FUTURE DIGITAL TWIN
Enhancing Greece’s strategic and commercial position through natural gas storage capacity development
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n recent years, Greece has taken proactive steps towards a more influential role in global energy developments. Here, Dr Valentina Dedi, Lead Economist at KBR Consulting International, and Panagiotis Mavroeidis-Kamperis, Member of the Executive Board, Greek Energy Forum, delve into Greece’s efforts to assert itself in energy advancements, particularly considering its historic commitment to achieving net-zero emissions by mid-century. This commitment has paved the way for various energy policies and strategies, aiming not only at positioning Greece as an emerging player in climate discussions, but also helping it build competitive markets, including that of natural gas.
Realising national energy ambitions In May 2022, by adopting the National Climate Law, Greece made a historic commitment to net-zero emissions by 2050 – a pivotal move in the fight against climate change. To achieve this, the country has introduced several policies and strategies, which aim not only to solidify Greece’s standing in climate discussion, but also create competitive energy markets, including that of natural gas. One of the key policies was the binding commitment to cease coal-fired power generation by 2028, elevating the role of natural gas in Greece’s energy portfolio. However, with the Russian invasion of Ukraine and the persistent rise in natural gas prices, the question of supply security has become paramount. The Greek government is now re-evaluating not only the role of natural gas in securing the domestic market, but also its potential to position Greece as a key European hub. If these ambitions are to be realised, Greece will need to dramatically increase its gas storage capabilities. Currently, the domestic gas market faces a significant lack of dedicated storage facilities at a time when the country is entirely dependent on imports from third-party nations. Adequate storage is pivotal in safeguarding against supply disruptions from geopolitical tensions or market fluctuations. It also provides a stable
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foundation for domestic consumption and regional energy distribution.
The structural failure of the current gas system Greece is one of the few European countries that does not have dedicated natural gas storage facilities. The LNG storage in Revythoussa – with a capacity of 1.54 TWh/year – covers only 2.7%
