Brussels approves Greek plan for power storage facilities

The European Commission on Monday approved a Greek plan with an estimated cost of 341 million euros for the construction and operation of storage facilities in the electricity system.

The measure will be partly funded by the Recovery and Resilience Facility (RRF), following the Commission’s positive assessment of the Greek Recovery and Resilience Plan and its adoption by the EU Council.

The measure aims at allowing the smooth integration into the Greek electricity system of an increasing share of renewable energy from wind and solar sources.

The scheme will also contribute to the EU’s strategic objectives relating to the EU Green Deal.

“The Greek aid measure we have approved today, which will be partly funded by the Recovery and Resilience Facility, will contribute to the development of competitive markets for electricity system services, while helping Greece meet its emission reduction targets,” Executive Vice President Margrethe Vestager, in charge of competition policy, said on Monday.