COMMISSION STAFF WORKING DOCUMENT Country Factsheet Greece Accompanying the document COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE, THE COMMITTEE OF THE REGIONS AND THE EUROPEAN INVESTMENT BANK State of the Energy Union
Date: 2015-11-18
Institutions: European Commission, Secretariat-General
Subjects: Greece, competitiveness, economic and social cohesion, electrical energy, energy policy, gas, innovation, reduction of gas emissions, regional cooperation, single market

EN 

   EN 

   EUROPEAN COMMISSION  Brussels, 18.11.2015  SWD(2015) 226 final   COMMISSION STAFF WORKING DOCUMENT Country Factsheet Greece Accompanying the document COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE, THE COMMITTEE OF THE REGIONS AND THE EUROPEAN INVESTMENT BANK State of the Energy Union {COM(2015) 572} {SWD(2015) 208 à 209} {SWD(2015) 217 à 225} {SWD(2015) 227 à 243}  
 
 
Towards an Energy Union  
           Greece 

Macroeconomic relevance of energy 

IMPORTANCE OF THE ENERGY SECTOR 

Compared  to  the  EU  average,  the  Greek  energy  sector’s  share  in  gross  value  added  has  become 
considerably  larger,  which  for  a  part  may  reflect  the  severe  economic  downturn  in  Greece.  The 
energy  sector’s  share  in  total  employment  has  not  changes  much  and  stayed  a  bit  below  the  EU 
average. The two graphs combined suggest a higher labour productivity which may follow from the 
relatively high capital intensity of the Greek energy sector.  

Source: EUROSTAT – National Accounts 

According to EurObserv'ER, in 2013, the share 
of  direct  and 
indirect  renewable  energy 
related  employment  in  total  employment  of 
the  economy  in  Greece  was  at  about  0.58%, 
above the EU average of 0.53%. 

Source:  European  Commission,  based  on  EurObserv'ER  and 
EUROSTAT 

0.01.02.03.020052011ELEU27Value added of energy sector% of grossvalue added (total economy)0.00.20.40.620052011ELEU27Employment in energy sector% of total employment 
 
 
 
 
 
 
 
 
 
 
 
 
Towards an Energy Union - Greece 

TRADE BALANCE OF ENERGY PRODUCTS 

The  relatively  large  energy  trade  deficit  points  to  the  relatively  large  dependence  on  imported 
energy sources, mainly oil and gas. This deficit has proved to be rather persistent over time, with an 
increase over the 2009 – 2014 period of both the gas trade and the oil trade deficit. The doubling of 
the gas trade deficit in GDP terms reflects a change in the country’s energy mix. The energy trade 
deficit  reduces  the  size  of  the  current  account  surplus  which  is  a  vital  counterweight  for  the 
country’s debt deleveraging. 

Source: EUROSTAT 
Note: Current account balance for EU28 from European Commission (AMECO) 

1. Energy Security, solidarity and trust 

ENERGY MIX 

The energy mix of Greece shows some differences compared to the EU28 average, i.e. by a higher 
use of petroleum and solid fuels, while a lower use of gas and no nuclear. Compared to 1995, the 
share of petroleum and products and solid fuels in gross inland energy consumption decreased (by 
11  and  5  percentage  points  respectively),  while  the  share  of  gases  and  –  to  a  lesser  extent  – 
renewable energy increased (by 13 and 4 percentage points respectively). 

Gross inland energy consumption in 2013  

Source: European Commission, based on EUROSTAT  

2 

-12-10-8-6-4-202ELEU28% of GDPCoalOilElectricityGasC. A. BalanceTrade balance of energy product and currentaccount balance, 2009 -10-8-6-4-202ELEU28% of GDPCoalOilElectricityGasC. A. BalanceTrade balance of energy product and currentaccount balance, 2014  
 
 
 
 
 
 
 
 
 
 
 
 
Towards an Energy Union - Greece 

IMPORT DEPENDENCY 

Import dependency in Greece remains above EU average, in particular when it comes to petroleum 
and products and natural gas. In 2013, Greece imported 66% of its gas from Russia (85% in 2005) 1. 
The country supplier concentration index is above EU average, but overall, the energy trade deficit 
(measured in terms of % of GDP) is slightly above EU average.    

