Greece is required to submit a formal commitment to the European Commission by the end of this year on the amount of energy storage capacity it plans to install by 2028. This obligation stems from a trilateral agreement—entered into force last week—that brings together the European Commission, national governments, industry, and energy market stakeholders.
Aimed at Accelerating Storage Deployment
The agreement seeks to speed up energy storage deployment amid a new energy crisis and growing financial strain on the renewable energy sector. Photovoltaic producers in Greece, for instance, have recently seen revenue losses of up to 60%—a result of mandatory curtailments and periods of zero or even negative hourly electricity prices.
In response, the Greek Ministry of Environment and Energy (YPEM) recently passed an amendment allowing producers to receive compensation when electricity prices hit zero—helping them recover some lost income. Still, experts widely agree that only large-scale, timely energy storage deployment can provide a lasting solution to grid instability and revenue volatility.
EU-Wide Targets and National Commitments
Under the agreement, each EU member state must commit to adding a specific amount of new storage capacity between now and 2028. The EU’s overall target is 30–35 gigawatts (GW) of additional storage across the bloc.
Within this framework, energy companies and energy-intensive industries will provide annual project forecasts. National governments are expected to support investments by removing regulatory barriers and minimizing network charges. Meanwhile, the European Commission will offer financial backing through the Industrial Decarbonisation Bank and the Innovation Fund.
Greece’s Next Steps
Greece has not yet submitted its official 2028 target—a deadline it must meet before year-end. This year, however, the country is installing its first 700 megawatts (MW) of battery storage with state support. Additionally, 4.7 GW of commercially driven battery projects are expected to begin rolling out gradually.
That means Greece now faces the task of defining how much of this pipeline—including both publicly supported and private initiatives—can realistically be operational by 2028. For context, Italy has already pledged 11 GW, Bulgaria 1.29 GW, and Romania 2.496 GW. Greece’s final commitment will signal the government’s realistic expectations for storage growth over the next two years.