The principal law governing the structure and system of ownership of the power industry is Law 4001/2011 (G.G A’ 179/22.8.2011), which ensures effective unbundling between the generation, transmission, distribution and supply segments of the industry.
The Transmission Segment
The transmission segment of the power industry is organised under the “ownership unbundling model”, whereby the same person or persons is/are not entitled to exercise control over a producer or supplier and, at the same time, exercise control or any right over the transmission system operator. Conversely, exercising control over the transmission system operator precludes the possibility of exercising control or any right over a producer or supplier. In practice, two separate public bodies control generation and supply activities, on the one hand, and transmission activities, on the other.
The Distribution Segment
The distribution segment of the power industry is legally and functionally unbundled. In this regard, pursuant to the relevant legal provisions, the distribution operator must be independent, in terms of its legal form, organisation and decision-making, from other activities not relating to distribution.
Generation and Supply
The functions of generation and supply of power are fully liberalised and open to competition, with a multitude of state-owned and private investor-owned companies already active in these segments.
The principal state-owned authorities and investor-owned companies in the Greek power industry are as follows.
The Waste, Energy and Water Regulatory Authority (“RAAEY”)
The Waste, Energy and Water Regulatory Authority (“RAAEY”) is the designated independent regulatory authority, established by Law 2773/1999 (G.G. A’ 286/22.12.2009), organised pursuant to Law 4001/2011 (G.G. A’ 179/22.8.2011), and functioning in accordance with Directive (EU) 2019/944.
The Public Power Corporation SA (PPC)
The Public Power Corporation SA (PPC) is the leading electricity generation and supply company in Greece. Its shareholder structure is the following: 34.12% state owned and 65.88% owned by private investors.
The Independent Power Transmission Operator SA (IPTO)
The Independent Power Transmission Operator SA (IPTO) is the owner and operator of the Hellenic Electricity Transmission System. The IPTO is responsible for the operation, maintenance and development of the Hellenic Electricity Transmission System, as well as for ensuring the country’s electricity supply is maintained in an adequate, safe and reliable manner. At wholesale level, the IPTO is also the operator of the balancing market. Since 20 June 2019, the IPTO has been organised under the “ownership unbundling model”. Its shareholder structure is the following: 66% state owned and 24% owned by the Chinese company State Grid Europe Limited.
The Hellenic Electricity Distribution Network Operator SΑ (HEDNO)
The Hellenic Electricity Distribution Network Operator SΑ (HEDNO) is the owner and operator of the national electricity distribution system. The HEDNO is responsible for the operation, maintenance and development of the electricity distribution network in mainland Greece and the transmission system, as well as the management of the electricity market in the non-interconnected islands. The HEDNO was established by the spin-off of the distribution department of the PPC, and since 1 May 2012, HEDNO has been legally and functionally unbundled. Its shareholder structure is the following: 51% owned by PPC and 49% owned by Macquarie Asset Management.
In general, foreign investors receive equal treatment to that afforded to nationals.
Greece is also a member of the Energy Charter Treaty granting investors non-discriminatory treatment, providing for compensation in case of expropriation and other losses, and enabling free transfer of capital.
International arbitration is available in Greece (Law 5016/2023 – G.G. A’ 21/04.02.2023).
Although the sale and purchase of power industry assets is not generally subject to specific constraints, and amalgamations or mergers in the power market follow the same rules (Law 4601/2019, G. G. A’ 44/9.3.2019), some minimum requirements would need to be satisfied regarding transactions involving power industry assets, depending on the nature of the project.
For normal renewable energy systems (RES) projects (photovoltaic and wind), notification needs to be submitted to the competent authority, RAAEY, within 15 days of any change in the owner’s shareholder structure.
In the case of special RES projects, their owners need to be able to prove technical expertise and financial robustness in order to be awarded a producer’s certificate. The same criteria (prescribed in detail in the producer’s certificate code) apply to any new owner of the project following any sale of the asset or business.
As with special RES projects, the initial application for the award of a production licence, as well as any necessary amendment to the licence on account of any sale of the asset or business, must be based on the technical expertise and financial robustness of the owner of the facility.
According to the Greek constitution, transactions of great financial value in which the Greek state or other legal entity equivalent to the Greek state is a contracting party, are subject to a preliminary review by the court of auditors to ensure compliance with the principles of transparency, equality, proportionality and fair competition.
