Greece - Country Commercial Guide
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Following the crisis in Ukraine, Greece has focused on reducing its reliance on Russian gas, diversifying its supply and increasing domestic energy production. With its geographic position, mild weather and multiple ongoing and planned projects, Greece is poised to become a regional energy hub and a gateway for the entry of energy resources into Europe. Following a long period of underinvestment during the financial crisis, the war in Ukraine and Europe’s need for energy diversification has further accelerated the development of energy projects in Greece. The Trans Adriatic Pipeline was completed in 2020 and the Greece-Bulgaria Interconnector became operational in October 2022, enabling increased energy flows through Greece. A new floating storage regasification unit (FSRU) located off the port of Alexandroupoli, already in the development stages before the crisis, is expected to be completed by early 2024, with other FSRU projects in various stages of development. The country will continue to rely on both natural gas and renewable energy sources in the face of continued geopolitical challenges, sustained inflation and high electricity costs.

Greece has one of the most ambitious climate change agendas in the European Union, including a plan to phase out all coal-powered electricity by 2028, reduce total greenhouse gas emissions by 55% by 2030 and reach net zero emissions by 2050. The government has dedicated around 44 billion Euro to transform Greece’s energy sector and increase capacity from 9GW to 28 GW, in addition to tripling the volume for LNG storage. Greece’s electricity transmission and distribution system operators are investing billions of Euros in grid infrastructure and smart technology to be able to accommodate more than 13 GW of renewable energy by 2030. An infusion of foreign investment into the high and low voltage grid operators and the natural gas distributor has created potential for greater growth and adoption of modern infrastructure. There are multiple high profile electricity interconnector projects in discussion which will enable the country to become an energy exporter. The EuroAsia Interconnector has been included as an European Commission Project of Common Interest and aims to connect Greece, Cyprus and Israel.

U.S. investors are participating in renewable energy projects, including wind and battery storage, and in tenders for strategic port facilities with potential offshore wind parks. Although the market is still developing regulation for the wind sector, this industry is expected to grow, with Greek firms securing licenses for offshore wind park development. Greece aims to continue the deployment of solar thermal heating and expand the use of transport biofuels. There are future goals to use hydrogen produced from renewable energy to decarbonize heavy industry sectors. Major energy producers are already investing in hydrogen in Greece such as Mytilineos, Public Power Corporation (PPC), Motor Oil, HelleniQ Energy, and Advent. 

Leading Sub-Sector: LNG

There are several floating storage regasification units (FSRU) projects at various stages of development throughout the country. DEFSA, Greece’s natural gas distributor, operates Greece’s only LNG terminal at the island of Revithoussa, which was expanded in 2018 to allow the nation to receive greater quantities of LNG. According to DESFA, Revithoussa received a record high of 78 LNG cargoes in 2022. Although domestic consumption may have decreased by 19%, gas exports have increased by a staggering 288.6%. The United States is Greece’s largest supplier of LNG, accounting for over 51.2% of total imports in 2022 and fulfilling nearly 25% of Greece’s domestic gas needs.

There are five known FSRU projects either at planning or licensing stages: Alexandroupoli by Gastrade, Thrace by Gastrade, Volos by Mediterranean Gas, Corinth by Motor Oil and Thessaloniki by Elpedison. The Alexandroupoli FSRU is currently the only one that has been finalized and is expected to be implemented by early 2024. Greece is currently able to meet most of its domestic gas demand through existing infrastructure.  The viability of the proposed FSRUs – with the exception of the Alexandroupoli FSRU which is nearing completion — is highly dependent on the promoters’ abilities to export the LNG to regional customers outside of Greece. Even with regional off-takers it is likely that only a couple of the proposed FSRUs will be developed. DESFA has plans to expand Greece’s natural gas export capacity from around 4 BCM today to 9 BCM by the end of 2025.

