Greece Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in greece, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
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Overview

In recent years, Greece has emerged as a regional energy player, with major planned investments in natural gas infrastructure and electricity grid interconnections. By leveraging LNG import facilities and pursuing projects that facilitate the northward flow of gas and electricity through new and repurposed energy infrastructure, Greece is advancing towards its ambitious goal of becoming a major energy hub for the region. Since 2021, Greece has received over $18 billion in European Union Recovery and Resilience funding to support major modernization and upgrades in infrastructure, energy, and digitization projects.

Following Russia’s invasion of Ukraine in 2022 Greece intensified efforts to reduce dependency on Russian natural gas and increase domestic energy production. With a strategic geographic position, mild climate, and substantial infrastructure upgrades, Greece is becoming a gateway for energy supplies into Europe and a net energy exporter. The sector has gained significant momentum due to increased EU funding, foreign investment, and government-led reforms.

Greece typically consumes about 6-7 billion cubic meters (bcm) of natural gas annually. Several planned gas-fired power plants could increase this demand by up another 2-3 bcm. U.S. natural gas in the form of LNG accounts for over 20 percent of Greece’s total gas demand and over 60 percent of LNG imported into the country. The Revithoussa LNG terminal and the Alexandroupoli floating storage regasification unit (FSRU) are Greece’s primary LNG import facilities. In 2024, the Revithoussa terminal received 27 LNG tankers, 19 of which carried U.S. LNG. These facts underscore the critical role of U.S. LNG in ensuring Greece’s energy security amid a shifting geopolitical landscape. These developments and several interconnector projects will bring meaningful opportunities for U.S. infrastructure, project management, and energy firms in the coming years.

Greece has significantly expanded its renewable energy capacity in recent years, with over 50 percent of electricity generation now coming from wind, solar, and hydro sources. The government aims to further increase this share to 80 percent by 2030.

Key Infrastructure Projects

Trans Adriatic Pipeline (TAP): Operational since 2020, TAP supplies Greece with about 1 bcm of gas annually (around 15 percent of its gas consumption). The gas is sourced from Azerbaijan. TAP is currently undergoing a capacity expansion plan, aiming to increase capacity from 10 bcm to 11.2 bcm by 2026. TAP has a potential capacity of 20 bcm annually. Most of TAP’s capacity is booked by Italian buyers. 

  • Greece-Bulgaria Interconnector (IGB): Completed in 2022, the IGB enables Bulgaria to import gas from TAP and the Alexandroupoli FSRU. The current capacity is 3 bcm with the potential to transport 5 bcm annually.
     
  • Greece-North Macedonia Interconnector: Construction is expected to begin in 2025, facilitating natural gas transport between Greece and North Macedonia, with potential expansions into Kosovo and Serbia. The route will have a capacity of 1-1.5 bcm annually.
     
  • LNG Infrastructure Upgrades: Upgraded in 2018, the Revithoussa LNG terminal has a maximum import capacity of 6.5 bcm annually. The Alexandroupoli FSRU, operated by Gastrade, started commercial operations in October 2024, significantly increasing Greece’s import capacity by 5.5 bcm. 
     
  • Vertical Corridor Project: The Vertical Natural Gas Corridor project, first announced in December 2022, aims to create a unified gas route from Greece to Ukraine and central Europe via Bulgaria, Romania, and Moldova. Using existing infrastructure, namely the Trans-Balkan pipeline and Greece’s LNG import facilities, the project will facilitate a cost-effective solution to diversify the flow of gas to the region. The project is promoted by nine operators from the participating countries, including: DESFA and Gastrade from Greece; Bulgartransgaz and ICGB from Bulgaria; Transgaz from Romania; Vestmoldtransgaz from Moldova; GTSOU from Ukraine; FGSZ from Hungary; and Eustream from Slovakia. On May 29, 2025, the Bulgarian government inaugurated the construction of a major branch of the Bulgarian natural gas transmission network in Kresna, part of the Vertical Natural Gas Corridor. In May 2025, the route operators from Greece to Ukraine announced the creation of a super bundled tariff that will significantly lower the cost of exporting LNG from Revithoussa in Greece to Ukraine. 
     
