Greece has an energy problem

Greece has an energy problem.

And it's bigger than most realise.

The dependence problem

Greece is almost entirely dependent on imports for both gas and oil.

In 2024:

• Greece imported ~78% of the energy it consumes (vs. EU avg. 58%), up from 71% in 2018.

• Oil made up 52% of our primary energy supply (vs. EU avg. 37%); only Cyprus and Malta are higher.

• Gas consumption surged 30% to 6.2 bcm. Greece was one of only two EU countries (alongside Poland) to actually increase gas use against reduction targets, while the rest of Europe cut back.

The Russian risk

Gas generates 41% of Greece's electricity (2025)...

Despite EU-wide efforts to cut ties with Russian energy, Russian gas still accounted for 54% of Greece's gas imports in 2024 (+23% increase vs. 2021).

Last week, Russia warned it may stop supplying gas to Europe. That could, in theory, happen overnight.

The cost to households

Retail electricity prices in 2025 are 46% higher than 2019.

Adjusted for purchasing power, Greece is the 4th most expensive country for electricity in the entire EU (2024). Nearly 1 in 3 households (28.7%) struggle to afford energy. 17.7% can't keep their homes cool in summer.

During Athens' 2025 heatwave, 175 people died, 96 deaths directly linked to climate change.

The grid bottleneck

Here's the paradox.

Renewables hit a record 56% of electricity demand in 2025. Greece ranks 3rd in the EU for solar, behind only Hungary and Cyprus.

Yet 2 TWh of clean energy was wasted in 2025 (double prior year) because the grid can't absorb it. That's ~3.5% of Greece's total electricity demand, wasted. And the rise in wasted clean energy almost exactly mirrors the rise in gas burned to fill the gap.

By 2026, energy waste is expected to reach 3.5 TWh (+75% vs 2025).

The consequences are already visible:

• Solar producers lost ~20% of revenue in 2025

• Over 2,200 solar parks sold or transferred in just two years

• Banks are refusing to finance new storage projects

• Gas-fired power hit a 10-year high in 2025

• Electricity sector emissions ran 55% above the National Energy and Climate Plan target

In short, Greece is generating the green power. It just can't use it. Destroying investor confidence and forcing Greece to burn more gas.

What's next?

The EU just approved €400 million in state aid for Greece's clean tech transition.

The money is flowing. Now the grid, storage, and infrastructure need to catch up.

More on that soon.

Sources

• IENE – Greece’s energy dependence has reached alarming levels (71% in 2018 → ~80% in 2022–24)

• Enerdata – Greece energy market: oil share of primary energy, import dependence, Russian gas share, gas demand (2024)

• Eurostat – Energy statistics: an overview (EU energy dependence and oil averages)

• S&P Global / DESFA – Greek gas consumption jumps by 30% in 2024 on power sector demand

• IEEFA – EU gas imports fall; Greece and Poland increasing gas use vs. REPowerEU reduction

• Global Legal Insights – Energy laws and regulations: Greece (gas share of power)

• Balkan Green Energy News – Renewables keep top spot in Greece’s power mix despite surge in curtailments

• Parapolitika (Tsipras Institute / Eurostat) – Greece ranks 4th most expensive EU country for energy costs

• PulseZ – Heatwave and energy poverty in Greece, 2025

• Balkan Green Energy News – Greece achieves record renewables output but also curtailments in 2025

• The Green Tank – Trends in electricity production, December 2025

• The Green Tank – Climate Book 2026: energy review (power-sector emissions vs. NECP path)

• PV Magazine – Greek PV producers fret 3.5 TWh of curtailments in 2026

• Greek City Times / Ember – Greece ranks among top renewable power leaders

• Euronews – €400 million in EU funding approved to help Greece achieve net zero emissions