Source: European Commission, based on EUROSTAT  

2. A fully-integrated internal energy market 

INTERCONNECTIONS 

The  interconnection  capacity  for  electricity  was  of  11%  in  2014 
for Greece. With new Projects of Common Interests, the level of 
15%  for  2030  can  be  reached.  3  electricity  interconnections  are 
labelled as PCIs: the interconnection between BG and EL and the 
two  sections  of  the  underwater  interconnection  between  Israel, 
Cyprus and Greece.  The Greek network has a central position in 
South-East  Europe  with  the  existing  and  future  connections  to 
Italy,  Bulgaria,  Turkey  and  the  Western  Balkans.  Therefore, 
Greece could play the role of an electricity hub in the region.  

Greece  has  the  potential  to  become  a  regional  gas  hub  as  it  is 
located  at  the  EU  entry  point  of  the  Southern  Gas  Corridor,  has 
access to LNG and gas supplies from Russia. Several gas projects 
are  currently  planned.  The  most  relevant  ones  are:  the 
interconnector Greece-Bulgaria, the Trans-Adriatic Pipeline and a 
new  LNG  terminal 
in  the  Northern  Aegean  sea 
(Alexandroupolis or Kavala Bay). 

located 

Source: European Commission based on 
ENTSO-E scenario outlook and adequacy 
forecast 2014 

Note:  Reference  to  2030  target 
is 
based  on  October  2014  European 
Council  conclusions  stating  that  "the 
Commission  will  also  report  regularly 
to  the  European  Council  with  the 
objective of arriving at a 15% target by 
2030" 

1  

Top non-EU gas suppliers table is based on EUROSTAT data. The share of imports from non-EU countries is calculated 
as the ratio between volumes of imports from that specific non-EU supplier and total imports  (from EU and non-EU 
countries). 

3 

Top non-EU gas suppliers in 2013 (% in total imports)GreeceEuropean Union country[%]country[%]Russia65.9Russia39.0Turkey17.4Norway29.5Algeria16.4Algeria9.7Qatar6.769%62%98%94%99%100%52%53%82%87%57%65%200520132005201320052013All fuelsPetroleum andproductsNatural gasGREU28Import dependency 2013 
 
 
 
 
 
 
 
 
 
 
                                                                 
Towards an Energy Union - Greece 

ELECTRICITY AND GAS MARKETS 

According to the selected indicators concentration of power generation and gas markets are high. 
Regarding  electricity,  there  is  no  true  level  playing  field  with  the  incumbent  (PPC)  still  having  a 
dominant position. New legislation enhanced the independent role of the Regulator. To allow it to 
exert its role to the full and support the implementation of significant market reforms, the current 
staffing  issues  of  the  regulator  should  be  swiftly  addressed.  Whereas  the  Greek  government  has 
now  committed  to  lower  the incumbent's  market share  with 25%  in the short-run  and  to  50%  by 
2020,  effective  measures  fostering  competition  on  electricity  retail  and  generation  remain  to  be 
implemented.  Similarly,  progress  will  need  to  be  made  in  order  to  converge  the  Greek  electricity 
market  towards  the  EU  target  model,  such  as  by  introducing  forward,  intra-day  and  balancing 
markets. 
Market concentration index for power generation (left) 
and gas (right) (2013) (Herfindahl index – 10000 means 
monopoly) 

Sources: European Commission based on ESTAT, CEER and Platts 
Power Vision2 

Sources:ESTAT and European Commission Calculations 

Regarding gas, since 2010 new gas suppliers have started importing natural gas. In 2012, 90% were 
imported by DEPA, the incumbent, and 10% by two other market players. However a sharp decline 
was  observed  in  2013  in  the  percentage  share  of  gas  imports  by  the  other  parties.  Greece's  gas 
retail  markets  are  still  legal  monopolies  and  customers,  with  few  exceptions,  are  not  eligible. 
Nevertheless,  a  gas  release  process  has  been  introduced  aiming  at  market  opening  and  effective 
competition, which recently has been improved further. Moreover, a new gas law was adopted with 
a view to  fully liberalise by 2018 the  gas retail  markets.  Once implemented fully, this  will make it 
possible  that  for  Greek  end-consumers  can  to  benefit  from  the  increased  gas-to-gas  competition 
from LNG and the Trans-Adriatic Pipeline (TAP).  

