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BMI View: The growth outlook for Greece's beleaguered renewable energy sector remains extremely weak.
A lack of public spending capacity brought on by several years of non-existent economic growth combined
with a poor private investment environment mean there are very few projects in the pipeline and as a result
we forecast only minimal gains in non-hydropower renewables capacity and generation over the forecast
period through to 2025.
Latest Updates and Structural Trends
? We have updated our figures this quarter to reflect revised industry data, while maintaining our forecast
growth trends. In 2016 we forecast a minor gain in total non-hydropower generation of 0.46% to
8.24TWh, with wider generation in the country expected to fall as demand is constricted.
? Over the remainder of the forecast period growth will remain minimal, with total non-hydropower
renewables generation increasing by just 0.32% annually between 2017 and 2025 to reach 8.48TWh by
the end of the current forecast period.
? Some wind power projects are making progress. German manufacturer Nordex announced in July 2016 it
had been awarded a contract to provide a total of 10 turbines to two sites (at Mougoulios and Plagia
Psiloma) with the projects due to be completed in early 2017.
? Regulatory uncertainty surrounding Renewable Energy Sources (RES) persists. An EU directive states
that RES institutional frameworks must be tender-based from 1 January 2017; however, Greece is
expected to request a six-month delay for wind power projects from the European Commission which
would likely push back tender-based projects into 2018.