As these projects develop further, there could be increased opportunity for U.S. suppliers of small-scale LNG infrastructure given the similarities the landscape has with other projects executed by U.S. firms in the Caribbean.

U.S. firms have the opportunity to increase their exports to Greece through shipments to the Revithoussa terminal and other projects that will come online. Firms may either participate in DESFA international open tenders or register and submit offers through the Natural Gas Trading Platform of the Hellenic Energy Exchange, which allows for anonymous transactions for natural gas. For private projects, firms may directly connect with the project developers.

Leading Sub-Sector: Electricity Infrastructure

In 2021, Greece’s Independent Power Transmission Operator (IPTO/ADMIE) released its Ten-Year Development Plan committing to investing 4.1 billion Euro in the electricity transmission network through the development of new international interconnections, upgrades to the national transmission system at high voltage (150 kV) and ultra-high voltage (400 kV) and new projects to improve efficiency. Additionally, IPTO’s long-term strategy includes investment in greenhouse emission control technology, carbon capture technology, smart technology, efficient load balancing, ancillary services, storage systems, strategic expansion of offshore transmission and cross-border interconnections, as well as energy system digitization enabling the grid to accommodate over 28 GW of renewable energy by 2030.

U.S. firms face steep competition in the electricity infrastructure space but lead in offering software or system related solutions. The government aims to modernize its electricity distribution network and transform this into a “smart system” that will continually optimize the management of the connected consumers and producers. Greek grid operator HEDNO plans to upgrade 7.5 million smart meters throughout the country over a ten-year period, utilizing the Advanced Metering Infrastructure (AMI) solution and Meter Data Management System (MDMS). The project is budgeted at 1.2 billion euro. In 2023, HEDNO issued the first tender for the project, worth 7.7 million euro, with subsequent tenders expected. Grid infrastructure is expected to continue these modernization efforts through a series of major procurements.

There are several major electricity interconnector projects either in progress or in planning status which could lead to opportunities for U.S. products and services. The Cyclades interconnection project, managed by the Independent Power Transmission Operator (IPTO), is in the last phase of connecting the islands of Santorini, Folegrandros, Milos and Serifos, with expected completion in 2024. The Ariadne Interconnector which will connect Crete and the mainland will be the largest project in the history of the Greek electrical system. The 1-billion-euro project is in progress. Larger more ambitious projects include the proposed Euro Asia Interconnector which would connect the grids of Greece, Cyprus, and Israel through a subsea DC cable and HVDC onshore converter stations with a total capacity of 2000MW and the Greece-Egypt Interconnector (GREGY) which would link Egypt, Greece, and Europe.

Although EU equipment tends to dominate the market, U.S. firms provided around $2.6 million in electricity infrastructure exports in 2022. Opportunities for U.S. firms exist in providing equipment including insulated wires, cables and electrical conductors, optical fiber cables, electrical apparatus, batteries and more.  U.S. firms also have opportunities in consulting and project management services as well as other infrastructure-related needs.


For the LNG sector, there is a need for a range of U.S. products and solutions, including project delivery, consulting services, cybersecurity and more.

For electricity infrastructure, there is a strong need for cybersecurity, software, and equipment. Greece has seen a growing number of cyber-attacks, which have made the implementation of the national cybersecurity program a top priority. Managing digital transformation risks is leading the demand for holistic cybersecurity solutions in the critical infrastructure entities in the energy sector. Attacks on critical infrastructure include a publicized attack on the National Gas System Operator (DESFA) which operates Greece’s national natural gas system. Many of the upcoming tenders will be issued by public-private entities and registering to be eligible to participate in such opportunities would be key. For government projects, firms must have a local partner.


Upcoming events:

Southeast Europe Energy Forum, Thessaloniki, September 8, 2023

World LNG Summit, Athens, November 28 – December 1, 2023


Electricity Infrastructure: Nikos Papachryssanthopoulos at

Oil & Gas: Irini Karajani at

Renewable Energy: Teresa Gile at