In July, Greece achieved a record monthly production of 2,639 GWh from renewable energy sources, while also seeing the second highest monthly production from fossil gas in the last decade. Net imports (59 GWh) were the lowest in 10 years on a monthly basis, while demand was the highest (6,475 GWh). The contribution of clean energy to demand in the first seven months of the year exceeded 50% (51.8 %).
This analysis covers electricity production across the whole territory of Greece and is based on the latest available monthly data from the Independent Power Transmission Operator (July 2024) for the interconnected grid and from the Hellenic Electricity Distribution Network Operator (HEDNO) for the non-interconnected islands (June 2024). In addition, we use the most recent data from HEDNO for low and medium voltage, as well as for the installed capacity of self-production systems (August 2024). The data from DAPEEP’s Renewable Energy Special Account bulletin up to June 2024 are used to calculate more accurately CHP production at low and medium voltage, as well as for the PV utilization factors needed to estimate self-production. You can read in more detail about our methodology here.
In the first seven months of 2024, renewables (excluding large hydro) maintained their lead in the electricity mix with a production of 14,988 GWh, but lagged behind the cumulative production of the three fossil fuels (fossil gas, lignite and oil) by 663 GWh. This was caused by the increased contribution of gas in July, reversing the results of the semester when renewables had outperformed the cumulative fossil production.
Fossil gas was second (11,584 GWh), returning to 2022 levels and showing an increase of 33.5% compared to the first seven months of 2023. With 2,256 GWh large hydro were third for the second time in the last decade, after the first seven months of 2021. Oil on non-interconnected islands followed in fourth place (2,182 GWh), while lignite dropped to the fifth place (1,884 GWh). The smallest contribution to meeting demand in the first seven months of 2024 came from net imports (401 GWh), which were the lowest of the last decade for this period, well off the previous low of 2021 (2,274 GWh).
The large increases of renewables (+3,191 GWh) and fossil gas (+2,908 GWh), as well as the much smaller increases of large hydro (+234 GWh) and oil (+176 GWh) in the first seven months of 2024, compared to the same period in 2023, offset the collapse in net imports (-3,861 GWh), the decline in lignite electricity production (-846 GWh) and the increase in demand (+1,802 GWh).
The corresponding percentage changes in the first seven months of 2024, compared to 2023, were:
Lignite: -31%
Fossil gas: +33.5%
Renewables: +27%
Large hydro: +11.6%
Net imports: -90.6%
Oil: +8.8%
Demand: +5.7%
In the first seven months of 2024, clean energy (renewables and large hydro) was the highest of the decade with 17,245 GWh, up 24.8% compared to the same period in 2023 (13,820 GWh). In fact, it surpassed by almost 1.5 TWh (1,593 GWh) the electricity production from the three fossil fuels combined (15,651 GWh), which in turn grew by a smaller 16.7% over the same period. The difference between clean energy and fossil fuels in the first seven months widened in 2024 compared to 2023, when clean energy had exceeded fossil fuels for the first time by 407 GWh.
Clean energy met more than half of demand (51.8%) in the first seven months of the year, down by one percentage point (52.8%) compared to the corresponding performance in the first six months of the year. Clean energy’s share in net electricity production was 52.4%. Renewables (mainly wind and solar) dominated in meeting demand with 45%, while large hydro covered 6.8% of demand.
Fossil gas led the way among fossil fuels in meeting demand with a share of 34.8%, which is the largest share of the decade for the seven-month period. Oil followed with 6.6% and finally lignite with 5.7%. Net imports covered just 1.2% of demand, the lowest share of the last decade.
The share of renewables would have been even higher, if there were no curtailments. According to the forecasts of the consolidated planning process published daily by IPTO, a total of 528 GWh of RES were curtailed in the first seven months of 2024. 122 GWh were curtailed in May, while the highest amount of clean energy was curtailed in April (259 GWh) compared to the other months of the year and the total of the 2023 curtailments (228 GWh). In March 49 GWh were curtailed, in June 64 GWh, while 33 GWh were curtailed in July.
According to the same IPTO forecasts, July 28th saw the highest RES curtailments of the month, totaling 10.61 GWh. However, this amount is considerably lower than the highs of previous months.
If these curtailments were avoided during the first seven months of 2024, it would have been possible to fully eliminate net electricity imports, since during the aforementioned period total net imports (401 GWh) were lower than curtailments. Therefore, Greece could have become a net exporter of electricity for the first time or even reduce the share of fossil gas, while increasing the share of renewables. Alternatively, the full utilization of all RES production through storage infrastructure could have reduced by the same amount (528 GWh) the use of fossil gas, leading to lower electricity prices in the wholesale electricity market.
In July 2024:
- An all-time record for monthly production from RES wat set at 2,639 GWh, surpassing the previous high of 2,265 GWh recorded just one month earlier in June.
- Production from fossil gas (2,412GWh) was the second highest of the last 10 years on a monthly basis, after July 2021 (2,490 GWh).
- Net imports (59 GWh) were the lowest of the last 10 years on a monthly basis. Since records began, there have only been 10 months during which Greece had net exports, two of which were April and May 2024.
- Demand (6,475 GWh) was the highest of the last 10 years on a monthly basis.
Electricity consumption in the first seven months of 2024 (33,307 GWh) increased by 5.7% compared to the same period of the previous year and was for the first time higher than the average of the last five years (2019-2023) by 1.5%.
Demand growth has returned to the levels of the first month of the year (+6.7% in January), same as in the first half of the year, in contrast to previous periods when growth was closer to 1% (+1.4% in the first quarter of 2024 compared to the same period in 2023, 1% in the first four months and 1.2% in the first five months).
