Greece2011 Unsecured

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Energy Policies of IEA Countries

2011Review

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978-92-64-09474-1 75

Energy policy in Greece could make a significant contribution to

the countrys economic recovery. Increasing competition and reducing

the role of the state in the energy sector should add efficiency and

dynamism to the Greek economy. This, in turn, should help generateself-sustained employment and prosperity for the country.

Reforming the electricity and gas markets is an economic and political

imperative. In particular, regulatory authorities must be given the necessary

power and independence to reduce the market power of dominant firms.

Commendably, Greece adopted a law to this end in August 2011.

The envisaged reforms are fundamentally sound and can help

the economy grow. The governments key focus should now be on

implementing this law in full without delay.

Greece has a large potential for wind and solar energy and is rightly

determined to fulfill this potential. The renewable energy sector also

provides opportunities for new industrial development, in particular if linkedwith R&D activities. To facilitate renewable energy projects, the government

recently improved investment conditions significantly by increasing feed-in

tariffs, shortening and simplifying the licensing procedures and introducing

stronger incentives for local acceptance.

Greeces oil and gas sources are already well diversified. Gas use is projected

to increase, as the country moves to decarbonise its coal-dominated power

sector. Experience from IEA member countries has shown that enhancing

energy efficiency can help improve energy security in a cost-effective way.

This, in turn, can help mitigate climate change and deliver economic benefits.


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2011Review

Greece


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INTERNATIONAL ENERGY AGENCY

The International Energy Agency (IEA), an autonomous agency, was established in November 1974.Its primary mandate was and is two-fold: to promote energy security amongst its member

countries through collective response to physical disruptions in oil supply, and provide authoritativeresearch and analysis on ways to ensure reliable, affordable and clean energy for its 28 membercountries and beyond. The IEA carries out a comprehensive programme of energy co-operation amongits member countries, each of which is obliged to hold oil stocks equivalent to 90 days of its net imports.The Agencys aims include the following objectives:

nSecure member countries access to reliable and ample supplies of all forms of energy; in particular,through maintaining effective emergency response capabilities in case of oil supply disruptions.

n Promote sustainable energy policies that spur economic growth and environmental protectionin a global context particularly in terms of reducing greenhouse-gas emissions that contributeto climate change.

n Improve transparency of international markets through collection and analysis ofenergy data.

nSupport global collaboration on energy technology to secure future energy suppliesand mitigate their environmental impact, including through improved energy

efficiency and development and deployment of low-carbon technologies.

n Find solutions to global energy challenges through engagement anddialogue with non-member countries, industry, international

organisations and other stakeholders.IEA member countries:

Australia

Austria

Belgium

Canada

Czech Republic

Denmark

Finland

France

Germany

Greece

Hungary

Ireland

Italy

Japan

Korea (Republic of)

Luxembourg

Netherlands

New Zealand

NorwayPoland

Portugal

Slovak Republic

Spain

Sweden

Switzerland

Turkey

United Kingdom

United States

The European Commissionalso participates in

the work of the IEA.

Please note that this publication

is subject to specific restrictions

that limit its use and distribution.The terms and conditions are available

online at www.iea.org/about/copyright.asp

OECD/IEA, 2011

International Energy Agency9 rue de la Fdration

75739 Paris Cedex 15, France

www.iea.org


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Tableofcontents

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TABLEOFCONTENTS

1.EXECUTIVESUMMARY ANDKEYRECOMMENDATIONS.........................................................................9

Executivesummary......................................................................................................................9

Keyrecommendations...............................................................................................................13

PARTIPOLICYANALYSIS.......................................................................................................15

2.GENERALENERGYPOLICY......................................................................................................................17

Countryoverview.......................................................................................................................17

Supplyanddemand...................................................................................................................18

Institutions.................................................................................................................................20

Keypolicies.................................................................................................................................22

Critique.......................................................................................................................................25

Recommendations.....................................................................................................................26

3.CLIMATECHANGE..................................................................................................................................27

Overview....................................................................................................................................27

CO2emissionsfromfuelcombustion.........................................................................................28

Institutions.................................................................................................................................31

Policiesandmeasures................................................................................................................31

Critique.......................................................................................................................................34


4.ENERGYEFFICIENCY...............................................................................................................................37

Finalconsumptionofenergy.....................................................................................................37

Institutionalframework.............................................................................................................39

Policiesandmeasures................................................................................................................40

Critique.......................................................................................................................................48Recommendations.....................................................................................................................52

PARTIISECTORANALYSIS.....................................................................................................53

5.OIL..........................................................................................................................................................55


Infrastructure.............................................................................................................................57


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Marketstructure........................................................................................................................60

Pricesandtaxes.........................................................................................................................61

Securityofsupply.......................................................................................................................63

Critique.......................................................................................................................................66


6.NATURALGAS........................................................................................................................................69


Marketreform...........................................................................................................................71

Industrystructure......................................................................................................................72

Infrastructure.............................................................................................................................73

Pricesandtariffs........................................................................................................................77

Securityofsupply.......................................................................................................................78

Critique.......................................................................................................................................79


7.COAL......................................................................................................................................................83


Pollutioncontrol........................................................................................................................87

Critique.......................................................................................................................................87

Recommendation.......................................................................................................................88

8.RENEWABLEENERGY.............................................................................................................................89


Institutions.................................................................................................................................91

Policiesandmeasures................................................................................................................92Critique.....................................................................................................................................101

Recommendations...................................................................................................................103

9.ELECTRICITY.........................................................................................................................................105

Supplyanddemand.................................................................................................................105

Regulatoryframeworkandmarketdesign..............................................................................109

Industrystructure....................................................................................................................111

Transmissionanddistribution..................................................................................................114

Pricesandtariffs......................................................................................................................116

Critique.....................................................................................................................................118Recommendations...................................................................................................................121

PARTIIIENERGYTECHNOLOGY........................................................................................... 123

10.ENERGYRESEARCH, DEVELOPMENTANDDEMONSTRATION..........................................................125

Overview..................................................................................................................................125


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Institutions...............................................................................................................................127

Funding....................................................................................................................................128

Publicprivatepartnerships......................................................................................................129

Internationalcollaborationandselectedprojects...................................................................130

Critique.....................................................................................................................................131

Recommendations...................................................................................................................132

PARTIVANNEXES............................................................................................................... 133

ANNEXA:Organisationofthereview.....................................................................................................135

ANNEXB:Energybalances andkeystatisticaldata...............................................................................139

ANNEXC:InternationalEnergyAgencySharedGoals.........................................................................145

ANNEXD:Glossaryandlistofabbreviations..........................................................................................147

Listoffigures,tablesandboxes

FIGURES

1.MapofGreece.......................................................................................................................16

2.Totalprimaryenergysupply,1973to2010...........................................................................18

3.Energyproductionbysource,1973to2010..........................................................................19

4.BreakdownoftotalprimaryenergysupplyinIEAmembercountries,2010.........................19

5.Totalfinalconsumptionbysource,1973to2009.................................................................20

6.EnergyrelatedCO2emissionsperTPESinOECDmembercountries,2009..........................29

7.CO2emissionsbysector,1973to2009..................................................................................30

8.CO2emissionsbyfuel,1973to2009......................................................................................309.Totalfinalconsumptionbysector,1973to2009..................................................................37

10.Totalfinalconsumptionbysectorandbysource,1973to2009.........................................38

11.EnergyintensityinGreeceandotherselectedIEAmembercountries,1973to2010........39

12.Oilconsumptionbyproduct,1996to2010.........................................................................56

13.Oilconsumptionbysector,1973to2009............................................................................57

14.MapofGreecesoilinfrastructure,2010.............................................................................59

15.Breakdownofretailoilsalesbycompany,2009.................................................................61

16.IEAunleadedgasolinepricesandtaxes,secondquarter2011............................................61

17.IEAautomotivedieselpricesandtaxes,secondquarter2011............................................62

18.IEAlightfueloilpricesandtaxesforhouseholds,secondquarter2011.............................62

19.AveragegasolineanddieselpricesandtaxesinGreece,1999to2010..............................6320.GreecesoilstocksandcompliancewiththeIEA90dayobligation,March2001

toMarch2011.....................................................................................................................65

21.Naturalgassupplybysector,1997to2009.........................................................................70

22.DEPAgroupstructure...........................................................................................................73

23.MapofGreecesnaturalgasinfrastructure,2010...............................................................74

24.NaturalgaspricesinIEAmembercountries,2010..............................................................77

25.Coalsupplybysector,1973to2009....................................................................................84

26.Locationofexistingandproposedcoalfiredpowerplants,2010......................................85


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27.Renewableenergyasapercentageoftotalprimaryenergysupply,1973to2010............90

28.RenewableenergyasapercentageoftotalprimaryenergysupplyinIEAmember

countries,2010....................................................................................................................90

29.ElectricitygenerationfromrenewableenergyasapercentageofallgenerationinIEA

membercountries,2010.....................................................................................................91

30.WindspeedmapofGreece..................................................................................................99

31.Electricityimportsandexports,1998to2009...................................................................106

32.Electricitygenerationbysource,1973to2010.................................................................106

33.Electricityconsumptionbysector,1973to2009..............................................................107

34.Monthlypeakelectricitydemand,2006to2009...............................................................108

35.Netelectricitygeneratingcapacity,1975to2009.............................................................109

36.Designofthewholesaleelectricitymarket........................................................................111

