Greece’s energy strategy is increasingly regional, combining LNG infrastructure, cross-border pipelines, electricity interconnections and a rapidly expanding renewable portfolio.
Venture Global and Atlantic-SEE LNG, the joint venture between AKTOR Group and DEPA Commercial, have doubled their long-term US LNG agreement from 0.5 million to 1 million tonnes annually. Deliveries are scheduled for 20 years from 2030. Venture Global also holds approximately 25% of the regasification capacity at the Alexandroupolis terminal.
The commercial strategy depends on the Vertical Gas Corridor carrying gas through Bulgaria and Romania towards Central and Eastern Europe, with Serbia and North Macedonia emerging as possible additional branches. AKTOR is also considering a second Greek floating LNG terminal, although the investment requirement is expected to be at least €400 million. Its business plan allocates around €190 million to the proposed venture, implying the need for a strategic co-investor and long-term capacity commitments.
Electricity infrastructure is following a similar regional model. IPTO is pursuing a capital increase connected to projects including the Dodecanese and North Aegean island interconnections and the proposed second Greece–Italy link, GRITA 2. The transmission operator’s investment case increasingly depends on regulated returns from complex cross-border assets rather than the domestic grid alone.
Generation is scaling rapidly. The RWE–PPC joint venture Meton Energy has commissioned nine solar projects totalling 930 MWp at the former Amyntaio lignite mine. Another 567 MWp is under construction in Central Macedonia for completion in 2027. PPC Renewables is also taking full control of a 1,175 MW solar portfolio and acquiring 107.1 MW of operating wind farms from Motor Oil’s renewable arm.
The government is changing support rules so renewable generators do not automatically lose operating support whenever wholesale prices reach zero. This reduces near-term merchant exposure but does not remove the underlying problem of falling capture prices. Storage, interconnection capacity and flexible demand will determine whether Greece’s expanding portfolio creates tradable regional value or recurring periods of subsidised surplus production.