The  wholesale  electricity  and  gas  prices  are  above  EU  average.  Electricity  prices  were  fully 
liberalised in July 2013 but no effective entry into the market has taken place. Electricity prices for 
household  consumers,  despite  their  upward  trend,  remained  below  the  EU  average  both  in  2013 
and 2014. The increases were partly due to the introduction of non-recoverable tax rates but also to 
a gradual move towards cost recovery and removal of cross subsidies. On the other hand, gas prices 
for  medium-sized  households  remained  high  in  2014.  Supplier  switching  in  electricity  is  largely 
absent  and,  with  few  exceptions,  is  still  legally  impossible  in  gas  retail.  Consumer  satisfaction  is 
low3, at least in the case of electricity.  
Regarding smart metering, Greece has mandated a large-scale roll-out targeting 80% of electricity 
consumers by 2020.  

CONTRIBUTION OF ENERGY TO CONSUMER PRICE EVOLUTION 

2  

Regarding HHI for power generation in Greece, see national information provided in: 
http://www.ceer.eu/portal/page/portal/EER_HOME/EER_PUBLICATIONS/NATIONAL_REPORTS/National%20Reporting
%202014/NR_En/C14_NR_Greece-EN.pdf. Regarding gas, preliminary calculations for Greece are based on information 
presented in https://ec.europa.eu/energy/sites/ener/files/documents/2014_iem_communication_annex2.pdf.   
10th Consumer Markets Scoreboard (June 2014),   

3  
http://ec.europa.eu/consumers/consumer_evidence/consumer_scoreboards/10_edition/index_en.htm 

4 

 
 
 
 
 
 
 
 
 
 
 
                                                                 
Towards an Energy Union - Greece 

The strong dependency on imported energy products also implies a bigger impact of the changes in 
the world oil prices on domestic inflation, as visible from the impact of the oil price volatility in the 
years 2008 – 2010. The severe economic depression has since cut off the knock-on effects of energy 
price changes in overall inflation.  

Source:DG ECFIN based on Eurostat 

VULNERABLE CONSUMERS 

Based  on  a  EUROSTAT  survey  on  income  and 
living  conditions,  three  proxy  indicators  are 
used  to  assess  fuel  poverty.  They 
indicate 
serious issues in Greece, in particular as regards 
arrears  on  utility  bills.  This  was  one  of  the 
factors leading to liquidity constraints on power 
generation markets in 2013.  
Greece  has  defined  specific  criteria  and 
protective  measures  for  vulnerable  consumers. 
In February 2014, a total of 560,126 customers 
residential  customers)  were 
(9.8%  of  all 
benefiting  from  a  social  electricity  tariff 4 . 
Moreover,  a  subsidy 
for  heating  oil  and 
electricity 
for  vulnerable  households  was 
launched  in  2014.  Furthermore,  for  2015,  a 
certain  quantity  of  electricity  is  provided  for 
free  for  residential  consumers  facing  severe 
poverty.  Further  measures 
the 
problem are planned. 

tackle 

to 

 Source: European Commission, based on on EUROSTAT SILC survey 

4   DEDDIE SA. 

5 

-2024620052007200920112013% increase on a year earlierNon EnergyEnergyAll itemsGreece : Price evolution & the contribution of energy prices-2024620052007200920112013% increase on a year earlierNon EnergyEnergyAll itemsEA : Price evolution & the contribution of energy prices 
 
 
 
 
 
 
 
 
 
                                                                 
Towards an Energy Union - Greece 

3. Energy Efficiency and moderation of energy demand 

ENERGY EFFICIENCY TARGET 2020  
(24.7 Mtoe primary energy and 18.4 Mtoe final energy) 

final 

consumption 
in 

Greece's 2020 energy efficiency target 
is  24.7  Mtoe  expressed  in  primary 
(18.4  Mtoe 
energy 
energy 
expressed 
consumption). 
if  Greece’s 
Even 
current  primary  energy  consumption 
(23.7  Mtoe in 2013)  is  below  its  2020 
target, efforts remain needed to keep 
the  primary  energy  consumption  at 
this  level  or  to  minimise  its  increase 
when  the  GDP  increases  again  during 
the next five year period. 

 Source:  European  Commission,  based  on  EUROSTAT  and  on  national  energy 

efficiency targets as declared by the MS under the Energy Efficiency Directive 

ENERGY INTENSITY 

Primary  energy  intensity  in  Greece  is  now  slightly  above  EU  average,  as  this  indicator  decreased 
more slowly than for the EU average between 2005 and 2013. This could be explained by a more 
significant decline of GDP as compared to primary energy consumption. Energy intensity in industry 
remains  above  EU  average,  and  actually  has  shown  deterioration  over  the  last  5  years,  most 
probably due to the same negative impact of the economic crisis. 

