Greece Renewables Report Q2 2016
BMI View: After a decade of impressive growth, the Greek non-hydro renewables industry came nearly to astandstill in 2014 and 2015, largely on account of regulatory changes introduced under the New Deal inmid-2014 as well as persisting economic and political challenges. While several recent projectannouncements highlight the industry's potential, we believe Greece's non-hydro renewables expansion willremain anaemic over the coming decade.
Latest Updates and Structural Trends
According to the most recent data from the Greek electricity market operator LAGIE, we havedowngraded the country's installed renewables capacity to 3,876MW for 2015. Solar capacity wasestimated at 2,042MW, while wind added another 1,781MW. Biomass was the smallest segment in Greekrenewables industry with total installed capacity of 53MW.
The latest data from ELETAEN, the Greek Wind Energy Association, revealed that 171.8 MW newwind-energy facilities were installed in 2015. Another 210.7 MW of wind energy parks were underconstruction (energypress.eu).
The renewable energy sources (RES) Fund was expected to end 2015 with a deficit of EUR15.7mn,according to a forecast made by LAGIE in November 2015.
We retain our forecast for non-hydro renewables' contribution to the country's total power mix to remainlargely stable over the coming decade. By the end of our review period, both non-hydro renewablescapacity and generation are forecast to contribute 15.1% to the country's overall power mix, marking aslight decline from 2015 figures.
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