The RAAEY is the competent authority, under Regulation (EU) 2019/941, for risk-preparedness in the electricity sector in Greece. The RAAEY is also responsible for approval of the Ten-Year Network Development Program (TYNDP), submitted by the IPTO on an annual basis, as well as for the adoption of effective measures to ensure system adequacy and security of supply in the country (Article 108 of L.4001/2011).
The IPTO is responsible for the operation, maintenance and development of the electricity transmission system and cross-border interconnections. The IPTO is also primarily responsible for system adequacy, and in this regard it prepares and submits the Capacity Adequacy Study on an annual basis for approval by the RAAEY. This study identifies possible risks related to the ability of the power system to adequately respond to the expected evolution of the demand for electricity.
Several legislative initiatives have considerably revised the regulatory framework applicable to the power industry, especially regarding the acceleration and simplification of the RES licensing process as well as the empowerment of energy consumers. In this regard, the key legal changes, by order of adoption of the corresponding legislative acts, are the following:
Law 4951/2022 (G.G. A’ 129/4.7.2022) under which:
Law 4964/2022 (G.G. A’ 150/30.7.2022) under which:
Law 4986/2022 (G.G. A’ 204/28.10.2022) under which:
Law 5037/2023 (G.G A’ 78/29.3.2023) under which:
Among the new policies or initiatives that will result in material changes to the power industry, the following should be highlighted.
Greece is among the most advanced markets for renewable projects development at global level. The Greek government has secured a state-aid clearance for the further uptake of RES (to be implemented through a two-sided Feed-in-Premium scheme for the period 2022–2025) and another one to support the construction and operation of energy storage systems (through three auctions taking place in 2023). It has also rolled out a solar-plus-storage scheme for residential and agricultural consumers with subsidies of up to 65% and it has allowed old operating wind turbines to be moved to isolated islands.
However, at the same time, the network operators have been granted the power, under specific conditions, to execute interruptible (instead of firm) connection agreements with RES and energy storage systems’ sponsors, and impose curtailments of up to 5% of the expected renewable production.
Since 1 November 2020, the wholesale electricity market has been functioning in accordance with the European target model. Pursuant to Law 4425/2016 (G.G. A’ 185/30.09.2016), in conjunction with Law 4512/2018 (G.G. A’ 5/17.01.2018), four distinct markets have been established (abolishing the previous “common pool” system):
The Hellenic Energy Exchange (“HEnEx”) is the Nominated Electricity Market Operator (NEMO) for the Greek Bidding Zone, and it operates the Energy Derivatives Market, the DAM and the IDM for electricity. The IPTO is responsible for the BM. No capacity mechanism is currently in force.
Wholesale electricity prices are determined according to the competition between generators. The wholesale price settles at the rate proposed by the last power plant (ie, the marginal plant) activated to serve demand. However, in the light of the recent energy crisis, from 1 July 2022 until 30 September 2023, Greece has designed and implemented a Temporary Revenues Return Mechanism (Article 12Α of Law 4425/2016, G.G. A’ 185/30.09.2016), according to which market revenues (in the DAM and IDM) of producers and/or aggregators are capped and surplus finances measures have been taken in support of final electricity consumers. The cap has been stable for RES (85 EUR/MWh) and hydro greater than 15 MW (112 EUR/ΜWh), and variable for lignite and natural gas generators.
Greece’s electricity transmission interconnections are as follows:
Imports and exports of electricity are permitted only to entities holding a trader’s licence issued by the RAAEY. For both EU (procured through the Joint Allocation Office) and third countries (procured through the Co-ordinated Auction Office in South-East Europe), physical transmission rights at the interconnections must also be acquired.
According to data supplied by the IPTO, the supply mix for 2022 was formed as follows:
In Greece, Law 4389/2016 (G.G. A’ 94/27.5.2016) provided for the reduction of the PPC market share in the supply market to 50% or less until 2019 (through the implementation of a binding mechanism for the sale of forward products with physical deliveries). However, this target was never reached, and it was later abandoned in practice.
According to the provisions of Law 4001/2011, the RAAEY conducts surveillance of the electricity market to detect anti-competitive behaviour and to undertake enforcement. The RAAEY also monitors the level of transparency, including in wholesale prices, in the context of REMIT Regulation (EU) No 1227/2011.
