Monthly net exports in Greece recorded an all-time high in November 2024 (646 GWh). Lignite had the highest monthly production of the year (406 GWh), while production from fossil gas (2,172 GWh) was the third highest of the year. Curtailments in the 11 months of 2024 were 847 GWh, representing 3.5% of total renewable generation.
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 (November 2024) for the interconnected grid and from the Hellenic Electricity Distribution Network Operator (HEDNO) for the non-interconnected islands (October 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 eleven months of 2024, renewables (excluding large hydro) maintained their lead in the electricity mix with a production of 23,326 GWh, but lagged behind the cumulative production of the three fossil fuels (fossil gas, lignite and oil) by 2,231 GWh. This was caused by the increased contribution of gas between July and November, reversing the results of the semester when renewables had outperformed the cumulative fossil production.
Fossil gas was second (19,130 GWh), surpassing 2022 levels, just 837 GWh away from the historic high of the first eleven months of 2021 (19,968 GWh). It marked an increase of 32.6% compared to the first eleven months of 2023, a much stronger growth trend than that of RES (+20.1%).
Oil in the non-interconnected islands ranked third with 3,631 GWh, narrowly surpassing large hydro, which ranked fourth with 3,258 GWh. Lignite followed in fifth place with 2,796 GWh, marking an all-time low in production in the first eleven months of the year. The smallest contribution to meeting demand in the first eleven months of 2024 came from net imports with just 106 GWh. They were the lowest in the last decade for this period, well off the previous low of 2022 (3,192 GWh).
The large increase of renewables (+4,706 GWh), and the fossil gas (+3,908 GWh) and as well as the much smaller increases of oil (+204 GWh) in the first eleven months of 2024 compared to the same period in 2023, offset the collapse in net imports (-4,480 GWh), the increase in demand (+2,821GWh), the decline in lignite electricity production (-1,229 GWh) and the small decrease in large hydro (-290 GWh).
The corresponding percentage changes in the first eleven months of 2024, compared to 2023, were:
- Lignite: -30.5%
- Fossil gas: +32.6%
- Renewables: +20.1%
- Large hydro: -8.2%
- Net imports: -97.7%
- Oil: +6%
- Demand: +5.7%
In the first eleven months of 2024, clean energy (renewables and large hydro) was the highest of the decade with 26,584 GWh, up 15.8% compared to the same period in 2023 (22,966 GWh). In fact, it surpassed by 1,027 GWh the electricity production from the three fossil fuels combined (25,557 GWh), which in turn grew by 16.8% in the same period. The difference of 1,027 GWh between clean energy and fossil fuels in the first eleven months widened in 2024 compared to 2023, when clean energy exceeded fossil fuels for the first time by 1,091 GWh. This is due to the increase in fossil gas in 2024.
Clean energy covered slightly more than half of the demand (50.9%) in the first eleven months of the year, while its share in electricity production was almost the same (51%). Renewables (wind and solar) dominated demand coverage with a share of 44.6%, while large hydro had a share of 6.2%.
Fossil gas was the leader among fossil fuels in meeting demand with 36.6%, followed by oil with 6.9% and finally lignite with only 5.4%. Net imports made a minimal contribution (0.2%), registering the lowest share of the 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 847 GWh of RES were curtailed in the first ten months of 2024, which equals 3.5% of the total production from renewables. April was the month with the most curtailments (259 GWh) compared to the other months of the year and to the total curtailments in 2023 (228 GWh). In October the second highest curtailments were recorded (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. November recorded the lowest monthly curtailments of the year 32 GWh with the exception of the first two months of the year which were zero.
Avoiding these curtailments could have further reduced electricity imports into the country or the use of fossil gas, thus contributing to lower prices in the wholesale electricity market.
In November 2024:
- Net exports reached a record high of 646 GWh.
- Monthly production from lignite (406 GWh) was the highest of the year. In fact, November was the only month in 2024 when lignite production was higher than that of the same month in 2023.
- Production from fossil gas (2,172 GWh) was the third highest of the year and more than double the previous month (1,463 GWh in October).
- Monthly demand increased by only 22 GWh compared to October.
- The additional fossil fuel production (+958 GWh) between November and October were mainly allocated to net exports (+590 GWh).
Electricity consumption in the first eleven months of 2024 (52,263 GWh) increased by 5.7% compared to the same period of the previous year. There was also a 2.1% increase compared to the average of the last five years (2019-2023).
