Greece’s Golden Age: The Attractiveness to Renewable Energy Sources

Greece's Renewable Energy Sources
Greece’s Renewable Energy Sources

Greece came in second place globally in terms of markets that are outperforming their rivals! Morocco was a victorious country. It was a welcome surprise for the region that Bulgaria, at number 35, made the top 40 list. The market-influencing factors in this section are normalized with the GDP in order to reduce the advantages of larger economies.

The report claims that the average time needed to license green projects in Greece will decrease from five years to just 14 months as a result of the country’s new legislation. In addition, the government’s offshore wind initiative was inaugurated in July after a new law was established. Turkey slid to place 30 in the main RECAI index from position 25 in the previous edition. According to EY, there are issues with the local renewable energy business as a result of the lira’s depreciation.

Normalized RECAI Renewable Energy Sources

The Renewable Energy Country Attractiveness Index for 2022

For the first time ever, Greece’s entire electricity demand charge was satisfied by renewable energy sources. Independent Power Transmission Operator (IPTO) of the nation announced.

On 07/10/2022, Greece produced all of its electricity from renewable sources for at least five hours, reaching a peak of 3,106 megawatt hours.

According to The Green Tank, a Greek environmental think tank, the solar, wind, and hydro made up 46% of the country’s energy mix in the eight months leading up to August of 2022, up from 42% in the same period of 2021.

Energy made in Greece: The Country’s Energy Transition 

Greece, like other European countries, reduced its reliance on Russian gas during the conflict in Ukraine by importing more liquefied natural gas (LNG) to meet its demands. It has also accelerated coal extraction, postponing its decarbonization goal. With the exception of big hydro sources, The Green Tank’s analysis of IPTO data shows that renewable energy sources beat all other energy sources, with fossil gas dropping to the second position for the first time since 2018.

Greece aims for a more than doubling of its green energy capacity and a minimum of 70% of its overall energy consumption by 2030. The government hopes to achieve this aim by attracting around $30 billion in corporate and European investments to the country.

IPTO has been making investments in enlarging the country’s power system in order to boost electricity capacity and enable the uptake of solar, wind, and hydro energy.

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