To this end, the RAAEY exercises powers (including the power to conduct investigations, compel the production of records and entry to property, the search and seizure of records, the conducting of interviews for the purpose of obtaining evidence, and prosecutorial powers) and co-operates with the Competition Commission (which is solely responsible for the implementation of the competition rules) and the Capital Market Commission (responsible for surveillance of the financial sector).
Financial penalties of up to 10% of the annual budget, as well as personal sanctions, may be imposed for infringements of the respective legal framework.
Greece is bound by the EU Emissions Trading System (EU ETS), which is essentially a “cap and trade” system that is also mandatory for power generators.
Furthermore, pursuant to Climate Law 4936/2022 (G.G. A’ 105/27.05.2022):
According to the NECP, all lignite units will be withdrawn from operation until 2028, according to the timeline below, which shows the name of each lignite production unit and the year of withdrawal:
On account of the recent energy crisis, by means of a Ministerial Decision, the lignite power plants Florina/Meliti and Agios Dimitrios 3 and 4 have not been withdrawn as originally planned. Also, under the updated NECP, the above dates are expected to be revised to postpone the withdrawal of some thermal plants until 2025 and 2028 at the latest.
Under the new NECP Greece, the revised target for RES penetration amounts to 28 MW by 2030 (compared to 19 GW under its current version) and 8 GW of energy storage systems. To encourage the further uptake of RES (and storage) the following support schemes have been adopted and/or are available to the project sponsors.
Feed-in-Premium Scheme for RES
Pursuant to Article 3 of Law 4414/2016 (G.G. Α’ 149/09.08.2016), as of 1 January 2016, RES and co-generation stations above a certain capacity (0.5 MW for PVs and 3 MW for wind parks) can only benefit from operational aid in the form of a two-sided Feed-in-Premium in their contracts with DAPEEP (public PPAs), abolishing the previously applicable system of Feed-in-Tariffs (which remains in force only for smaller PV and wind installations). The strike price is fixed, depending on the technology, and specifically for PV and wind parks it is the outcome of auctions conducted by the RAAEY based on a multi-year schedule decided by the Ministry of Energy. In the current auction period (2022–2025), eight auctions have already been conducted or scheduled for a total of 3 GW, as stipulated by the Ministerial Decision ΥΠΕΝ/ΔΑΠΕΕΚ/53607/1559 (G.G. B’ 3328/19.05.2023).
Energy Storage System Auctions
Pursuant to the Ministerial Decision ΥΠΕΝ/ΔΗΕ/55948/1087 (G.G. B’ 3416/20.05.2023), three auctions for the award of Operating and Investment Aid to Energy Storage Stations with a total capacity of up to 1 GW are expected to be organised before the end of 2023.
The National Recovery and Resilience Plan (Greece 2.0)
Greece will receive EUR31 billion, of which EUR18.4 billion in grants and EUR12.7 billion in loans will be allocated to support the Greek economy. In this regard, RES projects, energy performance of buildings, waste management and high-efficiency co-generation plants are eligible for loans, while the biggest portion of the grants will be distributed under the “Green Transition” pillar.
The New Development Law 4887/2022 (G.G. A’ 16/04.02.2022)
According to Article 40 of Law 4887/2022, investment projects may be eligible for funding for their costs allocated to energy production from RES, energy-efficiency measures, environmental protection, waste management and recycling, etc.
The principal laws that govern the construction and operation of generation facilities are as follows:
The regulatory process for obtaining all the approvals necessary to construct and operate a commercial generation facility is as follows:
Throughout the licensing process, public participation is permitted and/or required, especially at the following two stages.
The typical terms and conditions imposed in approvals to construct and operate a generation facility are related to safety and environmental protection issues; the technical characteristics of the project, including the grid connection specificities; and the maintenance and operation requirements for the station. Any amendment to the terms and conditions is a bureaucratic process that follows the specific steps stipulated in the respective secondary legislation.
Pursuant to the provisions of paragraph 7 of Article 4 of Law 4951/2022 (G.G. A’ 129/4.7.2022), in conjunction with the provisions of paragraph 2 of Article 4 of Law 1468/1950 (G.G. A’ 169/2.8.1950) and paragraph 8 of Article 9 of Law 2941/2001 (G.G. A’ 201/12.09.2001), generation facilities are included among the projects considered “Projects of Public Interest”.
In this regard, the expropriation of real estate in favour of a generation facility is conducted in accordance with the provisions of Law 2882/2001 (G.G. A’ 17/ 6.2.2001) (the “Code of Expropriation”). The corresponding fee is determined by the judiciary.
