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Economy

Energy Consumption Seen down 11% in Greece Due to Coronavirus

ATHENS – Greek energy consumption is expected to fall by 11 pct as a result of the coronavirus crisis' impact on the economy and return to pre-crisis levels after two years, Public Gas Corporation (DEPA) vice-chairman Professor Costas Andriosopoulos said during an online discussion on the effects of the coronavirus on energy and industry organised by the Hellenic Association for Energy Economics.

Specifically:

– Total energy consumption will be 11 pct lower this year compared to the targets included in the National Energy and Climate Plan (NECP). In 2021-2022, demand will increase based on economic recovery estimates, while in 2023 it will return to NECP estimates. Consumption in the coming years is seen declining in line with energy efficiency and energy saving programmes.

– In the field of electricity, during the period of Holy Week there was a large drop in demand by 35.5 pct compared to the corresponding period of 2019.

– There was also a big drop in the wholesale price for electricity, at 27.5 euros per megawatt in April compared to 66.4 euros which was the average in 2019 and 49.9 euros during the first four months of 2018. However, the prices for industry remain 35 pct higher than the EU average.

– Carbon dioxide emissions will be drastically reduced this year by 26.5 pct compared to 2019. It is also positive that the reduction will not be temporary but emissions will remain lower than the NECP forecasts in the coming years.

– Problems in the international supply chain are expected to cause a slight slowdown for renewable energy sources this year, however the industry will remain on an upward course in the coming years.

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