporary energy exchange revenue recovery mechanism. Of the approximately $2.8 billion transferred to TEM, $1.7 billion is for renewable energy generation. The total figures show that out of the €2.8 billion, 2.6 are from the main market participants, namely:

It is expected that the proceeds from the sale of rights (emission quotas) from the Χρηματιστηρίου Ρύπων* auction will amount to 1.328 billion euros.”

**Emissions trading is a mechanism for selling rights to pollute the environment. European trading system quotas for emissions greenhouse gases (EU ETS) is the world’s first international scheme trade quotas for harmful emissions and key policy measure EUaimed at combating climate change.

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