Greece recorded a threefold surplus in its electricity trade balance during the first quarter of 2026 compared to the same period in 2025, according to data from the Hellenic Statistical Authority (ELSTAT). In terms of energy volume, electricity exports quadrupled — rising to 3,442 gigawatt-hours (GWh) this year from just 858 GWh last year. Notably, this quarter’s net exports already surpassed the full-year 2025 total of 3,010 GWh.
Strong Export Growth Drives Trade Surplus
The value of electricity exports reached €459 million in Q1 2026, up from €343 million in Q1 2025. At the same time, imports fell sharply — to €118.7 million from €232.3 million — resulting in a trade surplus of €340 million, triple the €111 million recorded a year earlier.
Renewables Fuel Export Surge
This export expansion is largely driven by rapid growth in renewable energy generation. Solar power output rose by 31.4% year-on-year, wind generation jumped 37.2%, and hydropower surged 282% — boosted by abundant snowmelt and rainfall that replenished reservoirs.
Although a significant share of exports occurs during midday hours — when solar generation peaks and wholesale market prices often drop to zero — export activity now spans nearly the entire 24-hour cycle. According to sources at the Ministry of Environment and Energy, Greece exported electricity to Bulgaria during 96% of hours in May, with higher volumes recorded in the evening than at midday — despite lower solar output then.
Cautious Optimism for Summer Prices
Ministry officials have expressed cautious optimism about electricity prices this summer, when domestic demand typically rises. Key factors underpinning this outlook include:
- No significant upward pressure on wholesale prices observed so far;
- The recent commissioning of grid-scale battery storage systems — currently contributing 150 megawatts (MW) to the market, with capacity expected to reach 500–600 MW within the coming weeks;
- Batteries are expected to reduce curtailment of renewable generation — which occurs when wind and solar output exceeds both domestic demand and export capacity — while also helping to stabilize price volatility.