On Friday Greece submitted its new climate plan to the European Commission for approval, which will see Athens generate 82 percent of its electricity from renewable sources by 2030, compared to the previous target of 66 percent in the 2019 plan, Reuters revealed.

Under the new plan, Athens estimates that additional investments worth 95 billion euros ($103.97 billion) will be needed by 2030, including policies to make tens of thousands of buildings energy efficient, installing more solar and wind equipment and building energy storage facilities. Total spending is expected to reach about 330 billion euros by 2050.

In September, the Greek Prime Minister's Office had called for EU action to address soaring electricity prices and growing distortions in the energy market.

In a letter to European Commission President Ursula von der Leyen, Prime Minister Kyriakos Mitsotakis said, “In just a few months, the wholesale price of electricity in Greece has more than doubled, from €60 MWh in April to €130/MWh in August.”

According to Mitsotakis, in addition to the extremely high temperatures and low rainfall that have contributed to the regional crisis, the fact that the EU is now supplying Ukraine with electricity to make up for the shortfall in production caused by Russia's attack on the country's power infrastructure has exacerbated the crisis.

Due to transmission capacity constraints, power marketization mechanism matching and other issues, the low electricity prices in Western and Northern Europe, and was not able to conduct to Eastern and Southern Europe in a timely manner, the East and West Europe power price inversion problem is obvious.

Greek Prime Minister Mitsotakis called for continued efforts to create more cross-border electricity interconnections to close the price gap and improve the internal market.

Source : https://mp.weixin.qq.com/s/VXOK1W5_FUV9aYJSKc8Y4A