In the first two months of 2026, net exports reached a record high (2,356 GWh), which is linked to the fourfold increase in hydroelectric generation compared to 2025, as well as the significant rise in renewable energy, despite very steep curtailments in February (208 GWh or 8.7% of total RES production). The increase in clean energy also played a decisive role in reducing generation from fossil gas to a 9-month low, resulting in the average price on the wholesale electricity market falling to €78.4/MWh (-27.9%).
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 (February 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) (December 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.
February
In February 2026, RES once again led electricity production with 2,196 GWh, down 13.8% from January but up 29.9% from February last year.
Fossil gas ranked second with 1,621 GWh, continuing the downward trend that began last month and reaching a nine-month low. Compared to January, generation from gas decreased by 32.7%, while compared to February of last year, it decreased by 34%.
Large hydro plants ranked third, reaching 1,086 GWh and a record high in electricity generation. The previous high was in March 2018 at 1,083 GWh. Compared to January, large hydroelectric plants increased by 47.4%, while compared to last February, this year’s electricity generation was more than five times higher.
Ranking in the last two positions for electricity production were oil and lignite, with 269 GWh and 235 GWh, respectively. Oil saw a 2% increase compared to the previous month and an 11.4% increase compared to February 2025. For lignite, electricity generation this month was the lowest on record for the month of February, while compared to January, it decreased by 37.2%.
Total domestic demand was 4,319 GWh, marking a 14.8% decrease compared to the previous month, while total electricity production was 5,411 GWh, down 14.5% compared to January.
In terms of the interconnection balance, the country was a net exporter for the tenth consecutive month, with net exports of 1,093 GWh. Compared to January, exports decreased by 13.6%, yet they were the second-highest on record after January’s record.
The average price on the wholesale electricity market in February 2026 fell to 78.4 €/MWh, down 27.9% from January due to high electricity production from clean energy (renewables and large hydroelectric plants) and reduced electricity production from gas and lignite.
Historical comparison – first two months of the year
Comparing cumulative figures for the first two months of 2026 with previous years, it is evident that RES took the top spot in electricity production with a record-high of 4,742 GWh.
Fossil gas ranked second with 4,030 GWh, down 16.3% compared to 2025, reversing last year’s trend when gas held the top spot with a record high for the first two months of the year. However, electricity generation from gas-fired plants in the first two months of 2026 remained at high levels, ranking second over the past 14 years, trailing only the performance of 2025.
In third place was the contribution of large hydroelectric plants at 1,824 GWh, up 288% from last year and marking a record high for this time of the year.
Lignite followed with 608 GWh, marking the lowest electricity production in at least the last decade for the first two months of the year. Oil came in last with 533 GWh.
The country’s net exports reached 2,356 GWh, a decade-high, while increasing by 186.7% compared to the first two months of 2025.
Changes in the shares of energy sources in demand coverage
Comparing the first two months of 2026 with the corresponding period in 2025, we observe a decrease in gas and lignite generation (785 GWh or -16.3% and 342 GWh or -36%, respectively), as well as the slight increase in demand (24 GWh or +0.3%), was more than offset by the increase in RES (+1,278 GWh or 36.9%). Thus, part of the increase in RES, but mainly the massive increase in electricity generation from large hydroelectric plants (+1,353 GWh or 287.9%), was channeled into exports, which increased by 1,534 GWh (or 186.7%).
The increase in RES during the first two months of the year appears to be mainly due to the large increase in wind power generation and, to a lesser extent, that of photovoltaics. Indicative of this upward trend, wind power generation for high voltage plants reached 2,588 GWh (+964 GWh from 2025), while photovoltaic generation at high voltage reached 525 GWh (+82 GWh from 2025).
The corresponding percentage changes in the first two months of 2026, compared to the first two months of 2025, were:
Lignite: -36%
Fossil gas: -16.3%
Oil: +10.5%
Renewables: +36.9%
Large hydro: +287.9%
Net exports: +186.7%
Demand: +0.3%
Comparison of clean energy with fossil fuels
In the first two months of 2026, clean energy sources (wind, solar, hydroelectric, biomass, self-production) with a total output of 6,566 GWh exceeded fossil fuels (natural gas, lignite, oil), which produced 5,171 GWh.
Compared to the same period in 2025, clean energy sources saw a 66.9% increase, reaching a historic high for electricity generation in the first two months of the year. Fossil fuels, on the other hand, decreased by 17.2% compared to last year. Thus, clean energy reversed the 2025 outlook for the first two months of the year, taking the lead in both meeting demand and electricity generation with shares of 70% and 55.9%, respectively.
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 February soared to 208 GWh (or 8.7% of total RES production), which was 35 times higher than curtailments in January (5.9 GWh), and 60 times higher than those in February last year (3.4 GWh). It is noteworthy that since 2024, the first month of curtailments exceeding 200 GWh has shifted two months earlier; in 2024 the first month with curtailments exceeding 200 GWh was April, in 2025 it was March, and in 2026 it was February.
The day with the highest curtailments was Wednesday, February 18, 2026, with total RES curtailments of 27.76 GWh, accounting for 13% of the total. Of the 28 days in the month, RES curtailments exceeded 3,000 MWh on 17 days, and most curtailments in February occurred between 10 a.m. and 1 p.m.
As for hours with near-zero or negative prices on the wholesale electricity market, February 2026 saw 113.8 hours, 106.8 hours more than the previous month. In contrast, in February 2025, there were no hours with zero or negative prices.