However, the owners of generation facilities may resort to expropriations only after having exhausted all alternative legal options. In the case of PVs, in particular, expropriation of an area larger than 2% of the total polygon of the station is not permitted.
The standard obligation for the project sponsors to decommission a generation facility at the end of its physical or economic life depends on the nature of the generation facility. The obligation to decommission the facility in line with the instructions of the competent authorities, and to fully restore the environment, are included in either the Environmental Terms Approval (ETA) or the Standard Environmental Commitments (SEC).
Transmission lines are constructed and owned by the IPTO, the responsibilities of which have already been analysed in 1.2 Principal State-Owned or Investor-Owned Entities. (The only exception to this is the non-interconnected islands, where the system owner and operator is the HEDNO.) The principal Greek law governing the ownership, construction and operation of transmission lines and associated facilities is Law 4001/2011, and the law governing their environmental licensing is Law 4014/2011.
Unlike the normal licensing process for electricity projects, specifically for transmission lines, no installation or operation licence is required.
Overhead, underground and submarine electrical transmission lines with an operating voltage higher than 150 kV or which are longer than 20 km fall under Category A1 of the Ministerial Decision 1958/2012 (G.G. B’ 21/13.01.1958), and hence the submission of an environmental impact assessment is required for the ETA to be issued by the Minister of Energy.
For overhead, underground and submarine electrical transmission lines with an operating voltage higher than or equal to 50 kV and lower than or equal to 400 kV and which are shorter than or equal to 20 km, the submission of an environmental impact assessment is also required, but the relevant ETA is issued by the decentralised authority competent at the local level spanned by the transmission lines.
Throughout this process, public participation is also warranted by the provisions of Article 19 of Law 4014/2011 and Ministerial Decision 1649/45 (G.G. B’ 45/2014), and in compliance with Directive 85/337/EEC.
For the construction and operation of transmission lines and associated facilities, the ETA usually contains terms and conditions pertaining to:
Also see 6.3 Terms and Conditions Imposed in Approvals for the Construction and Operation of Electricity Distribution Facilities.
According to the provisions of paragraph 2 of Article 4 of Law 1468/1950 (G.G. A’ 169/2.8.1950) and paragraph 8 of Article 9 of Law 2941/2001 (G.G. A’ 201/12.09.2001), transmission lines are considered to be “projects of public interest”.
The expropriation of real estate in favour of the construction and operation of a transmission line is conducted in accordance with the provisions of Law 2882/2001 (the “Code of Expropriation”). The quantum of compensation is determined by the judiciary.
Pursuant to the provisions of Law 4001/2011 (G.G. A’ 179/22.8.2011), Articles 96–113, the IPTO has monopoly rights to provide transmission services throughout the country.
According to the Grid Code, the Transmission Use of System Charges (TUoS) reflects the recovery of the required revenue of the IPTO, as the latter is calculated on an annual basis by the RAAEY. The TUoS must be cost effective, simple and clear, and provide adequate financial signals so that users can adapt their consumption patterns to the most efficient use of the system.
The transmission services are provided on an open-access and non-discriminatory basis, either to transmit electricity from a generator or receive electricity supply, in accordance with and following the registration process stipulated in the Grid Code (G.G. B’ 3426/4.7.2022). The RAAEY is the competent authority to monitor the correct application of the respective provisions, including the adoption of the methodology for the determination and final approval of the TUoS (see RAAEY Decisions 492/2021 and 1001/2021).
According to Article 122 of Law 4001/2011 (G.G. A’ 179/22.8.2011), the construction and operation of electricity distribution facilities, as part of the Greek distribution network, is attributed to the HEDNO.
Greek legislation (Article 131A of Law 4001/2011) also provides for the construction and operation of distribution facilities, on the prior approval of the RAAEY, spanning a geographically limited industrial, commercial or public area, and provided that in general they are not used to supply domestic consumers (Closed Distribution Systems).
Refer to 4.2 Obtaining Approvals for the Construction and Operation of Generation Facilities and 5.2 Obtaining Approvals for the Construction and Operation of Transmission Lines and Associated Facilities.
See 5.3 Terms and Conditions Imposed in Approvals for the Construction and Operation of a Transmission Line and Associated Facilities.
