Greece’s great energy opportunity at the Davos Forum

By Rhett Power

Europe is in the midst of a huge energy crisis, with gas and electricity prices soaring to unprecedented levels. One of the recurring debates is how Europe – and the rest of the world – will replace Russian energy. Many are wondering if the war in Ukraine is the catalyst the world needed to move towards more sustainable energy sources worldwide.

As European Union member states consult on measures to help them break free from Russian fossil fuels and improve their coal plan, there is a country that believes it could play an important role in the new energy future. .

Greece – for the first time – will attend the annual summit of the World Economic Forum (WEF) from 22 to 26 May 2022 in Davos, Switzerland. Greek House Davos (GHD – Greek House in Davos) is going to open its doors to give Greek companies the opportunity to explore new markets and global opportunities.

Irini Vantaraki, founder and director of GHD, believes that Greece now offers “the right conditions to attract significant foreign investment in energy and other sectors. I believe that investment is the best tool for growth that will lead Greece to prosperity”.

Given the uncertain future, Greece is in a unique position – both in terms of resources and geography – to play an important role in the energy market of the region. In the year 2022, energy is an extremely profitable and attractive investment opportunity.

Greece’s energy potential and investment opportunities

In Greece there are many possibilities in the fields of wind, hydroelectric, solar, solar and geothermal energy, as well as biomass. It is also involved in many promising large-scale infrastructure projects, such as the TAP – IGB – EastMed gas pipelines.

31 of the 182 kilometers of the Interconnector Greece-Bulgaria (IGB) pipeline will be located on Greek territory. This project is designed to be a strategic way of transporting natural gas, ensuring a healthy natural gas market and security of supply for Greece.

Studies show that Greece’s prospects in the biomass and biogas sector have a bright future. The country imports only 1% of the biodiesel it needs and produces 90% of its needs domestically.

Solar power

The level of radiation in Greece exceeds on average 1,500 kWh / m2. This is due to the 4.1 million m2 (2.9 GWth) of installed solar thermal systems, which makes the country second after Germany in capacity. Moreover, Greece lags only behind Cyprus and Austria in terms of the per capita proportion of installed collector surfaces. Therefore, Greece has huge potential for the installation of larger solar thermal systems. Solar energy accounts for 10.4% of the country’s annual energy production.

Solar energy is an attractive area for investment due to:

significant opportunities to enter a developing market, and

– a wide range of cooperative structures.

Wind power

Greece’s geographical location makes it a potentially ideal producer of wind energy, as its location stands out on the European continent. Its average power rates are around 25% on the mainland and 30% on the islands. In total, it produces energy from 10,000 to 12,000 megawatts.

Investing in this sector is attractive due to:

– the high quality of the country’s wind resources

the possibility for priority allocation of system administrators

– the modern auction system

– the 20-year electricity purchase agreements (PPAs)

– a long-term legislative framework for favorable and reliable investments

Hydropower

Greece has significantly increased its hydroelectric power by 336 megawatts between 2008 and 2020. From the total energy consumption in Greece in 2010, the share of wind energy amounted to about 3.7%. In 2021, the country had 128 new wind turbines installed in 12 months. The potential of hydroelectric energy in the country is already significant and is on the rise.

Hydroelectric power could be a prudent investment due to its huge potential and growth compared to other European countries.

Biomass and biofuels

Biomass represents about 67% of the total energy produced from renewable energy sources in Greece. Of this amount, 60% of biodiesel is produced from oilseeds, 27% from used vegetable oils, frying oils and animal fats and the rest from cotton seeds.

On the plus side:

– Plenty of raw materials

– Government commitment to increase the use of biofuels

– Long-term legal framework for favorable and reliable investments.

Why Greece?

Greece is a pioneer in the development of renewable energy sources, as it prepares to face the challenges of the future. The Greek Prime Minister promised to make Greece a world leader in the fight to slow down climate change and reduce the environmental carbon footprint. “Economic growth is inextricably linked to becoming as energy-independent as possible,” he said. Thus, the sector of renewable energy sources in Greece presents exponential growth, with many potentials.

The main reasons are:

– Strategic position: Greece is located at the crossroads of East and West and can be a key factor in energy transfer.

– Power generation capability: Due to the climatic conditions, Greece has a remarkable potential for the production of energy from renewable sources, which could significantly affect the available energy throughout Europe.

– Legislation and government support: The Ministry of Environment & Energy as well as the Development of Greece have encouraged many investment projects, such as the TAP gas pipeline, the liquefied natural gas terminal in Revythousa and other large investments in renewable energy sources. In addition, their regulatory framework provides ample opportunities for investment in various areas of the energy market.

With the global shift towards renewable and green energy sources, this market is in a process of “transformation” that will give greater impetus to growth.

Ms. Vantaraki believes that “this is the ideal time for investments in energy and business in Greece.” Hellenic House “has the know-how to ensure that investments will prosper, as the future of renewable energy sources” blooms “and I want to see the Greek state and its citizens prosper and live better days.I believe we have a lot of talented people who can succeed globally with the right organization and support.It’s time for Greek businesses to open up and “Develop globally. Davos will open the door to opportunities.”

According to Ms. Vantaraki, investment opportunities are located in:

– privatized assets

– new infrastructure, in particular for gas transmission

– international tenders for hydrocarbon exploration

– renewable energy projects

energy – efficient businesses and investments, and

– the connectivity of the island network

The World Economic Forum will give Greek companies the opportunity to appear on the world stage. The question is whether the rest of Europe will give due importance to the progress made by Greece and whether Greek businessmen will seize the opportunity.