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diciembre 23, 2024

Greek Wind Energy Faces Limited Growth in 2024 but Holds Expectations for 2025

Panagiotis Papastamatiou, CEO of the Hellenic Wind Energy Association, stated that 2024 was not a favorable year for the sector. However, there are positive expectations for the coming year, with 1 GW under construction and a target of reaching 6.5 GW of installed capacity within a year and a half. He also pointed out that the main issue lies in delays in the licensing process and an “over-licensing of photovoltaics.”
By Emilia Lardizabal

By Emilia Lardizabal

diciembre 23, 2024
hwea greek renewable wind energy grecia renovable 2024 energía eólica wind energy

In 2024, wind energy in Greece experienced moderate growth, reaching approx. 5.5 GW of installed capacity. During the first half of the year, less than 100 MW of new projects were connected, a significant drop compared to previous years when development was more dynamic. This performance positions 2024 as a period of limited expansion for the wind sector.

“This year was not good for wind energy in Greece,” said Panagiotis Papastamatiou,  CEO of the Hellenic Wind Energy Association (HWEA), during an interview with Energía Estratégica España. Nevertheless, he emphasized that the sector has 1 GW under construction, paving the way for significant progress in 2025.

“We expect to reach around 6.5 gigawatts in a year and a half, as Greece’s wind energy will be the main driver of future development, as the country is endowed with richer wind potential compared to its neighboring countries,” he added.

Administrative Barriers and Technological Challenges

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Despite the country’s significant potential for technological development, the sector faces numerous administrative and regulatory challenges that hinder project progress.

According to Papastamatiou, delays in the licensing process are among the main issues. “Administrative constraints cause more delays for wind energy than for other technologies. Although legislation has improved in recent years, problems persist, and there is a lack of proper enforcement by local and regional authorities,” he explained.

Another key challenge is the electrification of the economy and increasing electricity demand by substituting fossil fuels at end uses. The association’s representative warned that if clean electricity demand is not boosted, “renewables penetration  will be limited, and the entire progress of the energy transition will face severe difficulties.”

Additionally, Papastamatiou highlighted the imbalance in the technological mix as a significant issue for the Greek market, with an “over-licensing of photovoltaic projects” impacting the market and grid. This imbalance leads to greater energy production curtailments during periods of high solar generation.

“This increases the need for storage solutions at a level higher than the optimum, and thus representing an unnecessary additional cost to the system,” Papastamatiou emphasized.

Necessary Measures to Overcome Barriers

To address these obstacles, Papastamatiou underscored the need to acceleratemore grid connection licenses for wind projects instead of PVs to reduce curtailments and to develop storage solutions at an optimum mix.

“Our proposal and expectation  are for the system operator to issue significantly more grid connection licenses for wind farms,” he said. He also mentioned that they are urging the central Ministry of Energy to exert greater control over the implementation of licensing legislation to ensure compliance with deadlines and criteria by the local and regional authorities and by the other competent Ministries.

Regarding electrification, more investments are needed in industrial processes and to expand electricity access to industries and buildings.

Evolution of Corporate PPAs

Papastamatiou affirmed that the potential and advantage of wind energy in Greece are reflected in the prices of Power Purchase Agreements (PPAs) and the value of each technology in the daily electricity market.

Although data on corporate PPAs are not public, the sector shows signs of increasing prices. According to data from public auctions for state-supported contracts (CfD) conducted over two years ago, the lowest average price was 55 euros/MWh.

However, the impact of inflation, COVID-19, and supply chain issues has driven prices and costs upward, suggesting that corporate PPA prices are expected to significantly exceed these figures, according to HWEA’s representative.

Offshore Wind Energy: A Look Toward the Future

Greece is also advancing in offshore wind energy development, aiming for 1.9 GW by 2030 and up to 12 GW by 2050. By 2027, the first auction for offshore projects are expected to be  launched following pre-development work led by the state agency.

Papastamatiou emphasized that offshore wind energy represents a strategic opportunity for Greece, allowing the country to harness its unique wind potential in southeastern Europe and generate electricity exports to neighboring countries, such as the Balkans &  Hungary and central & northern Europe.

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