Primary energy intensity of the economy 

Final energy intensity in industry 

Source: European Commission based on  EUROSTAT and European 

Commission/AMECO 

Source:  European  Commission  based  on    EUROSTAT 
and European Commission/AMECO 

Specific  energy  consumption  by  households  is  below  EU  average  and  decreased  at  a  higher  pace 
than the EU average over the period 2005-2013. One of the main determinants of this trend may 
have been the economic crisis, leading to lower energy demand for households. The specific energy 
intensity  of  passengers  cars  is  in  line  with  EU  average.  The  specific  energy  intensity  for  freight 
transport increased faster than for the EU. 

6 

 
 
 
 
 
 
 
 
 
 
 
 
Towards an Energy Union - Greece 

Final  energy  consumption  per  m2  in  residential 
sector, climate corrected 

Specific energy intensity for passenger cars and freight 
transport5  

Source: European Commission based on  Odyssee database 

Source:  PRIMES  model  background  data  and  estimations  based  on  EU 
Commission and EU MS inputs   

EU legislation sets mandatory CO2 emission reduction targets for new cars and vans. By  2021, the 
fleet average to be achieved by all new cars is 95 grams of CO2 per kilometre. For new  vans, the 
fleet average is set at 147 g/km by 2020. 

Source: European Environmental Agency. 2014 values are provisional. 2013 EU average refers to EU-27. 

Regarding transport performance, in EU-28 the inland freight modal shares are 71% by road, 17% by 
rail, 7% by inland waterways and 5% by pipelines. The respective inland passenger modal shares are 
82% by private car, 9% by buses and coaches, 7% by railways and 2% by tram and metro. In Greece, 
freight and passenger transport is almost exclusively performed by road transport. 

Modal share Greece 

Source: Eurostat and EU transport in figures 2015. Data refers to 2013. Modal shares based on tonne-kilometres for freight sector and 
passenger-kilometres  for  passenger  sector,  freight  data  based  on  activity  within  country  territory.  Estimates  are  made  when  data  is 
missing. 

5  

Statistics  on  energy  demand  for  passengers  and  freight  transport  are  not  available  and  model  estimates  have  been 
used instead. These issues should be borne in mind when comparing energy intensity in freight or passenger transport 
between Member States, which should be regarded as merely indicative. 

7 

 
 
 
 
 
 
 
 
 
 
 
 
                                                                 
Towards an Energy Union - Greece 

4. Decarbonisation of the economy 

NON-ETS GHG EMISSION REDUCTION TARGET 2020  
(-4% by 2020 as compared to 2005 in the non-ETS sector) 

Source: European Commission  based on EEA. Based on preliminary inventory 
data. 

ESD  (Effort  Sharing  Decision)  emissions  are  the  emissions  from  sectors  not 

covered by the EU ETS. 

target 

to  2005.  Behind 

Greece  has  decreased  its  emissions  by 
28% between 2005 and 2014 (based on 
approximated  data).  According  to  the 
latest projections, Greece is on track to 
its  greenhouse  gas  emission 
reach 
reduction 
for  2020,  with 
approximately  a  27%  margin  as 
compared 
this 
significant share of the decrease in GHG 
is,  besides  the  economic 
emissions 
crisis,  a  significant  shift 
in  Greece's 
energy mix from lignite towards gas and 
renewable energy. 
Non-ETS 
Emissions 
(vs. 2005) 
Projections with 
existing measures 
2020 
Proxy 2014 

Projections/proxy 

-31% 

-28% 

-4% 

-7% 

target 

RENEWABLE ENERGY SHARE TARGET 2020 (18%) 

With  a  renewable  energy  share  of  15% 
in  2013,  Greece  is  on  track  to  reach  its 
18%  target  in  2020,  but  efforts  should 
be  strengthened  ahead  of  2020.  The 
lack  of  predictability  and  transparency 
of  renewable  support  schemes  might 
jeopardise  the  development  of  this 
important  sector  for  energy  security 
and growth. 