37.StructureoftheGreekelectricitymarket,2010................................................................113

38.Greektransmissionnetwork,2010....................................................................................114

39.ElectricitypricesinGreeceandinotherselectedIEAmembercountries,2000to2010.117

40.ElectricitypricesinIEAmembercountries,2010..............................................................118

41.GovernmentspendingonenergyRD&D,2005to2011....................................................129

TABLES

1.Privatisationofstatecontrolledenergycompanies..............................................................24

2.GreenhousegasemissionsinGreece,1990to2009.............................................................28

3.ReductionsinGHGemissionsfromimplementedandadoptedpoliciesandmeasures.......32

4.ReductionsinGHGemissionsfromplannedpoliciesandmeasures.....................................32

5.AllocationofallowancesintheNationalAllocationPlan20082012bysector...................33

6.Modalsplitofpassengerlandtransport,2008......................................................................43

7.OilrefineriesinGreece,2010................................................................................................58

8.LegalbasisforoilsecuritymeasuresinGreece.....................................................................649.Gassupplyagreements..........................................................................................................70

10.LigniteproductioninGreece,1980to2010........................................................................84

11.CoalfiredpowerplantsinGreece,2010.............................................................................86

12.Mainprojectionsfor20102020intheNationalRenewableEnergyActionPlan

byscenario...........................................................................................................................93

13.Electricityfromrenewablesources,2005to2020..............................................................95

14.FeedintariffsvalidsinceJune2010....................................................................................96

15.Feedintariffsforphotovoltaicsfrom2009to2020...........................................................97

16.Installedelectricitygeneratingcapacityintheinterconnectedsystem,

31December2009.............................................................................................................108

17.Combinedinstalledelectricitygeneratingcapacityintheinterconnectedand

autonomoussystems,31December2009........................................................................109

18.Licensednewinvestmentsinthermalpowerplantunits,2009........................................113

19.NettransfercapacitiesbetweenGreeceanditsneighbours,winter20102011..............115

20.Averageannualelectricityprices,2004to2010................................................................116


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BOXES

1.Law4001/2011toimplementthethirdElectricityandNaturalGasMarketDirectives..22

2.IEA25energyefficiencyrecommendations...50

3.Finalenergyconsumption:differencesbetweenIEAandEUmethodologies.94

4.KeyrecommendationsoftheIEAWindEnergyRoadmap....102


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1.Executivesummaryandkeyrecommendations

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1.EXECUTIVESUMMARY

ANDKEYRECOMMENDATIONS

EXECUTIVESUMMARY

Energy policy in Greece has the potential tomake a significant contribution to the

countryseconomicrecovery.IncreasingcompetitionandreducingtheroleoftheState

intheenergysectorshouldaddefficiencyanddynamismtotheGreekeconomy.This,in

turn,shouldgenerateselfsustainedemploymentandprosperityforthecountry.

Amongthekeypiecesof legislationthattheEUmemberstateshaveadopted inrecent

yearsarethethirdInternalEnergyMarketDirectiveswhichobligethememberstatesto

further liberalise theirelectricityandnaturalgasmarkets.The2020 renewableenergytarget,theEmissionsTradingSystem (EUETS)and theEUairqualitystandards in turn

arepushingGreecetodecarboniseitslignitedominatedelectricitysector.

The IEA urged Greece to reform its energy sector already in the 2006 Energy Policy

Review.Thecompletionofthesereformsisnowevenmorenecessarythanatthetime.

Reform intheelectricity,naturalgasandcoalsectors isalsoacondition forthecrucial

financialassistancefromtheeurozonecountriesandthe InternationalMonetaryFund.

These conditions go only to some extent beyondwhat is already required under the

adoptedEUdirectivesandthedecisionsbytheEuropeanCommission,mainlyinthearea

ofprivatisationandunbundlingoftheSystemOperatorsinbothgasandelectricityfrom

the verticai integrated companies.Accordingly,Greecehasdecided topartlyprivatise

statecontrolled energy companies, including the dominant Public Power Corporation

(PPC)andPublicGasCorporation(DEPA).

It is important to note that, regardless of the economic situation in Greece, these

reforms are fundamentally sound energy and economic policy and contribute to the

countrys longterm development. It is therefore very welcome that the Greek

Parliament has inAugust 2011 adopted a law to this end. The new law (4001/2011)

transposes intonational legislation the third InternalEnergyMarketdirectives.Among

others,itstipulatestheunbundlingofthesystemoperatorsandenhancestheroleofthe

independentregulatorregardingsecurityofsupply, licensing,monitoringofthemarket

andconsumerprotection.Overall,thenew law improves the legislative framework for

themonitoring,controlandregulationofelectricityandgassectors.Nowthatthe lawhasbeenadopted,theIEAurgesGreecetoimplementitinfullwithoutdelay.

ELECTRICITYMARKETREFORM

Further reform in electricity market structures and regulations is needed if Greece

wishes to reach its ambitious energy goals, including those on renewable energy.

Although competition is finally emerging, PPC dominated more than 75% of the

wholesalemarketandmore than90%of the retailmarket in2010.Thecompanyalso

remainstheowneroftransmissionanddistributionassetsandhasa49%stakeinHTSO,


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theoperatorofthetransmissionsystemandwholesalemarket.Meetingtheobligations

underthethirdEUElectricityMarketDirectivewill improvethissituation. Inparticular,

theRegulatoryAuthority forEnergy (RAE)has lacked full independenceand sufficient

powerstoexecuteeffectively.Anotherareawherereformisurgentlyneededismoving

tocostreflectiveendusertariffs.

AstrongandindependentregulatorisneededtomitigatePPCsdominance,ensurenon

discriminatory treatment for independent power producers (IPPs) and provideregulatory certainty for investors in a competitive energy market. Investments and

competition are needed for ensuring the financial efficiency of the electricity sector.

Investments by IPPs in both renewable and flexible conventional generation will be

necessary inthetransformationtoa lowcarbon,greenelectricitymarket.Competition

canalsodrivepricesdownandhelpmitigatethecostsofnecessarynetworkinvestments

andrenewableenergysupports.

Theregulatorshouldalsobetaskedwithstrongersupervisionofthewholesalemarket.

This isparticularly important in theGreek contextof amandatorypoolwith ahighly

concentrated supply situation and regulated enduser tariffs that do not necessarily

reflectallsuppliercosts.Asthesoleownerofligniteplantsandlargehydroplantswhich

generatecheapelectricity,PPChassignificantcapacitythatcanbeputfirstinthemeritorderandthereforehasthepotentialtoaffectwholesaleprices.Atthesametime,the

company isobligedtosellelectricitytoendusersatregulatedtariffsthatoftendonot

reflect costs. Greece shouldmove to fully costreflective retail tariffs and eliminate

crosssubsidies.

To limit PPCs dominance in the electricitymarket, the government should consider

divesting a reasonable percentage of PPCs power generating capacity. It could also

movethenetworkassetsofPPCintoseparatecompaniesand laterprivatisethem.This

wouldbebetter forelectricitymarketdevelopment than simply reducinggovernment

ownershipinPPC.

NATURALGASMARKETREFORM

Natural gas is emerging as the fuel of choice for power generation, both to replace

lignite and to support the expected large increases in variable generation from

renewablesources.Astheelectricitysector,thenaturalgassectorhastraditionallybeen

statecontrolled,butafteraslowstart,market reform isnowgainingpace.SinceApril

2010,independentsuppliersandlargecustomerswillingtobeselfsuppliedmayimport

gastothecountry.Thereformsareyettomaketheirfullmarkonthegassector,butitis

encouragingthatmorethanadozennewplayershadenteredtheGreekgasmarketby

the end ofMay 2011. The IEA congratulates the government for this reform as a

necessarystepineffectivemarketliberalisation.Ensuringaccesstothenetworkandthe

liquefiednaturalgas(LNG)terminaliscrucialforeffectivecompetitiontoemerge.

AlthoughtheStateremains incontrolofmostofthegassupplythroughDEPAandthe

gastransmission infrastructurethroughDESFA,theTSO,newentrantscanbeexpected

tograduallyreducethisdominanceandbringmultiplebenefitstotheeconomyandthe

citizens. Therefore, the government should review the role ofDEPA as themajority

owner of current and future distribution companies (EPAs), as it is unclearwhat net

benefit DEPAs dominance brings to the customers. Again, there is scope to reduce

DEPAs role in themarketby taking someof the samemeasures as in the electricity

sector.


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SECURITYOFGASANDOILSUPPLY

Greeceimportspracticallyalltheoilandgasitneeds,andsecurityofsupplyisoneofthe

keyobjectivesoftheGreekenergypolicy.Inthecaseofnaturalgas,thesupplysources

are already diversified, as Russian gas is imported through theGreekBulgarian entry

point,whiletheGreekTurkishentrypointallowsGreecetoimportgasfromtheMiddle

EastandtheCaspianregion.GreecealsoreceivesLNG,mostlyfromAlgeriaonlongterm

contractsaswellasadditionalvolumesfromthespotmarket.DuringtheJanuary2009RussiaUkrainegassupplycrisis, thegassystemshowedbetter resilience than inother

countries in the region,butexperiencehas shown that inagascrisis, the twoborder

entrypointstoGreecemaybecomesimultaneouslyunavailable.

