Record monthly net exports of 1,264 GWh in January 2026. Unlike in 2025, when the increase in exports was linked to increased use of fossil gas, the surge in exports in January is related to the large increase in wind power production, which reached a five-year high of 1,509 GWh. A four-year high was also recorded for large hydroelectric plants with 738.4 GWh. However, the average price on the wholesale electricity market remained at the same level as in December 2025 (€108.7/MWh), due to the extensive use of expensive fossil gas (2,405 GWh), whose production was very close to that of December (2,477 GWh).
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 (January 2026) and from the Hellenic Electricity Distribution Network Operator (HEDNO) for the non-interconnected islands (December 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) (November 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.
January
In January 2026, RES ranked first in electricity generation with 2,528 GWh, recording a 41% increase compared to December and the fourth highest monthly electricity generation for at least the last decade.
Fossil gas was in second place, but at high levels and very close to RES, with 2,405 GWh. Compared to the previous month, gas remained virtually unchanged, falling by just 2.9%.
Large hydroelectric plants rose to third place with 738.4 GWh, more than double the electricity production in December (361.6 GWh) and the highest monthly production in the last four years.
Lignite fell to fourth place with 373 GWh, down 7.9% compared to December and the lowest production for the month of January.
Oil came in last with 264 GWh, up 42.7% compared to December.
Total domestic demand reached 5,045 GWh, an increase of 9.2% compared to the previous month. Total electricity production this month reached 6,309 GWh, up 20.8% compared to December and +1,264 GWh above domestic demand. This amount was used to meet the demand of neighboring countries, more than doubling the corresponding amount of the previous month (+110.2%) and setting a historic record for monthly net exports.
Despite high electricity generation from RES and large hydroelectric plants, equally high electricity generation from fossil gas (2,405 GWh) kept the market price high. Thus, the average price on the wholesale energy market in January 2026 stood at €108.7/MWh, just 1.2% lower than the average price in December 2025, when gas production remained at similar levels (2,477 GWh).
Historical comparison
Compared to previous years, RES recorded high electricity production for the first month of the year, which was 42.5% higher than January 2025.
Fossil gas, in second place, also recorded record electricity generation in January, slightly exceeding (+2%) the previous record of January 2025.
Large hydroelectric plants had the second-highest electricity production in January after 2021, recording an increase of 185% compared to last year.
Lignite had the lowest January electricity generation in at least the last decade, down 26.9% from January last year, while oil is estimated to have increased by 9.6% compared to January 2025.
Finally, the country’s net exports increased by 230.9% compared to January 2025.
Changes in the shares of energy sources in demand coverage
Comparing January 2026 with January 2025, RES, large hydroelectric plants, and net exports recorded the largest increase, while gas and oil recorded a smaller increase. Lignite was the only source that decreased compared to last year.
RES increased by 754.2 GWh, mainly due to the huge increase in wind power production and, to a lesser extent, the increase in photovoltaics. Indicatively, wind power production at high voltage reached 1,509 GWh (+667.4 GWh from 2025), while photovoltaic production at high voltage reached 249.7 GWh (+25.3 GWh from 2025).
Large hydroelectric plants, thanks to increased rainfall this month, saw an increase of 479.2 GWh. Gas increased by only 47.5 GWh, while oil increased by 23 GWh. Lignite decreased by 137.5 GWh.
We note that the increase in RES and large hydroelectric plants, which totaled 1,233 GWh, was sufficient to cover the increase in demand (284 GWh) and the decrease in lignite, while a large part of net production was channeled into exports (from 812 to 949.5 GWh).
The corresponding percentage changes in January 2026, compared to January 2025, were:
Lignite: -26.9%
Fossil gas: +2.0%
Renewables: +42.5%
Large hydro: +185.0%
Net imports: +230.9%
Oil: +9.6%
Demand: +6.0%
Comparison of clean energy with fossil fuels
In January 2026, clean energy sources (wind, solar, hydroelectric, biomass, self-production) with a total production of 3,266 GWh exceeded fossil fuels (natural gas, lignite, oil), which produced 3,042 GWh.
Compared to January last year, clean energy sources increased by 60.7%, reaching a historic high for electricity generation in the first month of the year. Furthermore, with a 64.7% share, they reversed the picture of January 2025, taking the lead in meeting demand. In contrast, fossil fuels decreased by 2.2% compared to last year, covering 60.3% of demand.
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 January reached 5.9 GWh, or 0.2% of RES production, remaining practically unchanged compared to December (4.2 GWh or 0.2% of RES production). However, they were almost five times higher than the cuts in January last year (1.3 GWh or 0.07% of RES production).
The day with the highest curtailments was Friday, January 30 2026, with total RES curtailments of 2.68 GWh, almost half of the month’s curtailments. Most of the curtailments in January occurred between 10 a.m. and 12 p.m.
As for hours with near-zero or negative prices on the wholesale electricity market, there were 7 hours in January 2026, while in January 2025 there were zero hours with near-zero or negative prices.