Source: European Commission based on  EUROSTAT 

GREENHOUSE GAS EMISSION INDICATORS 

  As  a  result  of  the  energy  mix  that  also  relies  on  locally  available  lignite  resources,  the  carbon 

 

 

intensity of the Greek economy is about 70% higher than the EU average.  
In Greece, the energy sector contributes to half of the total emissions, a share that is well above 
the EU average. In addition, the carbon intensity of energy use is one of the highest in the EU (3.2 
compared to 2.1 EU average 1,000 tonnes/ 1,000 TOE).  
In 2014 the revenues from the auctioning of ETS allowances amounted to EUR 131.1 million, all of 
which  are  used  or  planned  to  be  used  for  energy  and  climate-related  purposes  (mainly  in  the 
renewables sector).     

8 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Towards an Energy Union - Greece 

Largest Sectors of GHG 
Emissions in 2012 (*) 

Energy/power industry  

Transport 

Industry  

Agriculture (incl. forestry & 
fishery) 

Residential & Commercial 

Waste & others 

Greece 

EU 
Average 

51% 

14% 

14% 

9% 

8% 

4% 

33% 

20% 

19% 

12% 

13% 

3% 

GHG Emissions 

Greece 

EU 

EU ETS auctioning 
revenues in 2014(EUR 
millions) 

Share of ETS emissions 
in 2013 

131.1 

3205 

56% 

42% 

9,6 

8.5 

GHG emissions/capita in 
2013 (tCO2equivalent) 
Carbon intensity of 
economy in 2013 
(tCO2equivalent/EUR 
millions) 
(*) Sectoral breakdown for 2013 data not yet available. 

Source: European Commission  based on EEA 

328 

568 

ENERGY & TRANSPORT TAXATION 

Greece's GDP share of energy and transport taxes has risen over the period from below to well over the EU 
average,  in particular  due  to  marked  increases  in the  GDP  share of  taxes  on  transport fuels  and  also  on 
heat  and  electricity  (while  the  letter  remains  under  the  EU  average  level).    The  GDP  share  of  transport 
vehicle taxes has fallen in absolute terms and also vis-à-vis the EU average GDP share level. This seems for 
a part due to the severe economic downturn impacting the demand for vehicles. 

Source: Eurostat 

5. Research, innovation and competitiveness 

RESEARCH AND INNOVATION 

Greece is close to the EU average, above the US and below Japan and South Korea in terms of the public 
support  share  allocated  to  research  and  innovation  in  the  field  of  energy  and  environment.  In  terms  of 
intensity of low-carbon technologies patents, Greece is much behind the EU average and main worldwide 
partners. 

9 

0.01.02.03.0ELEU-28Energy & Transport related taxes % of GDP, 2005TransportvehiclesTransport fuelHeat &Electricity0.01.02.03.0ELEU-28Energy & Transport related taxes % of GDP, 2012TransportvehiclesTransport fuelHeat &Electricity 
 
 
 
 
 
 
 
 
Towards an Energy Union - Greece 

Source: European Commission based on  EUROSTAT   

COMPETITIVENESS 

Real unit energy costs (% of value added) 

intensity  of 

The real unit energy costs6 are considerably higher in 
Greece  than  in  the  EU  or  in  the  US  and  its  increase 
since  2000  has  also  exceeded  that  in  the  EU  as  a 
whole.  The  energy 
the  Greek 
manufacturing sector is higher than the EU's and also 
higher than of the US.  
Regarding energy prices paid by industrial customers, 
both electricity and gas prices are significantly above 
EU  average.  Gas  prices  in  particular  are  among  the 
highest, also above OECD average and those of most 
the EU trading partners.7 

Source: European Commission 

Source: European Commission based on EUROSTAT and IEA 

6  
7  

in  the  EU  (for  the 

This indicator measures the amount of money spent on energy sources needed to obtain one unit of value added. 
The assessment is based on energy prices from the second half of 2014 as indicated in the graphs. Moreover, the EC 
quarterly report on gas markets for the first quarter of 2015 indicates that Greece has the highest retail gas prices for 
industrial  consumers 
I4  consumption  band,  Map3  from  the  report  available  here:  
https://ec.europa.eu/energy/sites/ener/files/documents/quarterly_report_on_european_gas_markets_q1_2015.pdf). 
Similarly, the EC quarterly report on electricity markets for the first quarter 2015 indicates that Greece  has the fifth 
highest electricity prices for industrial consumers in the EU (prices without VAT and recoverable taxes, figure 34 in the 
report 
here: 
available 
https://ec.europa.eu/energy/sites/ener/files/documents/quarterly_report_on_european_electricity_markets_q1_201
5.pdf).         