EntrycapacitytotheGreekgassystemseemssufficienttoaccommodatetheprojected

growthindemandto2020,butthegrowingpeakdemandmayposechallenges.Greeces

efforts to further diversify import routes and sources, while expanding LNG import

capacities,arethereforetobecommended.

Turningtooilsecurity,Greecedeservescreditfordiversifyingitssourcesofcrudeoiland

oilproductsand for takingmeasures to increase its indigenousoilproduction.Greece

hasalsobeen compliantwith the IEA90day stockholdingobligation since theendof2004.

The draft Joint Ministerial Decision on the National Emergency Plan outlines the

responsemeasuresandtheir implementingprocedureswhichwouldbecome thebasis

forGreecesemergency responsemechanisms.This JointMinisterialDecisionhas long

hadthestatusofadraftandwouldneedtobe improvedonseveralkeypointsbefore

being enacted, so that Greece can immediately and efficiently participate in an IEA

collectiveaction.

The IEA urges the government to revise the draft JointMinisterial Decision and to

prioritise theemergency responsemeasures tobe taken ina global crisis,notablyby

stating that use of stocks obligatorily held by the industry is a primary responsemeasure. Thedraft should also stipulate that the release of industry stocks could be

complementedbydemand restraintmeasures,and that thegovernmentwillensurea

direct and unrestricted flow of oil to the globalmarket in the event of an IEA co

ordinatedaction.

RENEWABLEENERGY

Inaremarkablechangefromthesituationafewyearsago,thegovernmenthasadopted

ambitioustargets,policiesandmeasuresforincreasingtheuseofrenewableenergy.The

countryaimstoraisetheshareofrenewableenergyingrosstotalfinalconsumptionto

20%by2020,whichis2%higherthanitsEUobligationandalmosttriplethe6.9%sharein 2005. It has also set a specific target for renewable sources to provide 40% of

electricitygenerationbythesameyear(thesharein2010was15%)andtoprovide20%

of primary energy for heating and cooling in 2020. The government deserves to be

applaudedforsettingthesetargetsandadoptingpoliciesandmeasurestoreachthem.

Thegovernmentshouldnowworktoensurethattheambitious2020targetsaremet.In

the electricity sector, large investments in grids and generating capacity are needed.

Greecehassignificantwindpowerpotentialandthegovernment foreseeswindpower

capacity to increase from around 1.3 gigawatts (GW) in 2010 to 7.5GW in 2020, far

morethanotherrenewableenergytechnologiescombined.Carefulplanningisrequired


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toensureasmoothintegrationofnewrenewableelectricitycapacityintothegridandto

maintain the reliability of the electricity system as the share of variable generation

increases.A key part of this development is to connectGreek islandswith abundant

wind and solarpowerpotential to themainland transmissionnetwork. Itwill alsobe

essential to expand hydropower and/or natural gas capacity and build more

interconnections to helpbalance variations inpower generation fromwind and solar

resources. Power system flexibility should also be increased by storage and demand

response, including advanced metering and timeofuse pricing of power. The

government should also closely control the costs of the feedin tariff system, for

examplebyreducingthetariffsovertimeorlinkingthemmorecloselytothewholesale

powerprice.

Complex licensingand sitingprocedureshavecaused longdelays in renewableenergy

projects. It is therefore remarkable that Law 3851/2010 has shortened the licensing

process by several years, and tojust a fewmonths in some cases. The 2008 Special

Spatial Framework, in turn, has facilitated siting procedures for renewable energy

projects.Thesearemajor improvementsandthe IEAcongratulatesthegovernment. In

anotherwelcomedevelopment,Law3851/2010alsoincreasesthepublicacceptanceof

renewableenergyprojectsbychannellingthe localcommunitiesmoremoneyfromthegeneratorsasimpleandeffectivemeasure.

CLIMATECHANGEMITIGATION

Greece issettomeet itsKyototarget,whilethemaincontributiontoreducingenergy

relatedCO2emissionstomeetits2020EUtargetwillcomefrommeasuresonrenewable

energy,fuelswitchingandenergyefficiency.Thegovernmentisencouragedtofocuson

costeffectiveness and to prioritise economic instruments when incorporating these

measuresintoacoherentwhole.

Becauseof itsstrongrelianceonoiland lignite,primaryenergysupply inGreece isthe

mostcarbonintensiveamongtheIEAmembercountries.Thegovernmentisfullyawarethat thiswillhave tochangeand isdedicated togreening theeconomy.Greecehasa

largepotential forwindandsolarenergyand isrightlydeterminedto increase itsuse.

Therenewableenergysectoralsoholdspromise forjobcreation, inparticular if linked

withresearchanddevelopment(R&D)activities.

ExperiencefromIEAmembercountriesshowsthatimprovingenergyefficiencytypically

offers large costeffective potential formitigating climate change, savingmoney and

improving energy security. The IEA urges the government to look more into this

potential and further strengthen the coordination and evaluation of its various

programmes and projects. Oil could be a focus area. In Greece, oil use is high by

internationalcomparisonandoil isthemost important fuel inallendusesectors.The

governmenthasrightlysupportedthegasificationofthecountry,mandatedrenewable

energyuseforheatingandpromotedpublictransport,amongothermeasures.Attimes

ofhighoilpricesandeconomicdistress,intensifiedeffortstosaveoilandreduceitsuse

wouldbearationalchoiceforgovernmentaction.


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KEYRECOMMENDATIONSThegovernmentofGreeceshould:

Continue to implement theplanned reforms in the energy sector to improve the

countryseconomicprospects; inparticular, intensifyelectricitymarket reformand

continue natural gas market reform to increase efficiency and ensure attractive

frameworkconditions

for

future

investments;

consider

further

limiting

market

dominance of the Public Power Corporation and the Public Gas Corporation,

includingthroughprivatisation.

Continue to promote longterm gas security policies and complement, where

appropriate,oilsecuritypolicytomeetIEAbestpractice.

Continuetoworktowardsthedecarbonisationoftheeconomyoverthelongterm.

Intensifyeffortstopromoteenergyefficiencyinordertosavemoney,improveenergy

securityandmitigateclimatechange.


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PARTI

POLICYANALYSIS


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2.Generalenergypolicy

16

Figure1.MapofGreece

ALBANIA

FYROM

TURKEY

TURKEYGREECE

Athens

BULGARIA

Sea of Marmara

Mediterranean Sea

Ionian Sea

Peloponnesus

Crete

Central Greece

Epirus Thessalia

Macedonia

Thrace

Euboea

Cephalonia

Zante

Lesbos

Limnos

Samos

Thassos

Hios

Naxos

Alexandroupolis

ThessalonikiPlaty

Larissa

Preveza

Volos

Lamia

Megalopolis

Heraklion

Livadia

Patrai

ThivaChalkida

Inofita

Lavrio

PiraeusCorinth

Aspropyrgos

Pentalofos Drimos

Karperi

Komotini

Xanthi

Kavala

Drama

SerresKula

0 50 100km

Rhodes

This map is for illustrative purposes and is without prejudice to the status of or sovereignty over any territory covered by this map.

Aegean Sea


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2.GENERALENERGYPOLICY

Keydata

(2010

estimates)

Population:11.3million

GDP:USD254billion(2000pricesandPPPs),+26%since2000

GDPpercapita:USD22500(OECDaverage:USD26900)

TPES: 27 Mtoe (oil 52%, coal 27%, natural gas 12%, renewables 7.5%),

0.1%onaverageperyearsince2000

TFC: 20.6Mtoe in 2009 (transport 41%, residential 24%, industry 21%, other 15%),

0.6%onaverageperyearsince2000

Electricitygeneration:60.8TWh

(coal45%,naturalgas27%,oil13%,hydro11%,wind4%)

Inlandenergyproduction:9.2Mtoe,34%oftotalenergysupply

COUNTRYOVERVIEW

Greecehasanareaof132000km2andbordersonfourcountries:Albania,theformer

YugoslavRepublicofMacedonia(FYROM),BulgariaandTurkey.Thelandareaconsistsof

the largepeninsulasof thePeloponnese andAttica, thenorthernmainland,andover

2000 islands coveringmore thanonefifthof the territory.The countryhasextensive

coastlinesontheAegeanSea,theeasternMediterranean,andtheIonianSea.Ithas11.3million inhabitants,ofwhicharounda third lives in theAthensareaandmore thana

million in the Thessaloniki area. A large part of the mainland is mountainous and

sparselypopulated.

ServicesarebyfarthelargestsectorintheGreekeconomy.In2010,theygenerated78%

ofGDP,whileindustrycontributed18%andagriculture,forestryandfishing4%.Services

aredominatedbytourism,shippingandthepublicsector.Afterseveralyearsofstrong

butdebtdrivengrowth,theinternationalfinancialcrisistriggeredtheGreekeconomyto

contractby2%in2009.Governmentfinancesquicklydeterioratedandthebudgetdeficit

reached unsustainable levels. In May 2010, the government adopted an austerity

programme in order to receive financial assistance from the InternationalMonetary

Fund (IMF)and theeurozone countries.Theprogramme includes cutting governmentspending, reducing thesizeof thepublicsector,decreasing taxevasion, reforming the

health care and pension systems, and improving competitiveness through structural

reformstothelabourandproductmarkets,includingtheelectricity,naturalgasandcoal

sectors. GDP declined by 4.4% in 2010 and is set to decline further in 2011.

Unemploymenthadreached15.9%inFebruary2011.

