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Greece Recorded Biggest Decline in Electricity Demand in Europe in 2022

February 22, 2023

ATHENS – Greece recorded the biggest decline in electricity demand in Europe during the last months of 2022, falling by around 13% in the fourth quarter of the previous year after recording declines of around 2.5% in the previous three quarter of 2022, Institute of Energy for SE Europe (IENE) said in a report on Tuesday.

Greece also presented the second best performance in terms of photovoltaic production in Europe, rising to 12.6% of total electricity production in 2022 from 9.6% in the previous year. The report, based on an analysis of Ember Institute, said that Greece was expected to achieve its goal for installing 7.7 GW of solar units by the end of 2023, seven years ahead of schedule. In terms of COs emissions, Greece ranks 9th in the list with the most emissions and 8th in the list with the most polluting electricity grids, despite a significant decline in CO2 production from the domestic electricity sector in the last 8 years.

Energy power from wind and solar units grew significantly in 2022, with wind power surpassing 4,681 MW (4,452 in 2021) and solar power totaling 5,466 MW (4,126 MW in 2021). Greece is gradually transforming into a net exporter of natural gas, as large volumes of LNG arrive at the Revythousa terminal station.

For 2023, IENE expects a further decline in natural gas and electricity prices, therefore easing inflationary pressures on the economy.

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