Greece Electricity Exports Surge, Generating €475 Million Surplus

by · Greek City Times

Greece increased its electricity exports by 70% in the first eight months of 2026, generating a €475 million trade surplus as imports fell by 27%, according to data from the Independent Power Transmission Operator (IPTO) and the Hellenic Statistical Authority (ELSTAT).

Despite rising electricity prices internationally and across the region amid the energy crisis, Greece has maintained a competitive advantage over neighbouring countries and expanded its electricity exports across Southeast Europe.

IPTO data show that Greece recorded net electricity exports of 6.1 terawatt-hours (TWh) between January and August 2026. Imports fell by 27% year-on-year to 3.14 TWh, while exports rose by 70% to 9.24 TWh.

IPTO Chairman and Chief Executive Officer Manos Manousakis told the Athens-Macedonian News Agency (AMNA) that Greece was strengthening its position as an electricity exporter in Southeast Europe.

Read more: Agios Efstratios: How a Remote Greek Island Is Transforming Its Energy Supply With Wind and Solar Power

“Over the past three years, the electricity export balance has continued to expand, with exports in the first eight months of 2026 already exceeding the total electricity exports recorded last year,” Manousakis said.

He attributed the growth to Greece’s national energy strategy, which promotes the use of abundant domestic renewable resources, particularly solar and wind power, alongside the systematic expansion of electricity infrastructure.

Following the completion of the second interconnection with Bulgaria, IPTO is developing the new Greece-Cyprus energy corridor. It is also beginning work with Italy’s TERNA on a second undersea electricity interconnection with Italy, which will triple electricity exchange capacity in the coming years.

Manousakis added that IPTO’s investment programme included strengthening existing interconnections with neighbouring countries along Greece’s northern borders, developing new connections in the Eastern Mediterranean and expanding the domestic high- and ultra-high-voltage transmission network.

These projects aim to transport electricity reliably and safely to consumption centres in Greece and abroad.

Electricity trade balance reverses into surplus

Greece’s electricity trade balance has undergone a significant turnaround since 2019, when the country imported almost 10 TWh of electricity, equivalent to approximately 20% of its needs.

That year, electricity imports exceeded €500 million in value, while exports totalled just €106.7 million, leaving Greece with a trade deficit of almost €400 million.

According to ELSTAT, the electricity trade balance moved into surplus in 2024, reaching €121.5 million, before expanding to €261.8 million in 2025.

Greece has already surpassed last year’s annual performance. During the first eight months of 2026, the electricity trade surplus reached €475 million, with imports valued at €391 million and exports at €866.8 million.

The improvement represents a turnaround of more than €800 million compared with 2019, when Greece recorded a deficit of approximately €400 million. The surplus could increase further by the end of 2026.

Battery storage helps reduce renewable energy curtailment

Energy storage through batteries has emerged as a new factor in Greece’s electricity generation mix this year. Its importance is expected to grow as additional storage capacity comes online.

According to an analysis by the Green Tank environmental think tank, batteries that began operating in April 2026 absorbed 121.8 gigawatt-hours (GWh) of electricity through August and delivered 106.4 GWh back to the grid.

The batteries prevented 5% of total electricity curtailments during that period while reducing gas consumption for electricity generation by 1.2%.

As Greece continues to expand renewable energy production, battery storage could play an increasingly important role in managing surplus electricity, reducing reliance on gas-fired generation and strengthening the country’s position in regional electricity markets.

(Source: AMNA)

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