Greece to invest in energy development with EU funds

Greece to invest in energy development with EU funds Greece Independence Day (source: flickr/ John D. Carnessiotis, creative commons)
Alexander Richter 13 May 2014

With funding from the European Union, Greece plans to invest up to $4.7 billion into energy development, pointing out its near term geothermal potential of up to 1,500 MW.

Greece has a lot of potential for geothermal development, but is also still struggling under austerity measures following its financial collapse.

In a speech in Athens, the country’s Energy Minister Yiannis Maniatis said that his country plans to invest about EUR3 billion ($4.7 billion) into systems of energy production, energy saving, energy infrastructure and the improvement of the regulatory framework in Greece, this according to news from Bloomberg. The funds will come from the European Union and have been allocated to Greece over the next seven years.

In that context he also pointed out the great geothermal potential. Greece has a potential of 500 MW of geothermal power capacity from existing and know geothermal sites and 1,000 MW from potential geothermal sites.