In 2024, for the second time since 1990, Greece was a net exporter of electricity. Clean energy (RES and large hydropower) covered just over half of the country’s demand (50.5%). Electricity demand increased by 5.5% compared to 2023, after two consecutive years of decline. The increase in demand was mainly met by fossil gas, which grew more than renewables between 2023-2024.
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 (December 2024) for the interconnected grid and from the Hellenic Electricity Distribution Network Operator (HEDNO) for the non-interconnected islands (November 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 October 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 2024, renewables (excluding large hydro) maintained their lead in the electricity mix with a production of 25,269 GWh. However, RES lagged behind the cumulative production of the three fossil fuels (fossil gas, lignite and oil) by 3,171 GWh. This picture is in contrast to what was the case until the first half of 2024, when renewables exceeded fossil fuels in terms of cumulative production. The reversal in the second half of the year occurred mainly due to the increased contribution of gas.
Fossil gas production was second with 21,343 GWh, just 623 GWh away from the historical high of 2021 (21,966 GWh). It increased by 35.9% compared to 2023, a much stronger upward trend than renewables (+19.8%). In fact, the increase came after 2 years of consecutive decline.
At 3,860 GWh, oil in the non-interconnected islands was ranked third, with a relatively small gap from large hydro (3,482 GWh) which was fourth. Lignite followed in fifth place with 3,236 GWh, reaching an all-time low in 2024.
In 2024, net exports reached 307 GWh. Since 1990, when Eurostat data are available, this has only happened once more, in 2000 with only 11 GWh.
The large increase in fossil gas (+5,641 GWh) and secondarily renewables (+4,177 GWh), as well as the much smaller increase in oil (+202 GWh) in 2024 compared to 2023, offset the sharp drop in net imports (-5,219 GWh), the significant increase in demand (+2,960 GWh), the further contraction of lignite production (-1,277 GWh) and the slight decrease in large hydro (-565 GWh).
The corresponding percentage changes in 2024, compared to 2023, were:
- Lignite: -28.3%
- Fossil gas: +35.9%
- Renewables: +19.8%
- Large hydro: -14%
- Net imports: -106.3%
- Oil: +5.5%
- Demand: +5.5%
In 2024, clean energy (renewables and large hydro) was the highest of the decade with 28,751 GWh, up 14.4% compared to the same period in 2023 (25,138 GWh). In fact, it surpassed by 311 GWh the electricity production from the three fossil fuels combined (28,439 GWh), which however grew by a larger 19.1% in the same period.
However, there is a deterioration compared to 2023, when clean energy had for the first time surpassed fossil fuels by 1,265 GWh, much more than in 2024. This is due to the increase in fossil gas in 2024.
Clean energy in 2024 met just over half of demand (50.5%), while its share of electricity production was lower (50.3%). Renewables (wind and photovoltaic) dominated demand coverage with a share of 44.4%, while large hydro had a share of 6.1%. Fossil gas led the way in meeting demand among fossil fuels with 37.5%, slightly lower than the decade high share (38.2%) recorded in 2021. This was followed by oil with 6.8% and finally lignite with just 5.7%. As Greece was a net exporter in 2024, net imports made a negative contribution to meeting domestic demand (-0.5%).
In terms of installed capacity from wind and photovoltaics, progress continued in 2024. In fact, according to the latest available data from DAPEEP (October 2024) and HEDNO (August 2024), the installed capacity from photovoltaics (8.93 GW) has already exceeded the 2025 NECP target (8.5 GW). Wind grew at a slower rate between 2023-2024 (+2.4%), compared to the previous year 2022-2023 (11.6%). According to ELETAEN data for 2024, the total installed capacity of wind by 2024 reached 5.355 GW.
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 860 GWh of RES were curtailed in 2024, which equals 3.3% 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). The second highest curtailments of the year were recorded (141 GWh) in October. 49 GWh were curtailed in March,122 GWh in May, 64 GWh in June, 33 GWh in July, 37 GWh in August, 108 GWh in September and in November 32 GWh. December recorded the lowest monthly curtailments of the year at 14 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 2024:
In May
- Lignite production was the lowest on record (50 GWh), while the second lowest was in October 2024 (65 GWh).
In July
- A record monthly production from renewables (2,639 GWh) was recorded.
- Demand (6,475 GWh) was the highest monthly in the last decade.
- Production from fossil gas (2,412 GWh) was the second highest in the last decade, after July 2021 (2,490 GWh).
In November
- The highest monthly net exports (646 GWh) were recorded.
- The average monthly price on the wholesale market (Day Ahead Market) was the highest of the year (137.4 €/MWh).
Overall in 2024
- Net exports were recorded during five out of the 12 months of year, compared to just two months in 2023.
- Lignite production was 0 for 22.9% of the hours of the whole year (2009 hours), triple the 2023 figure (7.7%, 672 hours).
- The highest number of consecutive days with 0 lignite was also recorded (21 days in 2024, compared to 9 in 2023).
Electricity consumption in 2024 (56,899 GWh) increased by 5.5% (+2,960 GWh), compared to 2023, after two years of decline. There was also a 1.8% increase compared to the average of the five years (2019-2023).