Greece is set to achieve its 2030 solar power target as early as next year.

The Greek solar sector is at a pivotal point, with growth and profitability reliant on energy storage installations.

According to Wood Mackenzie, the levelized cost of energy (LCOE) for fixed-tilt utility-scale photovoltaics in Greece is EUR 33 per MWh, one of the lowest in Europe. This is projected to decline to EUR 30 per MWh by 2030 and reach EUR 40 per MWh by 2040, as highlighted by Research Analyst Victoria Ortega at a Solarplaza event in Athens.

This year, the Greek market is anticipated to add 2.5 GW of solar capacity, bringing the total to 12.2 GW. Notably, the country is expected to surpass its 2030 target of 13.5 GW by 2026, according to Policy Advisor Stelios Psomas of the Hellenic Association of Photovoltaic Companies (HELAPCO).

Nevertheless, profitability in the PV sector has suffered due to low wholesale prices and curtailments, with research group Baringa estimating that investments at risk of delays total EUR 2.25 billion.

Increased storage is necessary by 2030. The solar market requires energy storage, with standalone battery investments at 6.4 GW in development and the first systems expected to be operational by next spring. HELAPCO warns that 8 GW will be needed by 2030 to stabilize the market.

Data from the Independent Power Transmission Operator (IPTO) indicates that grid connection offers have been made for storage units totaling 1,468 MW in operational power and a guaranteed capacity of 3,420 MWh, averaging 2.3 hours.

HELAPCO believes additional support is essential for behind-the-meter systems, anticipating 300 MW will be approved by 2026, along with support for residential and commercial storage.