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Greece Renewables Report Q1 2014

Greece Renewables Market: New market information published

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2014-04-03 05:22:02 - Greece Renewables Report Q1 2014 - a new market research report on

As per our expectations, the government has proposed a 45% to 35% reduction in the feed-intariffs (FiTs) for solar photovoltaics (PVs). This is part of the wider ´new deal´ legal framework that the Ministry of Energy and Climate Change has submitted for consultation and which seeks to streamline, rationalise and balance the renewables market in Greece. The immediate objective is to eliminate the deficit of the operator of the electricity market, LAGIE, which in November 2013 reached EUR576mn. We maintain our forecasts for wind, and expect an increase from 2015 onwards, though the capacity that has already flooded the Greek market should discourage a renewed influx of capacity, especially at lower FiTs.

We expect the effects of the downward revisions in



FiTs and the (temporary) freezing of connection permits (which in January 2014 the government proposed to extend for a year) to be most pronounced in the long term, and this is already reflected in our forecasts. We have, however, revised up our medium-term generation and capacity forecasts for non-hydropower renewables, due to a larger-than-expected project pipeline. This is because latest figures from LAGIE show that there are solar projects totalling over 4,000MW in various stages of development, an increase from the 3,700MW reported in September 2012, leading us to revise up our average generation growth forecasts from 3.7% to 11.0% between 2013 and 2017.

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Mike King
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