Greece is a parliamentary democracy headed by a president. Executive powers are,

however,vestedinthegovernmentheadedbyaprimeminister.SinceOctober2009,the

country isgovernedby thePanhellenicSocialistMovement (PASOK).Thenextgeneral


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electionisscheduledfor2013.GreecehasbeenamemberoftheEuropeanUnionsince

1981.

SUPPLYANDDEMAND

SUPPLY

Total primary energy supply (TPES)was 27million tonnes of oil equivalent (Mtoe) in

2010,down8.2%from2009and11.1%from2008.Between1990and2008,TPESgrew

with an annual average of 2%,whileGDP increased bymore than 3% per year (see

Figure2).

Figure2.Totalprimaryenergysupply,1973to2010*

0

5

10

15

20

25

30

35

1973 1976 1979 1982 1985 1988 1991 1994 1997 2000 2003 2006 2009

Mtoe

Other *

Hydro

Biofuels andwaste

Natural gas

Coal

Oil

* Estimates for 2010.

** Other includes wind, solar, geothermal and ambient heat used in heat pumps.

Source: Energy Balances of OECD Countries, IEA/OECD Paris, 2011.

Domestic sources, primarily lignite but also renewable energy, covered a third of

Greecesenergyneeds,andtheentireindigenousproduction.Theremainingtwothirds

ofTPESwereoilandnaturalgaswhicharealmost100%imported.

OilremainsthemostimportantenergysourceinGreece,althoughitsshareinTPEShas

gradually declined from 77% in 1973 to 52% in 2010. Over the years, oil has been

substitutedfirstbyligniteandmorerecentlybynaturalgas.Ligniteisthesecondlargest

energysource,accountingfor27%ofTPES in2010. It isthemost importantsourcefor

electricity in Greece. Natural gas provided 12% of TPES in 2010. Over the past two

decades,lignitesupplyhasfluctuatedbetween8and9Mtoe,butdroppedto7.3Mtoe

in2010. Incontrast,naturalgashasbeen the fastestgrowingenergysource in recent

years.Intotal,fossilfuelsaccountedfor91%ofTPESin2010,oneofthehighestshares

amongtheIEAmembercountries(seeFigure4).


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19

In comparison, renewableenergy supply is relatively low.Themain renewableenergy

sourcesarebiofuelsandwaste,providing1Mtoeor4%ofTPES in2010, followedby

hydropowerwith0.6Mtoeor2%ofTPES.Solarandwindenergyeachaccounted for

around0.2Mtoe,lessthan1%ofTPESin2010.

Figure3.Energyproductionbysource,1973to2010*

0

2

4

6

8

10

12

1973 1976 1979 1982 1985 1988 1991 1994 1997 2000 2003 2006 2009

Mtoe

Other **

Solar

Wind

Oil

Hydro

Biofuels andwaste

Coal

* Estimates for 2010.

** Otherincludes natural gas, geothermal and ambient heat used in heat pumps (negligible).

Source:Energy Balances of OECD Countries, IEA/OECD Paris, 2011.

Figure4.BreakdownoftotalprimaryenergysupplyinIEAmembercountries,2010*

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Oil Natural gas Peat Coal Biofuels and waste Hydro Nuclear Other **

Greece

* Estimates.

** Otherincludes geothermal, solar, wind, and ambient heat production.



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20

DEMAND

Totalfinalconsumption(TFC)was20.6Mtoe in2009.LikeTPES,itgrewfastfrom1990

to2007,onaverageby2.5%per year.Then,asa resultof theeconomic situation, it

decreasedby2.8%in2008and2009(seeFigure5).

OilhasbyfarthehighestshareinfinalenergyconsumptioninGreece;65%in2009.This

sharehasremainedrelativelysteadyovertime.Inadditiontothetransportsector,oilis

also the dominant fuel in industry and the buildings sector. Among the IEAmember

countries,Greece has the highest shareof oil in TFC, and only Ireland is in a similar

situationwhereoildominatesallconsumptionsectors.AmongtheOECDcountries,only

MexicohasahighershareofoilinTFC.

Electricity,asthesecondlargestenergysource,provided23%ofTFC in2009. Itsshare

hasgradually increasedfrom17% in1990and isnowslightlyabovethe IEAaverageof

21.7%.Theservicesectorconsumed41%ofallelectricity,theresidentialsector33%and

industry26%.Beyondoilandelectricity,theotherenergysourcescovered12%ofTFC.

Naturalgasandcoalaremostlyused in industryandrenewableenergy inhouseholds,

mainlyforheatingwater.

Figure5.Totalfinalconsumptionbysource,1973to2009

0

5

10

15

20

25

1973 1976 1979 1982 1985 1988 1991 1994 1997 2000 2003 2006 2009

Mtoe

Other *

Coal

Biofuelsand waste

Natural

gas

Electricity

Oil

* Otherincludes solar, geothermal and heat (negligible).


INSTITUTIONS

MinistryofEnvironment,EnergyandClimateChange(MEECC)

Theministrywas formed inautumn2009bymerging several functionsof the former

Ministries forDevelopment and the Environment.MEECC is the central institution in

climate and energy policy making in Greece. Within the Ministry, the General

Directorate for Energy is responsible for energy policy and the publication of energy

statistics. It is also responsible for the developmentof renewable energy and energy

efficiencypolicy andoversees theCentre forRenewable Energy Sources (CRES). It is


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responsible forthetranspositionofenergyrelatedEUdirectives intoGreek legislation.

TheministrycooperateswiththeRegulatoryAuthorityforEnergy(RAE)inaccordance

withGreekandEUlegislation,andisresponsiblefortheexerciseofmajorityshareholder

functions of the Public Power Corporation (PPC), the Hellenic Transmission System

Operator(HTSO),thePublicGasCorporation(DEPA)andtheGasTransmissionSystem

Operator(DESFA).

Ministry

of

Infrastructure,

Transport

and

Networks

TheMinistryof Infrastructure,TransportandNetworks is inchargeof transportpolicy

planning and it coordinates closely with the Ministry of Environment, Energy and

ClimateChange).

MinistryforFinance

TheMinistryforFinance isresponsiblefortaxationandfortheexerciseofthemajority

shareholderfunctioninHellenicPetroleum.

RegulatoryAuthorityforEnergy(RAE)

RAEwassetupin2000astheindependentregulatorforallenergymarkets(electricity,

gasandoil).Itusedtohaveprimarilyadvisorypowers,butalsosomedirectpowersoverpricesinnaturalgasretail.RAEschairmanandtwovicepresidentsareappointedbythe

Ministerial Council, following the consent of the Greek Parliament. With the

transpositionoftheEUthird internalenergymarketdirectives inAugust2011,RAEhas

gained more independence and powers, and it is now responsible for licensing,

secondarylegislationandmarketcontrolandsupervision.

HellenicCompetitionCommission(HCC)

TheHCCisanindependentbodyresponsiblefortheproperfunctioningofcompetitionin

allmarketsinGreece.Itcancommenceinquiriesintomarketpowerormarketabuseex

ufficio and it acts as an advisory body to the government. HCC is overseen by the

MinistryforFinance.

CentreforRenewableEnergySources(CRES)

CRES is thenational centre for renewableenergy sources, rationaluseof energy and

energy saving, and it coordinates national policies in these areas. It also produces

energy systemsanalysisand isactive inEUfundedprojects.CRES is supervisedby the

MinistryforEnvironment,EnergyandClimateChange.

PublicPowerCorporation(PPC)S.A.

PPCisthemajoritystateownedelectricityproducer,distributorandsupplierinGreece.

Itsuppliedmorethan75%ofwholesaleandmorethan90%ofretailelectricityin2010.

Thecompanyalsoremainstheowneroftransmissionanddistributionassetsandhasa49%stakeinHTSO,theoperatorofthetransmissionsystemandwholesalemarket.Law

4001/2011foreseesatransferofHTSOssystemoperationandplanningresponsibilities

to aPPC subsidiary,whichwill thenbecome theTSO.HTSOwill remain theoperator

wholesalemarket.

PublicGasCorporation(DEPA)S.A.

DEPA is themainnaturalgas supplier inGreece. It is65%ownedby theGreekState,

while Hellenic Petroleum owns the remaining 35%. DEPA owns the Hellenic Gas

Transmission SystemOperator (DESFA), the owner and operator of the highpressure


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transmissionnetworkofnaturalgasandtheRevithoussaLNGterminal.DEPAalsoowns

51%oftheregionalgasdistributioncompanies(EPAs)throughits100%subsidiaryEDA,

and50%oftheInterconnectorGreeceItaly(IGIPoseidon).Law4001/2011foreseesthat

DESFAwillbeunbundledfromDEPA.

KEYPOLICIES

MARKETREFORM

Greece issteppingupeffortsto liberalise itshistoricallystatecontrolledelectricityand

naturalgasmarkets,takingalso intoconsiderationtherecentobligationsundertheEU

thirdInternalEnergyMarketDirectives.

In the electricitymarket, new entrants are gaining ground in the wholesalemarket,

althoughPPCstillsuppliedmorethan75%ofthevolumein2010.Italsosuppliedmore

than90%of theretailmarket in2010.Competition in theretailmarkethasbeenvery

limited, because of regulating enduser prices at levels that do not always cover

generatingcosts.Sincethebeginningof2011,PPCsretailtariffshavebeenrestructuredtowards eliminating crosssubsidisation between different categories of clients. Retail

tariffsareexpectedtobefullyderegulatedbymid2013.

