Greek Energy Market Report 2020 | Powered by the National Bank of Greece

The report entitled "The Potential Contribution of Natural Gas to East Mediterranean Economy", powered by the International Gas Union (IGU), investigates the potential contribution of natural gas discoveries on the economies of Egypt, Israel, Cyprus, Greece, and Lebanon. Focusing on a country-level analysis, it highlights the regional perspectives of the natural gas market. Based on historical data and forecast scenarios, the study illustrates the impact of possible discoveries under the scope of security of supply and market development. 

The Report is available exclusively to HAEE Members, one month prior to its official release. 

This is a sensitive period for the Greek energy sector, since on the one hand, national elections offer a chance for the realignment of policy regardless of the ruling party, while on the other hand, a series of crucial issues are ongoing with repercussions for the future of the market. Major changes are coming due to the liberalization of the Power and Gas market, ambitious privatization processes of state-controlled energy companies and the target model objectives set by the European institutions and significant investment potential is on the horizon.

HAEE stands ready to analyze and review the course of the energy transition in the Greek market through its newly released "Greek Energy Market Report 2019" by providing all the most recent data and valuable insights. In this regard, HAEE’s annual report manages to identify the relative strengths and weaknesses of the Greek energy market during a time of great change. The goal is to provide a full and clear picture of the Greek energy landscape to international and domestic companies, leading market players, regulators and policy makers. Progress is assessed through a series of variables including the country's goals for 2020 and 2030, demographics, statistics and regulatory frameworks.

Natural gas is the fastest growing form of primary energy worldwide, given its advantages compared to other forms of energy and its pivotal contribution to the direction of sustainable development. It is an essential element for the promotion of the European Energy Policy and at the same time, the bridge for the transition from conventional to renewable energy forms. Additionally natural gas is the most efficient and sustainable raw material for ammonia/ fertilizers production.

A considerable positive effect on GDP growth derives from the particular abolishment of the excise duty on natural gas when used as feedstock. The precise increase attributable to the growth in domestic demand is projected to eventually result in a GDP rise of € 754 million. An additional positive feature of the complete abolition in natural gas would be towards the impact on employment, which is estimated to increase by a total number of 12.500 jobs. In conclusion, nowadays that industrial production seems to progressively recover, the aim should be towards promoting and encouraging production, rather than burden it with taxes and levies that cannot be covered anymore.