Economy of Greece - Energy

Energy

Energy production in Greece is dominated by the Public Power Corporation (known mostly by its acronym ΔΕΗ, or in English DEI). In 2009 DEI supplied for 85.6% of all energy demand in Greece, while the number fell to 77.3% in 2010. Almost half (48%) of DEI's power output is generated using lignite, a drop from the 51.6% in 2009. Another 12% comes from Hydroelectric power plants and another 20% from natural gas. Between 2009 and 2010, independent companies' energy production increased by 56%, from 2,709 Gigawatt hour in 2009 to 4,232 GWh in 2010.

In 2008 renewable energy accounted for 8% of the country's total energy consumption, a rise from the 7.2% it accounted for in 2006, but still below the EU average of 10% in 2008. 10% of the country's renewable energy comes from solar power, while most comes from biomass and waste recycling. In line with the European Commission's Directive on Renewable Energy, Greece aims to get 18% of its energy from renewable sources by 2020. Greece currently does not have any nuclear power plants in operation, however in 2009 the Academy of Athens suggested that research in the possibility of Greek nuclear power plants begin.

Greece has 10 million barrels of proved oil reserves as of 1 January 2011. Hellenic Petroleum is the country's largest oil company, followed by Motor Oil Hellas. Greece's oil production stands at 7,946 barrels per day (bbl/d), ranked 90th, while it exports 181,600 bbl/d (57th) and imports 496,600 bbl/d (25th).

In 2011 the Greek government approved the start of oil exploration and drilling in three locations within Greece, with an estimated output of 250 to 300 million barrels over the next 15 to 20 years. The estimated output in Euros of the three deposits is €25 billion over a 15-year period, of which €13–€14 billion will enter state coffers. Greece's dispute with Turkey over the Aegean poses substantial obstacles to oil exploration in the Aegean Sea.

In addition to the above, Greece is also to start oil and gas exploration in other locations in the Ionian Sea as well as the Libyan Sea, within the Greek exclusive economic zone, south of Crete. The Ministry of the Environment, Energy and Climate Change announced that there was interest from various countries (including Norway and the United States) in exploration, and the first results regarding the amount of oil and gas in these locations are expected in the summer of 2012.

A number of oil and gas pipelines are currently under construction or under planning in the country. Such projects include the Interconnector Turkey-Greece-Italy (ITGI) and South Stream gas pipelines.