Inthegasmarket,independentsuppliersandlargecustomerswillingtobeselfsupplied

may,sinceApril2010, importgastothecountry.AlthoughtheStateremains incontrol

ofalmostallgas supplyand the gas transmission infrastructure throughDEPAand its

subsidiaries, thenewentrants canbeexpected togradually reduce thedominanceof

DEPAandbringmultiplebenefitstotheeconomyandthecitizens.

The new energy law 4001/2011 (Official Gazette FEK 179/ / 22 August 2011)

strengthens thepowerof the regulatoryauthority,provides for consumerprotection,

andallowsforunbundlingelectricityandgastransmission(seeBox1).ThegovernmentisalsocommittedtoreducingitsownershipinPPCandDEPAtoclearlybelow50%.

Box1.Law4001/2011toimplementthethirdEUElectricityandNaturalGas

MarketDirectives

Law 4001/2011, adopted on 22 August 2011, transposes into national law the EU

Directives 2009/72/EC and 2009/73/EC. It introduces significant reforms to the

electricity and natural gas market structure and aims to establish a stable and

transparent legislativeand regulatory framework formonitoring thesemarketsand

forprotectingconsumers.Thelawconsistsofthefollowingfourchapters:

Chapteron

RAE

Theroleofthe independentregulator (RAE) isstrengthenedbygranting itadistinct

legalpersonalityandfinancialautonomy.MembersoftheBoardwillbechosenbythe

ParliamentaryCommitteeonInstitutionsandTransparency.

RAE has new responsibilities regarding security of supply, licensing, network

developmentprogramme,networkusagetariffs,monitoringofthemarket,consumer

protectionandissuingsecondarylegislation(codesandregulations).


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Box1.Law4001/2011toimplementthethirdEUElectricityandNaturalGas

MarketDirectives(continued)

Chapteronconsumerprotection

Freeandeasyaccesstoinformationfacilitatingtheselectionofsupplier.

Provisions protecting consumers from abusive practices of suppliers and specific

proceduresforcomplaintssubmissionareestablished.

EstablishmentofaLastResortSuppliermandatedtoensureuninterruptedandsecure

energysupplyforthecustomers.

Establishment of a Universal Supplier Service facilitating households and small

businessestoselectanewsupplier.

Furtherprotection forvulnerableconsumerswithspecificmeasuresproviding lower

tariffs,paymentfacilitationandtheprohibitionofsupplydisruptionincriticalperiods.

Chapteronnaturalgas

UnbundlingoftheTSO(DESFA)fromDEPA,themajornaturalgassupplier.

AllexistingcommercialagreementsbetweenDESFAandDEPAaretobesubmittedto

RAEforapproval.

TheTenyearDevelopmentPlanfortheNationalGasSystemistobedraftedannually

byDESFAandapprovedbyRAE,which isalsomandatedtomonitorandevaluate its

implementation.

Public service obligations for the providersmay be imposed byMinisterial Decree

(MinisterforEnvironmentEnergyandClimateChange).

Chapteronelectricity

TheTransmissionSystemoperatoristobeunbundledonthebasisoftheITOmodel.

The Independent Transmission System Operator (ADMIE), is designated as the

Administratorandtheowneroftheassets.

The Tenyear Development Plan for the Electricity Transmission Network is to be

draftedannuallybyADMIEandapprovedbyRAE.AnAdvisoryCommitteetomonitor

thenondiscriminatoryoperationofADMIEisestablishedwiththeparticipationofthe

usersoftheSystem(producersandsuppliers).

Allpowersof theHTSO regarding system transmissionoperationare transferred to

ADMIE.

HTSOishereinafterdefinedastheMarketOperatorwithcompetencesregardingthe

overallfunctioningoftheDailyEnergyProgramming(IEP).

The Network Distribution Operator (Hellenic Electricity Distribution Network

Operator)isestablishedasa100%subsidiaryofPPC.ThepersonneloftheDirectorate

General for Distribution are transferred to the Hellenic Electricity Distribution

NetworkOperator.PPCretainsthedistributionassets.

Source:MinistryofEnvironment,EnergyandClimateChange.

Withthegoaloffurtherincreaseincompetition,efficiencyanddynamismoftheenergy

sectorandtheGreekeconomyingeneral,inadditiontolaw4001/2011,Greecehasalso


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already laid down a programme for privatising statecontrolled energy companies, as

partoftheMidtermFiscalPlan(seeTable1).

Table1.Privatisationofstatecontrolledenergycompanies

CompanyCurrent State

share, %

State shares to besold, % of all

company sharesPublic Gas Corporation (DEPA) 65 55

National Natural Gas System Operator (DESFA) 65 31

Public Power Corporation (PPC) 51 17

Subsea gas field of Notia Kavala (for gas storage) 100 100

Source: Law 3985/2011 (Official Gazette A 151/1 July, 2011).

SECURITYOFSUPPLY

Greece importspracticallyall theoiland gas itneeds,while ithas ample reservesof

ligniteanda largepotentialforrenewableenergy.Ithasdiversified itscrudeoil import

sources, reducing its dependence on OPEC countries by gradually increasing imports

from Russia and OECDmembers. The country is in compliance with the IEA 90day

stockholdingobligationsince2004,

The key elementsofGreecespolicyon natural gas security are thediversificationof

supplysourcesandthedevelopmentofthenaturalgastransmissionsystem.Inaddition,

new gasfiredplants are required tohold at least fivedaysofdual fuel reserves (i.e.

eitherdiesel storedat theplant site,orLNGat theRevithoussa terminal). Ina supply

disruption,DESFA,thetansmissionsystemoperator,wouldresorttothefollowingthree

keymeasures:

interruptionofgassupplytolargeusers,onthebasisofaprioritylist;

fuelswitchingatpowerstations;

useofgasreservesattheLNGterminal.

Peakdemandofelectricityismetbyincreasingimportsandofferingfinancialincentives

forlargeuserstoreducedemand.Totalcapacityofcrossborderconnectionsamountsto

around15%ofpeakdemand.PlansexisttoincreasecrossbordercapacitywithBulgaria

and Italy. The foreseen increase in variable renewablepower generation to 2020will

increasetheneedforsystemflexibilitytoensuresecurityofsupply.

CLIMATECHANGEMITIGATION

Greece is a Party to the United Nations Framework Convention on Climate Change

(UNFCCC) and to the Kyoto Protocol. The related EU BurdenSharing Agreement

(2002/358/EC) limits itsgreenhousegas (GHG)emissions toanaverageof25%above

theirbaseyear1levelfrom2008to2012.GHGemissionspeakedin2007,andbecauseof

theeconomicrecessionandefficiencyimprovements,Greeceissettomeetthistarget.

AspartoftheeffortsharingoftheEUGHGtargetof 20% from1990to2020,Greece

willhavetoreduceemissionsby4%fromtheir2005levelinthesectorsoutsidetheEU

1.1990forcarbondioxideCO2,methaneCH4andnitrousoxideN2O;and1995forFgases(hydrofluorocarbons,

perfluorocarbonsandsulphurhexafluoride).


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EmissionsTradingSystem(ETS).TheETSsectorhasasingleEUwidetargetof 21%from

2005to2020.

ThemaincontributiontoreducingenergyrelatedCO2emissionstomeetthe2020target

will come frommeasures on renewable energy, energy efficiency and fuel switching

fromligniteandoiltonaturalgasandrenewableenergysources.TheEUETSandEUair

pollution legislation are driving a decarbonisation of the countrys power supply. In

addition, Greece aims to raise the share of renewable energy in gross total finalconsumptionofenergy to20%by2020,which is2%higherthan itsEUobligationand

almost triple the 6.9% share in 2005. It has also set a specific target for renewable

sourcestoprovide40%ofelectricitygenerationbythesameyear(thesharein2010was

15%)andtoprovide20%ofprimaryenergyforheatingandcoolingin2020.

CRITIQUE

Sincethe lastindepthreviewin2006,Greecehas improveditsenergypolicy inseveral

areas. New energy infrastructure is providing alternative sources of natural gas and

ensuringlongtermenergysupply.Thenaturalgassystemwasreinforcedandexpanded,

anditspenetrationindomestic,industrialandtertiarysectorspromoted.Investmentsin

renewable energy have been substantially increased. Greece has commendably

diversified its sourcing of crudeoil andoil products and takenmeasures to boost its

indigenousoilproduction.The IEAalsoapplaudsGreecespriority toenhance regional

energy cooperation through the construction of new, and the upgrading of existing,

energy interconnectorswithneighbouring countries.Greece has been compliantwith

theIEA90daystockholdingobligationsincetheendof2004.

GiventhecurrenteconomicsituationinGreece,muchhastochangebeforethecountry

can return to sustained growth. Reforms are needed also in the energy sector to

improve economic efficiency.Greecehasmade someprogress since 2006 in opening

energymarkets,butmuchmoreremainstobedone.Furthermarket liberalisationcanbeexpectedtobringbenefitstotheconsumers,andthegovernmentshouldtrytoreap

thesebenefitsofmarketreformsfortheconsumers

Reducing concentration and increasing effective competition in the electricity and

natural gasmarkets is a particular challenge.Market power of PPC andDEPA is still

strong,the levelof independenceofthetransmissionsystemoperators is low,andthe

RegulatoryAuthority forEnergy (RAE)and theHellenicCompetitionCommission (HCC)

havehad ratherlimitedpowersandindependence.

