Greece is a pioneer in consumer support and the green transition

The Minister of Environment and Energy, Kostas Skrekas, participated and spoke in a debate on the energy security of European consumers and the mitigation of the effects of the international energy crisis, in the framework of the Political Assembly organized by the European People’s Party (EPP) in Lisbon.

“Energy security and the support of Greek consumers in focus”

Mr. Skrekas stated that the Greek Government has already directed 7 billion euros to support consumers in the face of the international energy crisis, while he presented the country’s strategic plan for weaning off Russian fossil fuels. Mr Skrekas noted that Greece has implemented an excess revenue recovery mechanism from power generators, which funds consumers’ electricity bills, and has so far contributed more than €2.5 billion towards subsidizing household and business electricity bills.

Greece is also investing in critical energy infrastructure to safeguard the country’s energy security, such as the IGB pipeline and the FSRUs in Alexandroupolis and Corinth, while upgrading the liquefied natural gas station in Revythoussa, significantly increasing its storage capacity. LNG capacity in Greece is estimated to exceed 20 billion cubic meters within the next two years.

Greece has also achieved electricity demand reductions of up to 13% on a monthly basis. National natural gas demand fell 18% year-on-year and 34% in the last three months, compared to last year.
Also, during his presentation, Mr. Skrekas emphasized that the current design of the electricity market must be re-evaluated, as it cannot serve the green transition and social cohesion at the same time.

“Green transition – The only way to affordable energy prices”

The Minister of Environment and Energy referred extensively to the Greek Government’s initiatives to accelerate the green transition, stressing that it is the only path to mitigating the climate crisis, achieving affordable energy prices for households and businesses, as well as the key to energy security and autonomy, noting that in 2022, an additional 2 GW of RES will be installed in Greece. Greece ranks 2nd in the world, proportional to its GDP, regarding the attractiveness of renewable energy investments, according to the recent Ernst&Young study. The country’s renewable energy capacity, currently at 10 GW, will almost triple by 2030.