In the first 11 months of 2025, we had record production from RES (24,595 GWh) and natural gas (20,864 GWh), record net exports (2,409 GWh), but also record RES curtailments, which reached 1,863 GWh and were more than double those of the same period in 2024 (886 GWh). In November specifically, RES ranked first in electricity production with 2,072 GWh, followed by gas with 1,778 GWh, while net exports doubled compared to October, reaching 477 GWh. The monthly average wholesale electricity price was 106.5 €/MWh.
This analysis concerns electricity production across the entire territory of Greece and is based on the latest available monthly data from the Independent Power Transmission Operator (IPTO) for the interconnected grid (November 2025) and from the Hellenic Electricity Distribution Network Operator (HEDNO) for the non-interconnected islands (October 2025). In addition, we use data from HEDNO for low and medium voltage, as well as for the installed capacity of self-production systems (September 2025). Data from the Renewable Energy Special Account bulletin of the Renewable Energy Sources & Guarantees of Origin Operator (DAPEEP) (October 2025) 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. Finally, for the wholesale electricity market we use price data of the Day-Ahead Market from ENTSO-E. You can read in more detail about our methodology here.
November
In November 2025, renewables (mainly wind and solar) ranked first in electricity production with 2,072 GWh, up 12.1% compared to October. Renewables also had the highest electricity generation for the month of November in at least the last decade, with an increase of 4.2% compared to last year, which was the previous highest generation for November.
Fossil gas was in second place with 1,778 GWh, down 6.1% compared to October and at levels comparable to September (1,782 GWh). Compared to November 2024, it decreased by 18.3%.
In third place were large hydro plants with 287.3 GWh, an increase of 15.4% compared to October. Compared to previous years, large hydro plants saw an increase of 92.6% compared to November last year, while remaining close to November 2023 levels.
Oil on non-interconnected islands fell to fourth place with 211 GWh and a decrease of 26.3% compared to October, while compared to last November, oil decreased by 1.3%[1].
Lignite ranked last with 206 GWh, despite a 5.8% increase compared to the previous month. In contrast to October, lignite production was almost half that of the same month last year (407 GWh).
Total domestic demand continued the downward trend that began in August, falling to 4,078 GWh, a six-month low and the second lowest demand in 2025 after April. Compared to last November, domestic demand fell by 4.9%.
In terms of the interconnection balance, Greece was a net exporter for another month with 477 GWh. So far, this is the longest period in history that Greece has been a net exporter, both in terms of consecutive months (7 months) and within a year (10 out of 11 months of the year). Compared to the previous month, exports almost doubled (+94.2%) but compared to last November they decreased by 26.2%.
The average price on the wholesale electricity market in November 2025 fell by 5.2% compared to the previous month, reaching 106.5 €/MWh. Compared to November last year, the price decreased by 22.5%, reflecting the decline in production from lignite and fossil gas compared to last year.
The first eleven months of the year
Comparison of sources
In the first eleven months of 2025, renewables led the way in electricity production with 24,595 GWh cumulatively and a decade high, while they also increased by 5% compared to the same period last year.
Fossil gas followed with 20,864 GWh cumulatively, also marking a decade high and a 9.1% increase over the first eleven months of 2024, which is a higher increase compared to RES.
The country’s net exports were also at an all-time high, reaching 2,409 GWh for the first eleven months of 2025. Compared to the same period in 2024, when then country was a net importer for the first eleven months, Greece’s interconnection balance recorded a major diversion towards exports at the level of 2,362%.
Oil ranked third in electricity production after renewables and gas with 3,507 GWh, down 3% compared to last year. This was followed by large hydro plants with 3,027 GWh and the lowest production for the 11-month period in the last five years. Lignite came in last with 2,318 GWh and the lowest electricity production ever for this period, down 17.1% compared to 2024.
Shares of energy sources in meeting demand
Domestic electricity demand in the first eleven months of 2025 reached a total of 51,917 GWh, down 0.8% compared to the same period in 2024. However, domestic electricity production reached 55,413 GWh, an increase of 4.3% compared to 2024 and a historic high, which is also related to the historic high in exports for this period.