InAugust2011,theGreekParliamentadoptedthenewenergylawwhichtransposesthe

EUthirdEnergyMarketDirectives.IthasalsopledgedtopartlyprivatisePPCandDEPA.

Thelawshouldbeimplementedasamatterofurgency.Inparticular,thedominanceofthe incumbentelectricityandgascompanies shouldbemitigated,whileRAEandHCC

shouldbegivenmoredecision andrulemakingpowerandappropriateresources.

In recent years, energy and climate policies have become more prominent on the

politicalagenda.Greecedecidedtorearrangethestructureoftheministriesworkingon

energyandenvironmentpolicy,havinginmindthenecessaryconsistencyofenergyand

environmentpoliciesandbeingcommittedtothethreeEsofgoodenergypolicy:Energy

security, Environmental sustainability, and Economic efficiency. The IEA congratulates

the government for forming a new Ministry for Environment, Energy and Climate

Change, in particular because a horizontal approach is needed to respond to the


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EuropeanUniontargetsfor2020ongreenhousegas(GHG)mitigation,renewableenergy

andenergyefficiency.

While Greece looks set to complywith its Kyoto Protocol target for 20082012, the

globalneedtodecarboniseoureconomiesjustifiesamorestrategiclongtermapproach.

Thegovernmentseesgreeningtheeconomyasawaytopromotejobcreation,especially

intherenewableenergysector.Thecountryhasintroducedambitioustargetstofurther

increase the shareof renewable energy and adopted amajor law (3851/2010) and aNationalRenewable EnergyAction Plan toprovide formeasuresneeded tomeet the

2020targets.ThegovernmenthasalsoformedaNationalEnergyEfficiencyActionPlan

andhasbeguntoimplementprogrammesinsupportofthetargetsoutlinedinthisplan.

All inall,theIEArecommendsthegovernmenttodevelopcoherentenergyandclimate

strategies to 2020 and beyond which cover all sectors (e.g.electricity, buildings and

transport)andplaceaparticularlystrongemphasisonthedemandside.Thegovernment

should continue to considerdifferent scenarios thatassess the costeffectiveness and

theenvironmentalsustainabilityofenvisagedpolicieswhendevelopingthesestrategies.

For investors andmarketparticipants inall energy sectors, it is essential,notonly in

Greece, to have political and administrative decisions (e.g.licences, spatial planning,

regulatoryframework)implementedasquicklyandeffectivelyaspossible.ConditionsforinvestinginrenewableenergyhavebeenimprovedbyLaw3851/2010.Asregardsother

existing regulatory frameworks, theremay still be room for improvements, be it in

design(stable,simple,complete)or implementationofregulatoryframeworks.The IEA

encouragesthegovernmentto intensifyeffortstotakedecisionsand implementpolicy

quicklyandeffectively.

Asmanyothercountries,Greeceisfacinglocalresistanceandadministrativebarriersto

new energy infrastructures, including renewable energies like wind energy. The

governmentisthereforestillencouragedtobemoreactiveincommunicatingitsenergy

policy,policygoalsandconstraintstothebroaderpublic.

Tofacilitatea longertermviewonenergyandenvironmentalpolicy,allstakeholdersincluding government, other authorities, industry, research, nongovernmental

oganisationsandthegeneralpublicneedtheabilitytojudgeinaconsistentandeasily

understandablewaytherisksandopportunitiesofdifferentenergysupplyoptions(such

asfossilandrenewableenergy).

RECOMMENDATIONSThegovernmentofGreeceshould:

Continueto implementtheplannedmarketreforms,inparticular,takemeasuresto

mitigatethe

dominance

of

the

incumbent

electricity

and

gas

companies

and

strengthentheRegulatoryAuthorityforEnergyandtheCompetitionCommissionby

givingthemmoredecisionandrulemakingpowerandappropriateresources.

Continue to develop coherent energy and climate strategies to 2020 and beyond

which cover all sectors (e.g. electricity, buildings and transport) and place a

particularlystrongemphasisonthedemandside.

Utilisedifferent scenarios thatassess thecosteffectivenessand theenvironmental

sustainabilityofenvisagedpolicieswhendevelopingthesestrategies.


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3.Climatechange

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3.CLIMATECHANGE

Keydata

(2009)

TotalGHGemissions(excludinglanduse,landusechangeandforestry):

122.5MtCO2eq,+17.4%from1990.

20082012target:+25%frombaseyear

CO2emissionsfromfuelcombustion:90.2Mt(+1.4%onaverageperyearsince1990)

Emissionsbyfuel:oil54%,coal39%,gas7%

Emissionsbysector:electricityandheatgeneration49%,transport27%,industry12%,

households8%,other4%

OVERVIEW

Greece is a Party to the United Nations Framework Convention on Climate Change

(UNFCCC) and to the Kyoto Protocol. The related EU BurdenSharing Agreement

(2002/358/EC) limits itsgreenhousegas (GHG)emissions toanaverageof25%above

theirbaseyear2levelfrom2008to2012.

AspartoftheeffortsharingoftheEUGHG targetof 20% from1990to2020,Greece

willhavetoreduceemissionsby4%fromtheir2005levelinthesectorsoutsidetheEU

EmissionsTradingSystem(ETS).TheETSsectorhasasingleEUwidetargetof 21%from

2005to2020.Greeces totalemissionsof the sixGHGshave increased since1990.According to the

Greek national inventory submission to the UNFCCC, total GHG emissions in 2009

amountedto122.5milliontonnesofCO2equivalent(MtCO2eq),which is17.4%more

than in1990and15.1%more than thebaseyearemissionsof106.5MtCO2eq.This

increaseisdominatedbyasteepincreaseinemissionsofCO2,whiletheemissionsofthe

othermajorgaseshavedecreasedcomparedto1990.However,CO2emissionspeakedin

2007andhavesincebeendecreasing,partlyowingtoimprovementsinenergyefficiency

and increases in theuseof renewableenergyandnaturalgas. In2009,CO2emissions

decreased furthermainlybecauseofeconomic recession. In 2009,CO2accounted for

85.1%ofGHGs,CH4for7.1%,N2Ofor5.6%andtheFgases(HFCs,PFCsandSF6)for2.2%

(seeTable2).

2.1990forcarbondioxideCO2,methaneCH4andnitrousoxideN2O;1995forFgases(hydrofluorocarbons,perfluorocarbons

andsulphurhexafluorideSF6).


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3.Climatechange

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Table2.GreenhousegasemissionsinGreece,1990to2009

Emissions(MtCO2eq)

GHG 1990 1995 2000 2005 2007 2008 2009

CO2 83.3 86.8 103.2 113.4 114.4 110.1 104.3

CH4 9.8 10.0 9.9 9.2 9.0 8.8 8.7

N2O 10.1 8.9 8.4 7.8 7.8 7.1 6.9

HFC 0.9 3.3 4.3 4.0 2.1 2.5 2.6

PFC 0.3 0.1 0.2 0.1 0.1 0.1 0

SF6 0 0 0 0 0 0 0

Total 104.4 109 126 130.7 133.4 128.6 122.5

Breakdownbygas(%)

GHG 1990 1995 2000 2005 2007 2008 2009

CO2 79.8 79.6 81.9 84.4 85.8 85.7 85.1

CH4 9.4 9.1 7.9 6.8 6.7 6.8 7.1

N2O 9.7 8.2 6.7 5.8 5.8 5.5 5.6

HFC 0.9 3.0 3.4 2.9 1.6 1.9 2.1

PFC 0.3 0.1 0.1 0.1 0 0.1 0

SF6 0 0 0 0 0 0 0

Total 100 100 100 100 100 100 100

Indexofemissions(baseyear=100)

GHG 1990 1995 2000 2005 2007 2008 2009

CO2 100 104.2 123.9 136.1 137.4 132.2 125.3

CH4 100 102 101.8 94 92.1 90.1 89.5

N2O 100 87.9 83.3 76.8 76.9 69.9 67.8

HFC 100 131 121.3 64.3 76.1 78.8

PFC 100 176.8 85.2 70.2 88.7 42.1

SF6 100 111.3 180 276.7 210 140

Total 100 104.4 120.7 128.7 127.8 123.2 117.4

Note: CO2is carbon dioxide, CH4 is methane, N2O is nitrous oxide, F-gases are HFC (hydrofluorocarbons), PFC (perfluorocarbons) and SF6(sulphurhexafluoride).

Source: Greeces 2011 national inventory submission to the UNFCCC.

CO2EMISSIONS

FROM

FUEL

COMBUSTION

In2009, fuel combustionaccounted for95%ofallCO2emissionsand81%ofallGHG

emissions inGreece.CO2emissions from fuel combustion increasedbyalmosta third

from1990to2009,to90.2Mt.3

3.TheanalysisinthissectionisbasedonestimatesdonebytheIEAbyusingtheIntergovernmentalPanelonClimateChanges

defaultmethodsandemissionfactors. IntheGreeksubmissiontotheUNFCCC,CO2emissionsfromfuelcombustionin2009

werereportedtobe98.9Mt.


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3.Climatechange

29

In 2009, energy supply in Greecewas the secondmost carbonintensive among the

OECDcountries,afterEstonia(seeFigure6).Thisisexplainedbytwofactors.Greecehas

oneofthehighestsharesoffossilfuelsinitsTPES(92.4%in2009)andpowergeneration

ismuchmorecarbonintensivethaninotherOECDcountries.

