In October, lignite production (65 GWh) was the second lowest historically in Greece, while renewables production (2,262 GWh) was the fourth highest historically, despite increased curtailments (141 GWh – second highest of the year). Thus, in the first ten months of 2024, the increase in renewables production (+3,715 GWh) compared to the first ten months of 2023 was higher than that of gas (+3,581 GWh). For the third time in 2024, net exports (56 GWh) were recorded.
This analysis concerns electricity production across the whole territory of Greece and is based on the latest available monthly data from the Independent Power Transmission Operator (October 2024) for the interconnected grid and from the Hellenic Electricity Distribution Network Operator (HEDNO) for the non-interconnected islands (September 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 September 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 ten months of 2024, renewables (excluding large hydro) maintained their lead in the electricity mix with a production of 21,330 GWh but lagged behind the cumulative production of the three fossil fuels (fossil gas, lignite and oil) by 1,427 GWh. This was caused by the increased contribution of gas between July and October, reversing the results of the semester when renewables had outperformed the cumulative fossil production.
Fossil gas ranked second with 16,959 GWh, exceeding 2022 levels and coming just 1,082 GWh short of the record set in the first ten months of 2021 (18,041 GWh), marking a 26.8% increase compared to the same period in 2023.
Oil in the non-interconnected islands ranked third with 3,409 GWh, closely followed by large hydro in fourth place with 3,108 GWh. Lignite followed in fifth place with 2,390 GWh, marking an all-time low in production in the first ten months of the year. The smallest contribution to meeting demand in the first ten months of 2024 came from net imports (753 GWh), which were the lowest of the last decade for this period, well off the previous low of 2022 (2,834 GWh).
The large increase of renewables (+3,715 GWh) and of fossil gas (+3,581 GWh), as well as the much smaller increases of oil (+265 GWh) and large hydro (+111 GWh) in the first ten months of 2024, compared to the same period in 2023, offset the collapse in net imports (-3,588 GWh), the increase in demand (+2,435 GWh) and the decline in lignite electricity production (-964 GWh).
The corresponding percentage changes in the first ten months of 2024, compared to 2023, were:
- Lignite: -34.5%
- Fossil gas: +26.8%
- Renewables: +21.1%
- Large hydro: -4.7%
- Net imports: -82.5%
- Oil: +6.2%
- Demand: +5.6%
In the first ten months of 2024, clean energy (renewables and large hydro) was the highest of the decade with 24,438 GWh, up 17.1% compared to the same period in 2023 (20,874 GWh). In fact, it surpassed by 1,681 GWh the electricity production from the three fossil fuels combined (22,757 GWh), which in turn grew by a smaller 12.5% in the same period. The difference of 1,681 GWh between clean energy and fossil fuels in the first ten months widened in 2024 compared to 2023, when clean energy exceeded fossil fuels for the first time by 639 GWh.
Clean energy met more than half of demand (51%) in the first ten months of the year, while its share in electricity production was even higher, at 51.8%. Renewables (mainly wind and solar) dominated in meeting demand with 44.5%, while large hydro covered 6.5% of demand.
Fossil gas led the way among fossil fuels in meeting demand with a share of 35.4%, followed by oil with 6.2% and finally lignite with 5%. Net imports covered just 1.6% 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 814 GWh of RES were curtailed in the first ten months of 2024, which is equal to 3.7% of the total production from renewables. April was the month with the most curtailments (259 GWh) compared to the other months of 2024 and to the total curtailments in 2023 (228 GWh). The second highest curtailments were recorded in October (141 GWh). 49 GWh were curtailed in March,122 GWh in May, 64 GWh in June, 33 GWh in July, 37 GWh in August and 108 GWh in September.
According to the same IPTO forecasts, on a daily basis, October 30th saw the highest RES curtailments of the month, totaling 18.9 GWh. However, this amount is considerably lower than the peak of the year that was recorded on 28 April (41.7 GWh).
Avoiding these curtailments in the first nine months of the year could further reduce electricity imports into Greece or the use of fossil gas, thus contributing to lower prices in the wholesale electricity market.
In October 2024:
- The monthly electricity production from lignite (65 GWh) was the lowest historically after May 2024 (50 GWh).
- Monthly production from RES (2,262 GWh) was the fourth highest historically. It’s important to mention that the other three highest productions were recorded in 2024.
- The increase in gas in October, compared to same month of 2023, was the second lowest of the year.
- Net exports (56 GWh) were recorded for the third time in 2024.
- Monthly demand (4,241 GWh) was lower than the previous four months (June-September).
Electricity consumption in the first ten months of 2024 (47,961 GWh) increased by 5.6% compared to the same period of the previous year. There was also a 2% increase compared to the average of the last five years (2019-2023). This is a reverse trend from what was happening before the first half of 2024, when there was a decrease compared to the average of the last five years.
