The tsunami of new photovoltaic installations continues unabated in Greece, as 724 MW were added in May alone, according to the Administrator of Renewable Energy Sources and Guarantees of Origin (DAPEEP).
Based on the latest report, 65 MW of wind power was also connected in May. After these additions, total renewable energy installations reached 18,317 MW, of which 11,646 MW of solar, 5,907 MW of wind, 313 MW in small hydropower plants, 150 MW of biomass- and biogas-fired power plants and 298 MW in cogeneration.
According to Energypress.gr, the market expects a new annual record in renewables installations for the entire year, with 4 GW. The previous record was 2024, when the country added 2.73 GW.
Storage unable to keep up
Investments continue despite ever-worsening conditions, as a result of curtailments and negative wholesale prices that hurt profits. This is especially evident in solar, where certain smaller producers are losing up to 80% of their income in spring months. In fact, threats to commercial viability have triggered notices from banks about project loans and their repayment.
The first standalone energy storage units in Greece were installed in April. So far they have reached about 600 MW in operating power, with a two-hour injection duration, while 1.1 GW is expected by the end of this year.
The government said that storage is set to increase to 1.5 GW by the first half of 2027. However, it is evident that batteries cannot keep up with new photovoltaics. A recent study highlighted that twice as much storage than solar will be needed by 2030.
Greece to remain a net exporter
What this means for the future is that Greece will probably remain a net exporter of electricity to Southeast Europe. This year, large quantities are being exported around noon to neighboring Bulgaria, where they are stored by its much larger battery fleet.
Tsafos: Power export surplus at 438 million
According to data published recently by Deputy Minister of Environment and Energy Nikos Tsafos, the export-import balance amounted to a surplus of more than EUR 438 million in the first six months, versus a deficit of EUR 575 milllion just three years earlier.
Renewables account in the red
DAPEEP also mentioned that the special renewable energy account had a cumulative deficit of EUR 53.48 million in May, primarily for older categories of plants, benefiting from subsidies.
Specifically, the part of the account that deals with these facilities had a deficit of EUR 196.88 million, while the sub-account handling newer projects with contracts for difference (CfD) had an EUR 142.32 million surplus.
