-|| RES auction prices (PV & Wind investments) in Greece on May 24, 2021_|_Key Results and Brief Analysis ||-

New RES auctions held in Greece on May 24, 2021 for RES (PV and Wind) Projects.

Greece held its latest round of RES (PV projects up to 20 MW and Wind Projects up to 50 MW) auctions on May 24, 2021. Particularly, a capacity of 350 MW of PV investments was allocated (upon successful bids) while Wind investments failed to win any capacity.

A total of 126 participants (RES projects totaling 1,090 MW) submitted 2,188 bids. The energy/electricity prices (tariffs) ranged from €0.03297/kWh to €0.0512/kWh, while the weighted average was €0.0376/kWh.

The high level of competition and the simplification of the licensing process were the main factors for the record low auction RES prices.

It is mentioned that the tender’s lowest tariff was awarded to a 19.3 MW PV project, which is set to be developed by the Greek company Egnatia Group SA. Overall, the said company which is part of Mytilineos Group, won around 130 MW of the awarded capacity. Moreover, Ecosolar won another 90 MW worth of PV capacity.

The aforementioned results of the Greek RES auction on May 24, 2021 are in line with results seen in tenders in other countries in Europe and globally, where PV projects also swept the board.

The detailed official results of the aforementioned RES auction (Decision Nr. 461/2021 of the Regulatory Authority for Energy/RAE available in GR) are included in the following link:

Official Results of the RES auctions in Greece as of May 24, 2021

It is worth mentioning that RES investors from PV and Wind sector are engaging in talks with electricity supply companies and industrial enterprises to establish in the future Power Purchase Agreements (PPAs) for their projects as they anticipate a reduction in capacities at forthcoming RES auctions and even lower energy prices (tariffs) than the low levels registered at the auction as of May 24, 2021.

Greece aims to auction a total capacity of further 2.1 GW of PV and Wind projects by 2024.