Tuesday 17 December 2019

Greece to phase out coal fired power stations faster than planned

The Public Power Corporation (PPC) plans to switch off at least 12 coal-fired units by 2023, instead of 2028 as initially planned. PPC Chief Executive, Georgios Stassis said: "We are turning a new page, moving towards a fast decarbonisation,"

PPC is 51% state-owned and provides 60% of Greece's electricity but it still has more than 2.7 billion euros ($2.98 billion) in unpaid bills owed by customers that struggled during the country's economic crisis.

Greece's conservative government has promised to speed up green investments and overhaul PPC by cutting its ties with the government and reducing costs.  Stassis said the company expects to cut its workforce of 15,300 by 4,500 by 2024, mostly on a voluntary basis.

PPC wants to shut down 3.4 gigawatt of its coal-fired capacity by the end of 2023 and boost its green power by 1 gigawatt by 2024 through joint ventures. Stassis said the company wanted to take a 10-20% share of Greece's green energy market; it currently has 2.5%.

The government aims for wind, solar and hydroelectric power to account for at least 35% of Greece's energy consumption by 2030, more than double the current level.