Investments in electricity power units, renewable energy sources and hydrocarbon exploration are expected to reach 23.3-30.2 billion euros in the period 2016-2025 in Greece, a survey by the Institute of Energy for South-East Europe said on Tuesday.
The survey said that investments in the 13 countries included in the region (western Balkans, Romania, Bulgaria, Greece, Cyprus and Turkey) will total 267-321 billion euros under the optimistic scenario, of which half are expected to be invested in Turkey (125-141 billion), a country taking a bigger role in the energy sector of the region.
The survey estimated that energy demand in Southeastern Europe will quadruple by 2050 to 219 million tons of oil equivalent in 2050, from 59 in 2015. Turkey’s share in final energy demand in the same period is expected to grow to 60 pct from 52 pct, while Greece is expected to record the biggest decline in its market share to 7.0 pct from 10 pct.
Imports of oil and natural gas dominate the energy mix in the region, although a lack of demand for interconnections of natural gas is noted, hindering the growth of the regional market, while in the electricity sector, promoting international interconnections between Italy, the Western Balkans and Greece was a priority to complete the electricity energy market in the region.
The Institute noted that countries in the region were reluctant to stop electricity production from coal for supply and cost reasons, despite the EU’s environmental policy to cut the economy’s dependence on coal.