Greece’s Energy Market Faces Consolidation and Multi-Billion-Euro Investments in 2026

In the Greek market, large vigor players are positioning themselves to seizure a stock of a pastry that, successful energy alone, is estimated astatine astir €13 billion. The energy marketplace is becoming progressively concentrated successful the hands of a fewer players, chiefly vertically integrated groups, pursuing a trajectory akin to that of the telecommunications sector.

At the aforesaid time, different players are gathering positions done investments aimed astatine expanding into Balkan markets.

The HERON–NRG woody successful electricity

Within the archetypal three months of 2026, the statement betwixt GEK TERNA and Motor Oil for the consolidation of their energy supply subsidiaries, HERON and NRG, is expected to beryllium implemented. The associated venture is awaiting support from the Hellenic Competition Commission successful bid to proceed.

The caller entity will person 1.5 GW of flexible powerfulness procreation capacity, with its flagship plus being Thermoilektriki Komotinis S.A., the associated earthy gas-fired powerfulness works of the two groups with a capableness of 877 MW. Once operational, the caller institution is expected to clasp a 17% marketplace stock successful electricity, service 550,000 customers, and bid an 11% stock successful earthy gas.

The HERON–NRG associated venture is targeting a 30% marketplace stock by 2030, leveraging opportunities among smaller suppliers (4 TWh) and anticipated maturation successful energy request (8 TWh) implicit the adjacent 5 years.

According to AXIA, the valuation of the caller entity is estimated astatine €1.4 billion.

AKTOR’s moves

The AKTOR Group is besides making a caller introduction into the vigor sector.

Beyond gathering a renewable vigor portfolio — further strengthened by a woody completed astatine the extremity of 2025 — AKTOR aims to scope 1.3 GW of operational renewables by 2028, done a task and licensing portfolio totaling 2.4 GW.

Two months earlier the extremity of 2025, AKTOR announced the constitution of a associated venture with DEPA Commercial for the trading and transport of LNG. In ATLANTIC, AKTOR holds a bulk stake and has already concluded agreements for the transportation of LNG volumes via the Vertical Corridor to Balkan countries and Ukraine.

Nevertheless, Alexandros Exarchou, Chairman and CEO of AKTOR Group, did not regularisation retired investments successful earthy gas-fired powerfulness procreation oregon successful FSRU infrastructure.

Should AKTOR proceed with these moves, it would intelligibly look arsenic a caller subordinate successful Greece’s home energy market.

DEPA Commercial’s earthy state powerfulness plant

The AKTOR–DEPA Commercial confederation successful LNG has fueled scenarios regarding AKTOR’s information successful DEPA Commercial’s task — developed with Israeli funds and Volton — for the operation of a 792 MW earthy state powerfulness works successful Larissa.

According to available information, shareholders successful the institution processing the combined-cycle state turbine (CCGT) works are expected to take a last concern determination within 2026.

DEPA Commercial besides holds a 29% stake successful an 840 MW powerfulness works being built successful Alexandroupolis with PPC arsenic the pb investor, and a 34% stake successful a 174 MW powerfulness works successful Albania, where GEK TERNA is the main investor.

It should besides beryllium noted that DEPA Commercial operates successful energy and earthy state supply done its subsidiary Fysiko Aerio Elladas.

PPC’s €10+ cardinal vigor investments

A antithetic track is being followed by Public Power Corporation (PPC).

Recently, during its Capital Markets Day successful London, PPC’s absorption presented its caller three-year concern program for 2026–2028.

The PPC Group plans investments totaling €10.1 cardinal successful the coming years, targeting EBITDA of €2.9 cardinal by 2028, while aiming to person 12.7 GW of installed renewable vigor capableness successful Southeast Europe within three years. At the aforesaid time, it is placing strong accent connected flexible powerfulness procreation (gas-fired plants, batteries, pumped storage, and hydropower) successful Romania, Bulgaria, Italy, Croatia, and, of course, Greece.

PPC aims to germinate into a powertech person successful Southeast Europe and, to that end, is besides readying investments successful information halfway improvement successful Western Macedonia.

Until these ambitious plans materialize, PPC’s absorption has decided that 2026 will beryllium the last year of lignite-based powerfulness generation.

Enerwave: HELLENiQ ENERGY’s caller look successful energy and gas

Meanwhile, HELLENiQ ENERGY is importantly strengthening its retail footprint pursuing the acquisition of 100% of Elpedison, sharply intensifying competition. The caller company, operating under the sanction Enerwave, is targeting a 12% marketplace stock successful 2026, up from 6.39% today.

At the aforesaid time, it plans to treble its installed capableness from 1.3 GW today (renewables and thermal units) to 2.6 GW implicit the adjacent three to 5 years.

Developments are besides expected regarding the aboriginal of the Thessaloniki FSRU, arsenic well arsenic a third licence for an 826 MW combined-cycle state unit acquired successful 2019. What is definite is management’s determination to afloat upgrade the 420 MW powerfulness works successful Thisvi, Boeotia, with completion scheduled for 2027.

Motor Oil’s moves successful renewables and FSRU

Beyond its powerfulness woody with GEK TERNA, Motor Oil Group is besides deepening its footprint successful the vigor sector.

Through MORE Energy, which manages the group’s renewable portfolio, Motor Oil has emerged arsenic a determination person successful renewables, chiefly wind power, with a total installed capableness of 847 MW.

MORE Energy is systematically investing successful wind and solar parks, arsenic well arsenic vigor storage systems that heighten the stability of the nationalist energy organisation network. Projects are progressing toward a extremity of exceeding 2 GW of installed capableness and €250 cardinal successful EBITDA by 2030.

During 2026, Motor Oil is expected to marque decisions regarding the implementation of its FSRU investment. The “Dioriga Gas” task will beryllium located offshore from the Corinth refinery and, if constructed, will represent an further introduction and transit constituent for LNG into Eastern Europe.

Metlen: a pioneer successful energy

The enlargement contention among ample vertically integrated groups began earlier with Metlen, which acquired Watt + Volt, Volterra, Unison, and EfA Energy. The institution present aims to summation its marketplace stock from astir 20% today to 30% by 2026, either done further acquisitions oregon integrated growth.

Metlen holds the second-largest stock successful energy supply aft PPC and is the largest autarkic powerfulness shaper successful Greece.

Buoyed by its listing connected the London Stock Exchange, the institution has besides moved much dynamically into LNG trading, precocious delivering its archetypal U.S. cargo to conscionable request successful the Bulgarian market.

Source: tovima.com