Greek renewable energy broke records, leading to historically low emissions

In the first four months of 2024, renewables surpassed fossil fuels in Greek energy production for the first time, reducing the energy sector’s emissions to a new low.

According to Green Tank, renewables and large hydro power plants accounted for 8.09 TWh of total production from January to April, while natural gas, lignite and oil contributed 498 GWh less and emissions fell.

Renewable energy production increased by 21.4% year-on-year.

Following multiple days of near-zero and negative hourly prices on the wholesale market, Greek imports dropped by an unprecedented 2.22 TWh, making the country a net exporter.

Record reductions also broke the record of the first four months and amounted to 308 GWh, which is more than in the entire 2023. Green Tank estimates that without restrictions, Greece would be able to reduce energy imports by 81%.

Carbon intensity is falling rapidly

Another notable change is the continuation of the downward trend in the carbon intensity of electricity production over the past ten years. When the third stage of the EU Emissions Trading Scheme (EU ETS) started in 2013, the level was over 500 grams of carbon dioxide per kilowatt hour. Emissions peaked at 875 grams in 2014. Last year they dropped to 315 grams of CO2 per kilowatt hour

Moreover, the average so far in 2024 dropped to only 268 grams as a result of the phasing out of lignite and a greater share of renewable energy sources in the country’s production structure.

Compared to the five-year average, emissions in the first four months decreased by 2.45 million tonnes, or 35.2%. The decline concerned all three fuels. The largest amount was brown coal – 2.18 million tons, or 55.2%.

It is worth noting that in the first four months of 2019, at the beginning of the five-year period, emissions from lignite production plants (6.78 million tons) were almost four times higher than in 2024. The second largest emission reduction was recorded in electricity production from crude oil (0.18 million tonnes, or 9.9%), followed by fossil gas (0.09 million tonnes, or 4.1%).

It is worth noting that in May, lignite production plants stopped participating in the day-ahead market altogether, after the end of the heating season in regions such as Western Macedonia.

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