Will Greece allocate 1 GW of new energy storage capacity?

RAAEY – Greece's newly formed regulatory authority for waste, energy, and water – has revealed that the country will allocate 1 GW of new energy storage capacity. The program consists of three separate auctions, with capacities of 400 MW, 300 MW, and 300 MW.

Will Greece provide financial support for 900MW energy storage capacity?

The government in Greece is looking to provide financial support for up to 900MW of energy storage capacity through a tender as previously reported by Energy-Storage.news. The country has an overall energy storage deployment goal of 3GW by 2030 to facilitate a 70% renewable energy target.

How does Greece support energy storage projects?

Greece's subsidy support for winning energy storage projects in the upcoming tenders is generous. During the construction phase, all winning projects will receive a one-time payment of €200,000 per MW, which serves as a capital expenditure subsidy.

Should Greece invest in energy storage facilities?

Currently there is a growing interest for investments in storage facilities in Greece. Licensed projects mostly consist of Li-ion battery energy storage systems (BESS), either stand-alone or integrated in PVs, as well as PHS facilities .

What is Greece's energy storage program?

Greece’s energy storage program will draw €341 million ($372.3 million) from the European Union’s post-pandemic recovery fund, which was approved last year by the European Commission. The program’s first and second tenders will focus on standalone energy storage projects connected to the Greek electricity transmission network.

How much does energy storage cost in Greece?

For the first energy storage auction, the regulator has set a capped CfD price of €115,000 per MW per year. As a result, winning projects must participate in the energy market, such as Greece's wholesale electricity trading and secondary balancing services market. Each year, the government will assess the projects' market earnings.