Join us for EMBCA’s “5th Hellenic/ East Med Energy Independence Forum “ Webinar Panel Discussion on Sunday December 1, 2024 at 2 P.M. EST/ 9 P.M. Athens EEST. The panel discussion will be introduced by Lou Katsos EMBCA’s President, and moderated by Konstantine Drougos , CEO of OASIS Carbon Management Group and EMBCA Director. Our distinguished panel with include Dr. Paris Kokorotsikos , President and CEO of Euroconsultants S.A. Group; Dr. George Stathakis, Former Minister of Energy, and Dr. Mihalis Karmis, Former Director of the Coal & Energy Research Center at Virginia Tech.
Energy dependence has been identified as one of a variety of factors (energy sources diversification, energy suppliers diversification, energy sources fungibility, energy transport, market liquidity, energy resources, political stability, energy intensity, GDP) negatively contributing to energy security. As such a higher level of energy dependence is risk prone, because of the possible interference of commodity price fluctuations, trade "wars'', international armed conflicts, terrorist attacks, etc. Energy independence in a way is an idealized status that at present can be only approximated by exploitation of a country's natural resources, including renewable and non-renewable resources. The Hellenic Republic is a small energy consumer and its geographical position favours her in becoming a vital corridor for transporting gas and electricity from the East to the West.
The Hellenic Republic is actively pursuing energy independence by reducing reliance on fossil fuel imports and promoting renewable energy. Historically dependent on imported oil and natural gas, the country faces challenges such as energy price volatility and geopolitical risks. To address these, Hellas is focusing on renewable energy expansion, energy storage, international interconnections, and phasing out fossil fuels.
Currently, renewables like solar, wind, and hydropower account for nearly half of it’s electricity production. The government aims to increase this share to 70% by 2030, with major investments in solar parks, onshore wind farms, and upcoming offshore wind projects. Energy storage technologies, such as battery systems and pumped hydro, are being developed to ensure grid stability by balancing the intermittency of renewables.
International energy interconnections play a key role in Hellas’s strategy. Projects like the EuroAsia and EuroAfrica Interconnectors will allow the transfer of electricity between the Hellenic Republic , Cyprus, Israel, and Egypt, enhancing energy security and regional cooperation. Additionally, Greece is exploring green hydrogen to decarbonize heavy industries and transportation sectors.
In the long term, Hellas plans to phase out coal-fired power plants by 2028 and gradually reduce natural gas dependence. The shift toward energy efficiency and the electrification of transportation will further support this transition. Hellas is also leveraging European Union funding and foreign investments to finance these initiatives sustainably.
Through these efforts, it aims to secure its energy needs, align with EU climate goals, and position itself as a regional energy hub in Southeast Europe.
Join us as we discuss with experts in the field Hellenic Present and Future Energy Independence Strategies.
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