The European Commission has approved a €1bn Greek aid measure package to support two renewable power production and storage projects in Greece. The Faethon Project includes the construction of two 252 MW solar PV plants, integrated molten-salt thermal storage units and an extra-high voltage substation, while the Seli Project includes the construction of a 309 MW solar PV project with an integrated lithium-ion battery energy storage system (BESS). Both projects are expected to be completed by mid-2025. Greece's aid measures will consist in a 20-year two-way contract for difference (CfD), where the strike price will be set by a technical committee on the basis of a cost-benefit analysis and a risk assessment and the reference price will be calculated as the monthly output-weighted average of the market price of electricity in the day-ahead markets.
The European Commission has considered that the measures are compliant with EU State aid rules and will help Greece meet its climate and energy targets. Under its NECP, Greece targets a 35% share of renewables in final energy consumption in 2030 (nearly 23% achieved in 2022), including 60% for electricity (42% in 2022), 40% for heating and cooling (31% in 2022), and 14% for transport (4.1% in 2022).
Meanwhile, Greece's Independent Power Transmission Operator (ADMIE) has announced a tender procedure for a submarine power cable to connect the Dodecanese and north Aegean islands. ADMIE is developing many power transmission projects, including a 400 kV line in Thessaly, new interconnections with Italy, Albania, Turkey, Cyprus and Israel, Germany and even with Saudi Arabia.
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