Delphi, Greece. Eurobank executives used their participation at the 11th Delphi Economic Forum to outline challenges related to the energy transition and the need for a new productive model for the Greek economy.
Energy transition described as necessary but complex
“The energy transition is a necessary and irreversible process,” said Head of Structured Finance Spyros Venetsianos. He warned that “you cannot have at the same time a fast transition, low prices and full market liberalisation”.
Balancing competing energy policy goals
Venetsianos said energy policy must balance conflicting goals, including accelerating the transition, maintaining competitive pricing, and opening markets to greater private sector participation. He added that these objectives are not fully compatible and require clear priorities and trade-offs.
Structural constraints and cost comparisons
He pointed to structural challenges including grid adequacy, slow network development, complex licensing procedures, legal risks, and geographical constraints. He also said solar energy production costs in Saudi Arabia are at least 60 per cent lower than in Greece, with less than 20 per cent of this gap attributed to higher solar radiation, highlighting the role of infrastructure and scale.
Uneven technology growth and market pressures
Venetsianos said this has contributed to asymmetrical growth across technologies, with photovoltaics expanding faster than wind energy due to fewer constraints. “The imbalances we see today are not a problem, they are a symptom of a transition evolving faster than infrastructure,” he said.
He added that limited storage capacity and regulatory delays are increasing market pressures, with excess supply sometimes leading to zero or negative prices and curtailments, while peak demand drives sharp increases.
How should Greece set priorities between speed of transition, energy prices, and market liberalisation?