In addition, the main terms and conditions for the operation of distribution networks are set out in the Network Code, according to which the network operator must:
According to Article 123A paragraph 8 of Law 4001/2011 (G.G. A’ 179/22.8.2011), the HEDNO enjoys all the privileges, including expropriation rights, for the development of the distribution network, which were initially attributed to the Public Power Corporation by the provisions of Article 4 of Law 1468/1950 (G.G. A’ 169/2.8.1950).
The expropriation of real estate for the construction and operation of a distribution facility is conducted in accordance with the provisions of Law 2882/2001 (the “Code of Expropriation”). The quantum of compensation is determined by the judiciary.
The HEDNO has monopoly rights to provide distribution services within the country, except for Closed Distribution Systems (for more information about which, refer to 6.1 Law Governing the Construction and Operation of Electricity Distribution Facilities).
The methodology for calculating the allowed and required revenue of the HEDNO should fully comply with the principles and objectives specified in the Network Code, particularly:
In light of the above, electricity distribution service charges are determined on a clear, cost-reflective, and non-discriminatory basis.
Finally, a right of appeal to challenge the decision of the regulator in setting rates and terms and conditions of service is stipulated by Article 33 of Law 4001/2011.
Greece has committed itself to a clean energy transition, which will contribute to fulfilling the goals of the Paris Agreement on climate change and provide clean energy to all. To deliver on its commitment, Greece has already set targets to reduce greenhouse gas emissions by more than 56% by 2030, compared to 2005, and to have a climate-neutral economy by 2050. This includes significantly reducing its reliance on lignite and setting a binding target to end lignite-fired power generation by 2028, while working to ensure a just transition in its lignite mining regions and reducing energy poverty. Greece has also made strong progress on renewable energy. In line with the EU Fit for 55 package and the REPowerEU plan, the new National Energy and Climate Plan (NECP) has provided a revised target of more than 27 GW of RES and 8.7 GW of energy storage systems to be connected to the Greek power network by 2030, which is a considerable increase of 18 GW compared to the current situation.
Offshore Wind Farms
An important section of the new NECP comprises the commitment by the Greek state to have 2 MW of offshore wind farms (OWFs) by 2030, and a total of 17 MW developed by 2050. In accordance with the provisions of the European Green Deal, the Greek government has attached great significance to the development of OWFs, as these are expected to play a key role in achieving net-zero targets.
In this regard, in July 2022, the Hellenic parliament adopted Law 4964/2022 (GGI A’ 150/30.07.2022) establishing the legal framework for OWFs. As a result, the Hellenic Hydrocarbons and Energy Resources Management Company (“HEREMA”) was appointed as the authority responsible, on behalf of the Greek state, for the exploration and identification of suitable areas for the deployment and installation of OWFs and the identification of offshore wind farms’ Organised Development Areas (OWFODA), in addition to the assignment of research rights to third parties within said development areas.
The Independent Power Transmission Operator (IPTO) is responsible for the development of links between the transmission grid and OWFs, including the design, development, installation and operation of interconnections between the Greek Electricity Transmission System and each OWFODA. The Energy Regulatory Authority (“RAAEY”), on the other hand, is in charge of organising a competitive tender process for the granting of operational aid to each OWFODA.
Pursuant to Law 4964/2022, and based on HEREMA, the key milestones for the deployment of Greece’s offshore wind potential are the following.
Energy Storage Systems
Law 4951/2022 (G.G. A’ 129/4.7.2022) stipulates the basic legal framework applicable to energy storage systems, pertaining in particular to all licensing and regulatory requirements for their development. This essentially comprises the issuance of a producer’s certificate; an environmental licence; a grid connection offer, followed by a grid connection agreement; an installation licence; a building permit; and finally, an operation licence. Furthermore, based on the Decision of the European Commission C(2022) 6461/05.09.2022 approving financial support in favour of electricity storage facilities, the Greek state adopted Ministerial Decision YΠΕΝ/ΔΗΕ/55948 (G.G. Β’ 3416/20.5.2023) setting out the key parameters of the three auctions to be conducted by the RAAEY by 31 December 2023. The selected projects from these auctions will be granted investment aid (amounting to 200,000 EUR/MW) as well as operational aid (amounting to a maximum of 115,000 EUR/MW). They will have to be constructed and connected to the grid by the end of 2025 at the latest and abide by certain technical requirements throughout their life cycle.
