The Greek renewable energy industry is expected to contribute nearly 12 TWh to the country’s grid by 2025, with a market share of around 28.6%.
According to two new reports from energy analysis company GlobalData, Greece’s renewable energy market grew from 335 MW in 2001 to 4,848 MW by the end of 2014, at a compound annual growth rate (CAGR) of 22.3%, to end the year with a 25.3% market share.
GlobalData further predicts that this share will expand to around 28.6% by the end of 2025, thanks to strong policy support from the government in the form of incentives and subsidies. This equates to a cumulative capacity of 6,750 MW, generating nearly 11,780 GWh by year’s end.
The two reports focused on solar and wind respectively, outlining their likely roles over the next decade.
The Greek solar PV market grew from a measly 1 MW of cumulative installed capacity in 2001 to finish 2014 at around 2,596 MW — which included a massive jump from 2013 levels of 1,043 MW thanks to federal level incentives. However, though the future of solar PV in Greece is reliant upon these federal incentives, the government has slashed the country’s Feed-in Tariff by 30 to 40%, and net metering is set to be introduced for the residential sector as of this year, which GlobalData predicts will give a boost to the PV market.
News of the country’s net metering policy was announced in January this year, and will include solar PV systems up to 500 kW in size.
Nevertheless, predictions are that solar PV installations are expected to decline over the next few years, especially when compared to the massive growth seen over the past few years, and should conclude 2025 with a cumulative capacity of around 2,886 MW.
The country’s installed wind power capacity grew from 272 MW in 2001 to 1,981 MW in 2014, at a more reasonable CAGR of 16.5%, and GlobalData is predicting that the industry will reach 2,752 MW by 2020.