GEOTHERMAL ENERGY IN GREECE

June 19, 2019

The Greek Renewable Energy Sources (RES) sector is currently experiencing a revival as the move to a market model and sector stability arising from the introduction of national RES tenders are making it of considerable interest to investors. Recent measures implemented to reform the Greek energy market have led to the establishment of solid frameworks that will allow the exploitation of additional energy sources that have, so far, remained untouched. This briefing focusses on the newly issued Law 4602/2019 (the “Law”) that sets out the main principles for the exploration, exploitation and management of Greece's geothermal potential which constitutes an integral part of the National Energy and Climate Plan for 2030 submitted to the European Commission, and sets out the national strategy for the coming years. Geothermal energy is a resource which has very limited negative environmental impact and can contribute significantly to a nation’s energy autonomy and security. Its potential is particularly significant as, in comparison with other traditional RES sources (such as photovoltaic parks and wind farms), its generation capacity remains unaffected regardless of weather conditions, seasonal differences or the time of day.

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