Ligniteremainsthemainfuelforpowergeneration,providing56%oftotalgenerationin

2009(45%in2010),andoiluseisalsocommon,providing13%ofthetotal.Manyofthe

powerplantsareoldand relatively inefficient.Asa result, in2009,averageemissionsfrompowergenerationwere729gCO2perkilowatthour(kWh) inGreece,asopposed

to454gCO2perkWh intheOECD.4Thiscarbon intensityofpowergeneration issetto

declineinthefuture,asrenewablesourcesandnaturalgascontinuetoreplacelignite.

Figure6.EnergyrelatedCO2emissionsperTPESinOECDmembercountries,2009

0

0.5

1

1.5

2

2.5

3

3.5tCO2 per toe

Source: CO2Emissions from Fuel Combustion,IEA/OECD Paris, 2010.

Carbon intensity of the Greek economy declined by 24% from 1990 to 2009 when

Greeceemitted0.33kgofCO2perthousandUSDofGDP(in2000pricesandpurchasing

powerparities).ThisdecreaseresultsfromrapidGDPgrowth,67%from1990to2009.

However,evenafter suchadecrease, theGreekeconomy remains16%more carbon

intensivethanOECDEuropeonaverage.GreecesCO2emissionspercapita,at8tonnes

in2009,were17%higherthantheOECDEuropeaverage,and15%higherthanin1990.

By sector, power and heat generationwas the largest emitter of energyrelated CO2

emissions in 2009, accounting for half the total. Transport accounted for 27% of all

emissions,manufacturing for8%,households for8%andbothotherenergy industries

(mainlyrefineries)andothersectors(services,agricultureandfishing)for4%each(see

Figure7).Since1990,totalemissionshavegrownby30%,withaboveaveragegrowthin

households (60%), other energy industries (46%) and transport (63%). In contrast,

emissions frommanufacturing industries decreased by 30% from 1990 to 2009. The

economicdownturnisreducingCO2emissions.From2007to2009,emissionsdecreased

inallsectors,intotalby7.8%.

4.AccordingtotheGreekAdministration,thefigurefor2009was824gCO2perkWh.


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3.Climatechange

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Figure7.CO2emissionsbysector*,1973to2009

0

20

40

60

80

100

120

1973 1976 1979 1982 1985 1988 1991 1994 1997 2000 2003 2006 2009

Million tonnes of CO2

Other **

Residential

Transport

Manufacturingindustry and

construction

Other energyindustries

Electricity andheat

* Estimated using the IPCC Sectoral Approach.

** Includes emissions from commercial and public services, agriculture/forestry and fishing.

Source: CO2Emissions from Fuel Combustion, IEA/OECD Paris, 2010.

Figure8.CO2emissionsbyfuel*,1973to2009

0

20

40

60

80

100

120

1973 1976 1979 1982 1985 1988 1991 1994 1997 2000 2003 2006 2009

Million tonnes of CO2

Oil

Gas

Coal

Other **

* Estimated using the IPCC Sectoral Approach.

** Includes industrial waste and non-renewable municipal waste (negligible).

Source: CO2Emissions from Fuel Combustion, IEA/OECD Paris, 2010.

On a fuel basis, oil remains the dominant source of CO2 (see Figure 8). In 2009, it

accountedfor54%ofemissions,arelativelystablesharesince1990.Emissionsfromcoal


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use(39%ofthetotal)remainclearlyhigherthanthosefromnaturalgasuse(7%).Since

the late 1990s, natural gas has steadily becomemore common as a fuel for power

generation.PartlybecauseofEUETS,emissionsfromnaturalgasusehave increased in

recentyears,whileemissionsfromcoalusehaveremainedfairlystable.Dataonfueluse

forelectricitygenerationdo,however,point toa steepdecline inCO2emissions since

2008 owing to the recession and the penetration of renewable energy sources (see

Chapter9onelectricity).

INSTITUTIONS

TheMinistryofEnvironment,EnergyandClimatechange(MEECC)isresponsibleforthe

coordinationofallothercompetentministriesandotherpublicand/orprivateentities

for:

implementingtheprovisionsoftheKyotoProtocol;

formulatingandmonitoring theNationalProgramme forachievingnational targetssetundertheKyotoProtocol.

MEECC isalsoresponsibleforthe implementationoftheEUETS inGreece. Inpractice,

this work is done by the Emissions Trading Office within theministrys Directorate

GeneralfortheEnvironment.ThisofficeisalsothedesignatedNationalAuthorityforthe

Clean Development Mechanism (CDM) and the designated focal point for Joint

Implementation(JI)projects.TheNationalRegistry isoperatedbytheNationalCentre

forEnvironmentandSustainableDevelopment,aninstitutesupervisedbyMEECC.The

coordination of all competent authorities is assigned to a sevenmember inter

ministerialcommittee.

POLICIESANDMEASURES

OVERVIEW

ThebasisofGreecesclimatepolicy isthesecondNationalClimateChangeProgramme

from 2002 and its subsequent revisions, theNational Renewable Energy Action Plan

(NREAP)and theNationalEnergyEfficiencyActionPlan (NEEAP)Nationalpoliciesand

measures are closely linked to the European common and coordinated policies and

measures,includingtheEmissionsTradingSystem,aswellasthefinancingmechanisms

andfiscalmeasuressupportingtheimplementationofprojects.

The impactofcurrentand futureclimatepoliciesandmeasures isquantified inthe5th

National Communication of Greece to the UNFCCC, published in January 2010. Thecommunicationcontainstwoemissionsscenarios:thewithmeasuresscenarioincludes

adopted and implemented emissions reduction policies and measures. The with

additional measures scenario assumes the implementation of current and planned

policies.The latter scenariowasupdated inMarch20115to take intoaccount revised

policies andmeasures related to the compliancewith the EU 202020 targets to be

reachedby2020.

5.ReportunderArticle3(2)oftheDecision280/2004/ECrelatedtonationalpoliciesandmeasuresandGHGemission

projections.MinistryofEnvironment,EnergyandClimateChange,2011.http://cdr.eionet.europa.eu/gr/eu/ghgmm/envtx8f8w


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For2020,thetotalGHGemissionsreductionpotentialfrom implementedandadopted

policies andmeasures is estimated at 50.3Mt CO2eq and the total reduction from

plannedpoliciesandmeasuresisestimatedat11.8MtCO2eq(seeTables2and3).The

largest potential for GHG reductions lies in reducing the carbon intensity of power

generationthroughincreaseduseofnaturalgasandrenewablesources.Thesamepolicy

islimitingemissionsalsoinindustry,householdsandservices.Thesesectorsholdalarge

potential for improved energy efficiency. In the transport sector, emissionswouldbe

reduced mainly by promoting public transport, improving traffic management and

renewingthevehiclefleet.

Table3.ReductionsinGHGemissionsfromimplementedandadoptedpoliciesandmeasures

MtCO2eq.

Policies and measures 2005 2010 2015 2020Gradual replacement of old inefficientthermal power units with efficient newones increase in the share of naturalgas in electricity generation

6.0 11.2 16.0 26.1

Promotion of natural gas in other sectors 0.5 0.7 0.8 1.1

Promotion of renewable energy sources 1.0 10.2 14.0 16.2Biofuels use in transport 0.4 0.8 1.2

Energy efficiency measures in industry 0.2 0.3 0.3

Energy efficiency measures in householdsand services

1.4 1.5 2.2

Measures in transport 0.2 0.3

Measures in the waste sector 0.5 1.3 2.0

Measures in agriculture 0.6 0.7 0.9

Total 7.5 25.2 35.6 50.3

Source: Report under Article 3(2) of the Decision 280/2004/EC related to national policies and measures and GHG emissions projections. Ministry ofEnvironment, Energy and Climate Change, March 2011.

Table4.ReductionsinGHGemissionsfromplannedpoliciesandmeasures

MtCO2eq

Policies and measures 2015 2020Promotion of natural gas 0.3 0.4

Promotion of renewable energy sources 2.7 6.2

Biofuel use in transportation 0.3 0.6

Full implementation of the National Energy Efficiency Action Plansmeasures on industry

0.7 1.0

Full implementation of the National Energy Efficiency Action Plansmeasures on households and services

3.5 3.6

Total 7.5 11.8

Source: Report under Article 3(2) of the Decision 280/2004/EC related to national policies and measures and GHG emissions projections. Ministry forEnvironment, Energy and Climate Change, 2011.

AsaresultoftheeffortsharingoftheEUGHGtargetof20%from1990to2020,Greece

willhavetoreduceemissionsfromthenonETSsectorsby4%fromtheir2005levelsby

2020. For this, it is allowed to use international flexibility mechanisms to cover an

amountequalling3%ofthenonETSsectoremissionsin2005,i.e.75%ofitstarget.After

2012,theETSsectorintheEUasawholewillhavetocutemissionsby21%from2005to

2020(seebelow).