10 

14.59.58.220.913.28.820.913.78.00510152025ELEU27US200020092011 
 
 
 
 
 
 
 
 
 
 
                                                                 
Towards an Energy Union - Greece 

6. Post-2020 Energy and Climate policy Strategy  

COMPREHENSIVE MEDIUM TO LONG-TERM STRATEGY (post-2020) 
FOR CLIMATE AND ENERGY  

  Greece has not yet established a comprehensive post-2020 climate and energy strategy. 
 

In April 2012, the Ministry of Energy, Environment and Climate Change proposed an Energy 
Roadmap for 2050. According to the scenarios outlined in the roadmap, further efforts would 
be needed to reduce emissions up to 80%, as agreed at the EU level.  

NATIONAL TARGETS, especially for 2030 

Objective, 2030-3050 

GHG reduction  
Renewable energy share 
Energy Efficiency / savings 

Targets 
No 
No 
No 

Comments 

Indicative  energy  efficiency target  of approximately 19 
Mtoe of final energy consumption in 2030. 

7. Regional cooperation  

Greece  is  a  member  of  the  High  Level  Group  on  Central  East  South  Europe  Connectivity  (CESEC) 
together with Austria, Bulgaria, Croatia, Hungary, Italy, Romania, Slovak Republic and Slovenia. The 
objective  of  the  High  Level  Group  is  to  establish  a  regional  priority  infrastructure  roadmap  and 
advance  its  implementation in  order  to  develop  missing infrastructure  and  improve security  of  gas 
supplies.   

8. Cohesion policy contribution  

The EU Cohesion policy provides for important investment possibilities to implement energy policy 
objectives in Greece which will be complemented by national public and private co-financing, aiming 
at  optimal  leverage.  It  also  ensures  integrated  territorial  solutions  to  challenges  by  supporting 
capacity  building,  technical  assistance  and  territorial  cooperation,  including  the  Adriatic  and  Ionian 
Region macro-regional strategy in which Greece takes part. 

Internal  Energy  Market:  Over  2014-2020,  EU  Cohesion  Policy  will  invest  some  EUR  285  million  in 
smart energy storage and transmission systems, as well as some EUR 46 million in smart electricity 
distribution  grids  in  Greece.  These  investments  are  expected  to  contribute  to  around  197  000 
additional users connected to smart grids. 

Energy  efficiency:  Over  2014-2020,  EU  Cohesion  Policy  will  invest  some  EUR  493  million  in  energy 
efficiency improvements in public and residential buildings and in SMEs, as well as in high-efficiency 
cogeneration and district heating in Greece. A further estimated EUR 1 935 million will be invested in 
supporting the move towards an energy-efficient, decarbonised transport sector. These investments 
are  expected  to  contribute  to  around  26 000  households  with  improved  energy  consumption 
classification  and  a  decrease  of  around  97 047 000  kWh  per  year  of  decreased  primary  energy 
consumption  of  public  buildings,  as  well  as  to  around  100  km  of  new  railway  lines,  150  km  of 
reconstructed or upgraded railway lines and 40 km of new or improved tram and metro lines. 

11 

 
 
 
 
 
 
 
 
 
 
  
 
  
 
 
 
 
Towards an Energy Union - Greece 

Decarbonisation:  Overall,  the  EU  Cohesion  Policy  investments  in  Greece  over  2014-2020  are 
expected to contribute to an estimated annual decrease of GHG of around 103 000 tonnes of CO2eq. 
Over 2014-2020, EU Cohesion Policy will invest some EUR 94 million in renewable energy in Greece. 
These investments are expected to contribute to around 170 MW of additional capacity of renewable 
energy production. 

Research,  Innovation  and  Competitiveness:  Over  2014-2020,  EU  Cohesion  Policy  will  invest 
significantly in R&I and in SME competitiveness in Greece. This will be based on the national strategy 
for  smart  specialisation.  For  Greece,  the  strategy  includes  a  focus  on  sustainable  energy  and  low-
carbon  economy.  At  this  stage,  at  least  EUR  102  million  is  foreseen  for  investments  in  R&I  and 
adoption  of  low-carbon  technologies  in  Greece,  but  this  might  increase  further  in  line  with  the 
evolving content of the smart specialisation strategy, and further specification is expected with the 
finalisation of the content of the national and regional smart specialisation strategies.  

12