Pursuant to Article 10 of Law 4951/2022, the network operators have been granted the power, under specific conditions, to execute interruptible (instead of firm) connection agreements with RES and energy storage systems’ sponsors and impose curtailments of up to 5% of the expected renewable production. These restrictions consist of the following:
Similar restrictions can be imposed on the energy storage systems. More specifically, the following conditions and/or measures can be imposed:
Two new types of energy communities were introduced by Law 5037/2023 (G.G. Α 78/29.3.2023):
Also, the members of the Renewable Energy Communities must be in proximity to the area where the community develops its activities or where the RES station is installed, whereas no proximity requirement is warranted for the members of the Citizens’ Energy Communities.
Prior to the publication of Law 5037/2023, the first energy communities had been established under Law 4513/2018 (G.G. A’ 9/23.1.2018), which constituted the first attempt by the Greek state to mobilise and incentivise local communities to adopt a more active role in the energy sector.
The recent Law 5037/2023 significantly reinforced the right of final consumers to produce and store energy to cover their own energy needs, but also to sell any energy surplus (the quantity of energy which exceeds their energy needs), acting either individually or through aggregators, without any upper limit (which previously existed) and without any intermediaries. The self-consumption scheme may also operate collectively (collective self consumption) for a group of at least two self consumers residing in the same building, or even for common energy charges in residential buildings.
On the other hand, the so-called “net-metering” option, allowing the consumer to offset the energy produced by the consumer’s station with the energy absorbed by the owner’s facilities, was reduced to a maximum capacity of 10.8 kW for households and 100 kW for companies. Under the net-metering scheme, an RES station would still need to be located at, or in an adjacent area to, the point of consumption. The only exception regarding the above proximity rule applies to all types of energy communities and to agricultural loads for which the possibility of virtual net metering remains open. Under virtual net metering, the production station may be at a different location within the same prefecture, compared to the location of final consumption.
Power Purchase Agreements (PPAs)
Several developments have also emerged regarding the uptake of power purchase agreements (PPAs).
Pursuant to Law 4951/2022, the Minister of Energy issued a ministerial decision in August 2022 setting out the new prioritisation framework for RES stations to connect to the grid. According to Ministerial Decision ΥΠΕΝ/ΓΔΕ/84014/7123 (G.G. B’ 4333/2022), as amended and in force, all RES projects with complete applications for grid connection terms until 4 July 2022, that could also submit to the IPTO within a certain amount of time (two months from the publication of the ministerial decision) a terms sheet with a non-household offtaker for a PPA (or more) and a letter of credit (for 100,000 EUR/MW), would fall into Priority Group B (a highly ranked category). The total capacity under Priority Group B is 4 GW and the long form PPA would need to be submitted to the IPTO (together with another letter of credit for a further 100,000 EUR/MW) within six months of the issuance of the grid connection terms.
Moreover, pursuant to Article 92 of Law 5027/2023, as of 10 March 2023, the RES producers’ revenues of energy sold via physical PPAs have been excluded from the market cap otherwise imposed on all producers’ revenues in the Day-Ahead Market.
Similarly, Law 5037/2023 has permitted older RES projects with public PPAs (subject to the provisions of Law 4254/2014 G.G. A’ 85/7.4.2014) to terminate their contracts provided that they enter into private PPAs.
In light of the above, the PPA market has expanded in Greece, with major energy companies signing contracts mostly with energy-intensive users as off-takers. Among the most recent examples are the PPAs between the energy supplier, HERON, and the joint venture, RWE – PPC Renewables, the one between EDPR Greece and Mytilineos, and the one between PPC Production and VIOCHALKO.
Greece is committed to smoothly managing its transition to a secure, efficient and flexible carbon-neutral energy system. To this end, the Greek state has taken important initiatives to ensure transparent and stable legal and regulatory frameworks, which enable renewables and electricity infrastructure projects to be implemented within a reasonable timeframe and which streamline the procedures for spatial planning and licences to facilitate the timely deployment of projects. In this regard, the current legislative framework provides for the permit-granting process for RES projects not to exceed two years in total.
The new NECP remains focused on transitioning to a net-zero emissions energy system by 2050, while ensuring energy security, improving economic competitiveness and protecting vulnerable consumers, as well as considerably accelerating and increasing the use of renewable energy, especially for electricity generation. For the attainment of these strategic aspirations, in the next few years, the development of OWFs and the uptake of PPAs, within a balanced grid expansion, together with the empowerment of the final consumer, are key factors for success.