Greece will need to invest in 4 to 8 GW in energy storage capacity by 2030 to achieve the 27 GW renewable energy target set in National Energy and Climate Plan (NECP). Securing the funding for energy storage investments is one of the key challenges for the new Energy Ministry.
It is still unclear how much funding support can be secured for this purpose through the Recovery and Resilience Facility (RRF). It is estimated that more than a billion euros will be needed to support investments for energy storage units offering between 4 to 6 GW in capacity. This means that the new RES objectives in the NECP, once updated, must be kept within realistic targets.
In addition to battery storage, NECP revision from early 2023 envisages the construction of pump storage HPPs with a total capacity of 700 MW by 2030, through two facilities at Sfikia and Thisavros, which will be built by state-controlled PPC.
Terna Energy also plans the construction of 680 MW pump-storage HPP in Amfilohia, whose completion would take the country’s capacity to 1,380 MW.
