BMI View: After a decade of impressive growth, the Greek non-hydro renewables industry came nearly to a standstill in 2014 and 2015, largely on account of regulatory changes introduced under the New Deal in mid-2014 as well as persisting economic and political challenges. While several recent project announcements highlight the industry's potential, we believe Greece's non-hydro renewables expansion will remain anaemic over the coming decade.
|e/f = BMI forecast. Source: EIA, LAGIE, BMI|
|Generation, Non-Hydropower Renewables, TWh||9.189||9.252||9.297||9.336||9.393||9.425||9.459|
|Generation, Non-Hydropower Renewables, % y-o-y||1.154||0.676||0.490||0.419||0.610||0.347||0.354|
|Capacity, Non-Hydroelectric Renewables, MW||3,875.7||3,889.3||3,904.8||3,917.8||3,945.0||3,957.4||3,969.6|
|Capacity, Non-Hydroelectric Renewables, % y-o-y||-16.0||0.4||0.4||0.3||0.7||0.3||0.3|
Latest Updates a nd Structural Trends
According to the most recent data from the Greek electricity market operator LAGIE, we have downgraded the country's installed renewables capacity to 3,876MW for 2015. Solar capacity was estimated at 2,042MW, while wind added another 1,781MW. Biomass was the smallest segment in Greek renewables industry with total installed capacity of 53MW.
The latest data from ELETAEN, the Greek Wind Energy Association, revealed that 171.8 MW new wind-energy facilities were installed in 2015. Another 210.7 MW of wind energy parks were under construction (energypress.eu).
The renewable energy sources (RES) Fund was expected to end 2015 with a deficit of EUR15.7mn, according to a forecast made by LAGIE in November 2015.
We retain our forecast for non-hydro renewables' contribution to the country's total power mix to remain largely stable over the coming decade. By the end of our review period, both non-hydro renewables capacity and generation are forecast to contribute 15.1% to the country's overall power mix, marking a slight decline from 2015 figures.
The Greece Renewables Report researched at source contains BMI Research's assessment of the current renewables market in Greece. The report also contains historical data together with forecasts to end-2018 covering electricity generation (TWh) and electricity capacity (MW).
The renewables sectors covered in the report include Wind, Solar, Geothermal, Tidal and Wave, and Biomass (See Table of Contents for exact coverage). The report also features details on government green energy agendas and funding opportunities, as well as presenting a detailed list of key renewables projects currently being planned or undertaken in Greece, their capacity, the timeframe of construction and their current status.
The report discusses the various energy policies currently in force, including targets, subsidies and the relevant infrastructure developments or limitations which might impact on renewables growth, analysing the potential effects of regulatory changes in conjunction with the background macroeconomic outlook. Finally, there is a general overview of the competitive landscape in Greece, together with a detailed summary of the main utilities and manufacturers present and their business operations.
BMI's Greece Renewables Report provides industry professionals and strategists, sector analysts, investors, trade associations and regulatory bodies with unique independent forecasts and competitive intelligence on the Greece renewables industry.
- Benchmark BMI's independent renewables industry forecasts for Greece to test other views - a key input for successful budgeting and planning in the renewables market.
- Target business opportunities and risks in the Greece renewables sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in the country.
BMI Industry View
Summary of BMI's key industry forecasts, views and trend analysis covering the renewables market in Greece, regulatory changes, major investments and projects and significant multinational and national company developments.
Industry SWOT Analysis
Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the renewables sector and within the broader political, economic and business environment.
BMI Industry Forecasts
Historic data series (2010-2012) and forecasts to end-2018 for electricity generation (TWh) and electricity generating capacity (MW) for each individual renewables sector present in the country.
These in turn are broken down into:
Electricity Generation: Overall capacity (TWh), growth % change year-on-year, KWh per capita, % of Total Non-Hydropower renewables generation, % of total electricity generation.
Electricity Capacity: Overall capacity (MW), growth % change year-on-year, % of non-hydroelectric renewables capacity and % of total capacity.
These forecasts are in turn supported by explicit assumptions, in conjunction with analysis of the key risks to the main forecast.
Business Environment Rankings
BMI's Renewables Business Environment Rankings provide fully comparable Risk-Reward Rankings aimed at investors in the regional renewables market.
The rankings methodology makes sophisticated use of various industry, economic and demographic data point.