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EUEMISSIONSTRADINGSYSTEM(EUETS)

The EUETS limits the amount of CO2 emissions from installations in nine energy

intensiveindustries:combustioninstallations,hydrocarbonrefineries,cokeovens,metal

ore roasting or sintering installations, production of pig iron and steel, production of

cementclinker,manufactureofglass,manufactureofceramicproductsandproduction

ofpulpandpaper.Eachinstallationisallocatedemissionallowancesandmustsurrender

allowancestocover itstotalCO2emissions.Ifitsemissionsarehigherthanexpected,itshallpurchasemoreallowancesontheallowancemarkettocovertheshortfallbetween

allocationandactualemissions.If,inturn,itneedsfewerallowancesthanitholds,itcan

sell them.Allocation in the first twophasesof theEUETS (20052012) isbasedona

NationalAllocationPlanthat ispreparedbythenationalgovernmentandapprovedby

the EU Commission. Allocation criteria are laid out in Annex III to the EU Emissions

TradingDirective(2003/87/EC).

TheEUETSwas launched in2005and its firstcommitmentperiodranuntiltheendof

2007. For 20082012, the second commitmentperiod,Greecemay allocatea totalof

315.4MtofCO2allowances to the140 incumbentsand26.1Mt fornewentrants.At

68.4Mt CO2eq, total annual allocation in 20082012 is 8% smaller than in the first

commitment period and 19.8% less than the ETSsector emissions in 2005. Power

generation received71%ofallowances to incumbents,and cement industry17% (see

Table5).Allallowancesareallocatedfreeand installationsmayuseJIandCDMcredits

tocoverupto9%oftheiremissionsobligation.

Asfrom2013,newrulesforEUETSwillapply,onthebasisofDirective2009/29/EC.For

example,allallowancesforthepowersectorwillhavetobeauctionedwithtemporary

exemptions for somenewEUmember states,whereasprocess industriesmay receive

partor, ifsubjecttocarbon leakage,alloftheirallowances for freeat the levelofthe

benchmarkof industrybestpractice.Flexiblemechanismsmaybeused tocoverup to

50%oftherequiredreductionbetweenthe2005verifiedemissionsandtheaveragecap

over20082020.ThescopeoftheEUETSwillalsobebroadenedtocoverseveralnewsectors,includingaviationandtheproductionofaluminiumandchemicals.ETSwillalso

covertheemissionsofperfluorocarbonsandnitrousoxideincertainindustries.

Table5.AllocationofallowancesintheNationalAllocationPlan20082012bysector

Categories of activities Allowances allocated (t CO2)Power generation 222 520 789

Other combustion 2 012 220

Refineries 19 892 720

Metal ore roasting and sintering 4 048 345

Iron and steel 2 675 820

Cement 53 863 840

Lime 4 633 535Glass 285 585

Ceramics 4 570 885

Paper 936 900

Total 315 440 639

Reserve for new entrants 26 107 071

Source: Ministry of Environment, Energy and Climate Change.


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DOMESTICMEASURESOUTSIDETHEEUETS

Efforts to limit theGHG emission from the sectors outside the EUETS focus on fuel

switching, renewable energy and energy efficiency. They are listed inmore detail in

Chapters4and8onenergyefficiencyandrenewableenergy,respectively.

Householdsandservices

Adopted,implementedandplannedactionsincludeincreasingtheuseofnaturalgasand

renewable energy sources, but also improving the thermal behaviour of residential

buildings and promoting energyefficient appliances and heating equipment. These

actions are supported significantly by the incorporation in the Greek legislation of

Directive 2002/91/EC (through Law 3661/2008, Joint Ministerial Decision,

D6/B/5825/20.04.2010 and Presidential Decrees 72/2010 and 100/2010) which

proposesactionsforenergyconservation intheresidentialandservicesectors,suchas

usingacommonmethodology for theestimationof theenergyefficiencyofbuildings,

developmentofasystemforthecertificationofnewandexistingbuildings,inspectionof

boilers,mandatoryreplacementofalllowenergyefficiencylightsinthepublicandwider

publicsector,financialincentivesandsubsidiesforthereplacementoflowenergyclasshousehold deviceswith new energyefficient ones. The 2010 Energy Performance of

BuildingsRegulation, in linewithDirective2009/28/EC,specifiesenergy inspections,as

wellasenergyandenvironmentalcertificationofbuildings,andthushelpsto limitCO2

emissions.

Transport

Thesubstantial increaseofGHGemissionsfromroadtransport isdirectly linkedtothe

increaseofvehiclesandtransportationactivity.Therenewalofthepassengercarfleet

andthe implied improvementofenergyefficiency limitthe increaseofGHGemissions.

However,thepositiveresultsfromtheimprovedperformanceofvehiclesarereducedbythe high level of passenger car use. The government expects that the implemented,

adoptedandplannedmeasurestoimprovepublictransportwillmoderatethishighlevel

ofpassengercaruse.

Internationalmeasures

AccordingtothesecondNationalClimateChangeProgrammeadopted in2002andthe

latest projections, Greece will comply with its Kyoto Protocol target for the first

commitmentperiodbyexistingimplementedandadoptedpoliciesandmeasures,andby

theimplementationoftheEUETSwithouttheadditionaluseofJI/CDMcredits.

JIandCDMcreditsare,however,expectedtobeusedintheEUETSsector.Accordingto

theNationalAllocation Plan 20082012, installationsmay use credits from these two

mechanismsinanamountequallingupto9%oftheirallocatedallowances.

CRITIQUE

Under the EUBurdenSharingAgreement related to theKyoto Protocol,Greecemust

limit itsaverageannualGHGemissions in20082012to25%abovethebaseyear level.

Largelybecauseofstrongeconomicgrowth,theemissions increasedsubstantiallyuntil


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2007. However,Greece looks set to reach its Kyoto targetwith existing policies and

measures, in part because the economic downturn has led to further decreases in

emissions. The IEA acknowledgesGreeces success in abiding by its Kyoto target and

encourages the government to continue to monitor compliance towards the Kyoto

target.

Beyond2012,GreecesGHGtargetfor2020 is 4%fromthe2005 levelforthenonETS

sector,whiletheETSsectorhasa 21%targetfrom2005to2020.AsrequiredunderEUlegislation,Greecehasadoptedandisimplementingnationalactionplansonrenewable

energyandenergyefficiencytomeet itsGHG2020goal.TheMinistryofEnvironment,

Energy and Climate Change is ideally positioned to increase momentum for more

effectivecooperationandcoordinationinimplementingtheseplans.

ThemaincontributiontoreducingenergyrelatedCO2emissions is likelytocome from

measureson renewableenergy, fuel switchingandenergyefficiency.Thegovernment

should focus on costeffectiveness and prioritise economic instruments when

incorporating thesemeasures into a coherentwhole. Building on themomentum for

green growth under the current government and capitalising on themany planned

policies andmeasures on renewable energy and energy efficiency, the government

couldconsideraimingatmoreambitiousGHGreductionsthanobligedbytheEU,asthiswouldmoreeasilyhelpGreecemeet themoreambitious targets thatwillbe required

beyond2020.

RECOMMENDATIONSThegovernmentofGreeceshould:

Implementtheactionplansonenergyefficiencyandrenewableenergytoreachthe

2020targets.

Considermore ambitious targetsfor limiting energyrelatedGHG emissions in the

nonETSsector.

Continuetomonitordevelopmenttowardsthe2012targets.


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4.ENERGYEFFICIENCY

Keydata

(2009)

Energyusepercapita:2.4toe(OECDaverage:4.4),3.5%from2000

Energyintensity:0.11toeper1000USD(OECDaverage:0.16),21.1%from2000

Totalfinalconsumption:transportsector41%,residential24%,industry21%,services

and agriculture 15% (OECD average: transport 33%, industry 31%, residential 20%,

other16%)

FINALCONSUMPTIONOFENERGY

Greecestotalfinalconsumptionofenergy(TFC)was20.6Mtoein2009,down3%from

2008but42%higherthan in1990.Transporttookthe largestshareofTFC,accounting

foraround41%ofthetotal.Theresidentialsectoraccounted for24%and industryfor

21%. The service sector consumed 10% of TFC and agriculture 5% in 2009. In

comparison,theIEAaveragesin2009were32%fortransport,20%forresidential,31%

forindustry,and16%forothersectors.

Figure9.Totalfinalconsumptionbysector,1973to2009

0

5

10

15

20

25

1973 1976 1979 1982 1985 1988 1991 1994 1997 2000 2003 2006 2009

Mtoe

Other *

Industry

Residential

Transport

* Otherincludes commercial, public service, agricultural, fishing and other non-specified sectors.



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Figure10.Totalfinalconsumptionbysectorandbysource,1973to2009

Industry

0

2

4

6

8

10

1973 1976 1979 1982 1985 1988 1991 1994 1997 2000 2003 2006 2009

Mtoe

Oil

Natural gas

Coal

Biofuelsand waste

Electricity

Residential/commercialsector

0

2

4

6

8

10

1973 1976 1979 1982 1985 1988 1991 1994 1997 2000 2003 2006 2009

MtoeOil

Natural gas

Biofuelsand waste

Solar

Electricity

Transport

0

2

4

6

8

10

1973 1976 1979 1982 1985 1988 1991 1994 1997 2000 2003 2006 2009

MtoeOil



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Since1990,TFC inGreecehas increased inallsectors(seeFigures9and10),drivenby

strongeconomicgrowthto2008.Reflectingtheeconomicdownturn,however,TFCfell

from2008to2009.ThesectoralbreakdownofTFChaschanged inamannertypicalto

developedeconomies.Industryhasseen itssharedeclinefromonethirdto lessthana

quarter,whiletheresidentialandservicesectorshaveincreasedtheirshareofthetotal.

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