Renewables once again had the largest share in meeting demand with 47.4%, marking a record-high for the first eleven months of the year.
Fossil gas ranked second, covering 40.2% of demand and reaching its highest level of the decade for this period.
Oil followed in third place, covering 6.8% of total demand — and more than 90% of demand on the non-interconnected islands.
In the last two places were large hydro plants with a share of 5.8% and lignite with a share of 4.5%, the lowest share in meeting demand for this period of the year.
Changes in the shares of energy sources in demand coverage
Comparing January–November 2025 with the same period in 2024, the largest shifts were observed in cross-border electricity exchange and gas. Gas increased by a total of 1,740 GWh, while the interconnection balance shifted by 2,515 GWh towards net exports.
RES increased considerably less than gas, by 1,177 GWh, thanks to increased solar PV generation. Indicatively, high-voltage solar PV output during this period reached 4,150 GWh (+1,800 GWh from 2024), while production from high-voltage wind generation decreased by 577 GWh, reaching 9,273 GWh for the first eleven months of 2025 (9,851 GWh for the same period in 2024).
Lignite, large hydro plants, and oil decreased by 478 GWh, 230 GWh, and 109 GWh respectively during the 11-month period.
In summary, it appears that the increase in renewables was more than sufficient to offset the decline in production from lignite, large hydro and oil (-818 GWh in total), while part of the additional renewable output was exported to neighboring countries. However, the contribution of electricity from gas to net exports was even greater, as the increase in gas (1,740 GWh) accounted for the largest part of the change in the interconnection balance (2,515 GWh).
The corresponding percentage changes in the first ten months of 2025, compared to the same period in 2024, were:
Lignite: -17.1%
Fossil gas: +9.1%
Renewables: +5.0%
Large hydro: -7.1%
Net imports: –2,362.4%
Oil: -3.0%
Demand: -0.8%
Comparison of clean energy with fossil fuels
In the first eleven months of 2025, clean energy sources (wind, PV, hydro, biomass, self-generation) with a total production of 27,622 GWh remained in first place, surpassing fossil fuels (fossil gas, lignite, oil) and reaching a historic high for this period.
Fossil fuels had a total production of 26,689 GWh, reaching a four-year high.
Clean sources met 53.2% of demand, with the difference from fossil fuels being 933 GWh, lower than in the same period in 2024 (1,139 GWh), due to the fact that the increase in electricity generation from gas was greater than that from RES (+4.5% compared to +3.5%).
Energy curtailment from RES
Based on the combination of forecasts shown in the ISP2 and ISP3 solutions of the consolidated planning process of the IPTO, RES curtailments in November reached 25.5 GWh, or 1.2% of the total RES generation. They were half of last month’s curtailments (51.7 GWh), and 20% lower than November 2024 curtailments (32.1 GWh).
The day with the highest curtailments was Sunday November 23rd 2025, with a total of 12.3 GWh, almost half of this month’s total curtailments. Most RES curtailments in November occurred between 10am and 12pm.
Cumulatively, in the first eleven months of 2025, an estimated 1,863 GWh—or 7.04% of total RES generation—was rejected, more than double the RES curtailments during the same period in 2024 (866 GWh). Notably, the total estimated RES curtailments in the eleven-month period of 2025 were close to the increase in electricity generation from gas (1,740 GWh) between the 11-month period of 2025 and the same period in 2024.
With regard to hours with zero or negative[2] prices in the wholesale electricity market, there were 34.75 hours in November 2025, while in the first 11 months of 2025, the total number of hours with zero or negative prices reached 475.5 hours, more than double the same amount in the first ten months of 2024 (186 hours).
[1] Data for non-interconnected islands are not available for November; therefore electricity production is approximated by linear interpolation using data for the period January to October for 2024 and 2025.
[2] We assume as zero all prices that are less than 0.05 €/MWh.
