Greece’s energy network set for upgrade after 150 million euro investment

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The European Investment Bank (EIB) has granted power grid operator HEDNO a 150 million euro loan to install 3.12 million smart meters, the first phase of an upgrading plan for Greece’s distribution network.

Ekathimerini reported that Greece intends to raise the percentage of solar, wind, and hydroelectric power used to meet its electrical demands to 80 per cent by 2030. Currently, this proportion is roughly half.

The cost of electricity theft in Greece reached 798 million euros last year.
The cost of electricity theft in Greece reached 798 million euros last year. Photo: Ekathimerini.

EIB President, Werner Hoyer, stated that the Greek project would cost a total of 546 million euros and will get 273 million euros in funding from Europe’s Recovery and Resilience fund.

The new meters would save homeowners money, according to Greece’s Prime Minister, Kyriakos Mitsotakis, who witnessed the signing of the EIB-HEDNO agreement.

“The agreement we are signing today on financing smart meters is a very good indication of where we want to go in the future in terms of our climate change policies… households will have much better control over their bills and will be able to save money…” Mitsotakis said.

Over the previous decade, the EIB has invested more than 4.3 billion euros on energy in Greece.

Source: Ekathimerini

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