Greek Energy Minister on Energy Prices and Iran War Impact at CERAWeek

Summary

• Iran war threatens regional stability and energy prices, but Greece hopes for diplomatic discussions to end the conflict.
• Greece has dramatically diversified its electricity mix: from 65% derived from lignite in 2005 to over 55% from solar, wind, and hydro currently, acting as a hedge against energy price increases.
• Greece plans to use its primary fiscal surplus to provide assistance for increased fuel and diesel costs to citizens amid high energy prices.
• A prolonged crisis would lead to higher energy prices, though Greece's renewable energy share mitigates some impact.
• Greece is a global shipping power, facilitating U.S. LNG exports to Europe and playing a key role in helping Europe phase out Russian gas.
• Historic hydrocarbon exploration in Greece: ExxonMobil will conduct the first exploratory drilling in the Ionian within 12 months, and seismic work is planned below Crete with Hellenic Energy.
• Greece aspires to become a natural gas producer and an energy hub for Southeast Europe, leveraging its strategic location.
• The Iran war accelerates Greece's need to increase natural gas production, boost renewable energy, and diversify from Russian gas to U.S. energy sources.