Papastavrou outlines roadmap to cut electricity costs by 30% over three years

Environment and Energy Minister Stavros Papastavrou outlined the government’s roadmap for achieving a 30% reduction in electricity costs over the next three years, speaking at Naftemporiki’s 2nd N-TIF Forum.

Responding to a question from naftemporiki.gr director Michalis Psilos about the prime minister’s announcement at the Thessaloniki International Fair (TIF), Papastavrou identified three key priorities: increasing electricity generation from renewable energy sources (RES), significantly expanding energy storage and completing energy interconnections.

As he explained, expanding storage capacity is crucial to ensure that energy generated from the sun and wind can be used more extensively throughout the 24-hour period.

“The major challenge is storage,” he said, announcing a “very significant acceleration” in this area over the coming years.

“It is a roadmap with directions that will enable our country to benefit from the sun, the wind and interconnections,” he said.

Simpler self-consumption

The minister placed particular emphasis on enabling households and businesses to generate and use their own renewable energy.

“We want an energy democracy in which every citizen and every business can harness the sun and the wind,” he said.

Self-consumption will be a key tool towards this goal, with Papastavrou announcing a major simplification of the existing framework for both households and businesses.

The changes will range from the installation of solar panels on balconies to larger systems used by businesses to meet their energy needs.

The relevant measures will be presented in detail on Tuesday, the minister said.

Papastavrou noted that RES now account for more than 50% of the country’s energy mix, describing this as significant also in terms of keeping prices in check. He stressed, however, that a comprehensive approach is needed to ensure that renewable energy generated can be used efficiently and ultimately translate into lower costs.

“Prices before the crisis”

Referring to electricity tariffs, the minister described PPC’s announcement of a fixed tariff of 11.5 euro cents per kilowatt-hour as highly significant, noting that this corresponds to price levels seen before the energy crisis.

He also pointed out that consumers now have a range of tariff options available on the market.

“There are alternatives for consumers. Everyone takes responsibility for the choice they make,” he said.

First Ionian drilling planned for March or April

Papastavrou also made a significant announcement regarding hydrocarbon exploration, saying that the first exploratory drilling in Block 2 in the Ionian Sea is scheduled for March or April.

The drilling will provide the first substantive indication of whether the area contains commercially exploitable deposits.

According to the data he presented, the consortium estimates a potential deposit of around 270 billion cubic metres, with potential long-term benefits for the Greek state estimated at approximately €10 billion.

“For decades, our country has been discussing its offshore wealth – with both exaggerations and historical evidence. Now the time of truth will come,” he said.

As he explained, a positive outcome in the specific block could fundamentally alter the prospects for exploration across Greece, because “if the block there is commercially exploitable, all the offshore blocks will acquire greater value”.

“A national undertaking – It requires patience and unity”

The minister nevertheless sought to temper expectations, stressing that exploratory drilling has a success rate of around 16%.

“We should neither get carried away nor become disappointed,” he said.

He cited Norway as an example, noting that the country that is now Europe’s leading hydrocarbons power had to reach its 18th attempt before making a successful discovery, following 17 unsuccessful attempts.

“Developing hydrocarbons requires patience and it requires unity,” he said.

Papastavrou also stressed that hydrocarbon exploration has become a national strategy that extends beyond changes of government.

“Laying cables does not require Turkey’s permission”

Papastavrou sent a clear message on the electricity interconnection, stressing that laying the cable does not require Turkey’s permission.

“Laying the cable does not require Turkey’s permission,” he said, while highlighting the project’s broader geopolitical significance.

As he noted, the project is of interest to both Europe and the United States, and therefore goes beyond the narrow scope of a bilateral energy interconnection.

The minister also referred to Meridian’s participation, describing it as a company with significant experience in the field.

More specifically, he underlined its entry into the project “expands the prospects for its implementation”.

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