  • Hydrocarbon Exploration: Exxon has been actively exploring potential gas deposits in concession areas south of Crete since 2023. Chevron has formally requested exploration rights for concession areas south of the Peloponnese and Crete. Greece’s Hellenic Hydrocarbon and Energy Resource Management Company (HEREMA) and Greece’s Ministry of Environment and Energy initiated the licensing process in January 2025 with completion expected by Q3 2026.
     
  • Regional LNG Supplies: Venture Global LNG, a U.S. developer, has signed a five-year deal with Gastrade SA to degasify up to 1 million metric tons of LNG annually at the Alexandroupoli FSRU from its Louisiana export facilities. On December 27, 2024, Ukrainian company D.Trading received its first LNG shipment from the U.S. at the Revithoussa terminal, further underscoring the potential of Greece as an important gateway for U.S. LNG into Ukraine and other markets.

Liquified Natural Gas (LNG)

Driven by the need for energy diversification and security, Greece has become a key LNG entry point into the European energy network. Leveraging two major LNG import facilities – Revithoussa and the Alexandroupoli FSRU – the country now has over 12 bcm/year of LNG import capacity. This infrastructure supports northward flows of gas and electricity via the TAP pipeline (expanding from 10 bcm to 11.2 bcm by 2026), the Greece–Bulgaria interconnector and planned links into North Macedonia, Kosovo, and Serbia. The Vertical Corridor project will facilitate gas exports from Revithoussa to Ukraine and Central Europe using a bundled tariff, backed by nine national operators. 

Supported by EU funding, plus rising private and U.S. investment, Greece is not only enhancing green energy and digitization but is also on track to achieve over 50 percent of its electricity from renewables, with a target of 80 percent by 2030. For U.S. infrastructure and energy companies, this creates significant opportunities in LNG logistics, power plant development, grid interconnection, and hydrogen-ready renewable capacity – perfectly aligned with the REPowerEU roadmap, which mandates termination of Russian gas by 2027 and encourages LNG investments and transparency by the end of 2025.

Electricity Infrastructure

Greece’s electricity transmission and distribution operators are investing billions of dollars in grid modernization and smart technology. These upgrades will enable the integration of over 20 gigawatts (GW) of renewable energy by 2027 and beyond.

Grid improvements include new substations, high and low voltage power lines, and widespread deployment of smart meters to enable real-time monitoring of energy production and consumption. The Hellenic Electricity Distribution Network Operator (HEDNO) is leading a $1.3 billion USD nationwide smart meter rollout, with the first tenders issued in 2023 and project completion targeted for 2030.

Major interconnection projects such as the Cyclades Island interconnections, Great Sea Interconnector (linking Greece, Cyprus, and Israel), the Greece-Egypt Interconnector (GREGY), the Green Aegean (Greece to Germany), and a proposed interconnector between Greece and Saudi Arabia continue to expand Greece’s role as a regional energy transit hub.

While EU companies dominate the electricity infrastructure market, U.S. firms remain competitive in software, system integration, cybersecurity, and specialized equipment like insulated wiring, optical fiber cables, and battery storage.

Opportunities

U.S. firms have significant opportunities across the energy sector:

  • LNG Sector: LNG exports, project delivery, infrastructure development, consulting, cybersecurity, and operations support.
  • Electricity Infrastructure: Grid modernization, smart metering, cybersecurity, project management, and equipment supply.
  • Cybersecurity: Given attacks on critical energy infrastructure, comprehensive cybersecurity solutions are in high demand.

Events

PTECC, Athens, November 2025

Resources

Public-private partnerships (PPPs) dominate government tenders, requiring U.S. firms to collaborate with local partners. Private sector projects allow more direct engagement with Greek developers. Foreign companies typically need to partner with local firms to participate in public tenders and comply with licensing requirements. Awareness of local content rules and procurement regulations can help avoid delays and facilitate smoother project execution. Developing strategic partnerships with established Greek companies such as Metlen, Public Power Corporation (PPC), Motor Oil, and others can provide market insight and operational support. Engagement with organizations like the American Hellenic Chamber of Commerce and the Greek Renewable Energy Association can help U.S. firms build valuable networks and gain market intelligence. 

Key energy regulatory bodies include the Regulatory Authority for Energy (RAE), which oversees licensing and market rules, and the Independent Power Transmission Operator (IPTO/ADMIE), responsible for grid operations.

To learn more, please contact Commercial Specialist Irini Karajani at  Irini.Karajani@trade.gov