If everything goes according to plan, the Greek Ministry of Energy believes that the first auction for offshore wind capacity could be staged in 2022. Ministry has confirmed that a legal framework for the installation of offshore wind farms will be ready by the end of the first half of the year, thus enabling investments in this renewable energy sector. The offshore wind farm market in Greece will open with pilot projects that will allow for the identification of problems that will be examined later for solutions, and for maritime zoning plans. Investor interest in offshore wind farms is high as studies show electricity costs of offshore wind farms Greece will experience a 40 % decline by 2050. This cost, according to an older European Commission study, was estimated to drop from 76 euros/MWh in 2030 to 46 euros/MWh in 2050. The same study estimated Greek offshore wind farm capacity would reach 263 GW. Norway’s Equinor has already expressed the strongest interest for offshore wind energy development in Greece. Denmark’s Copenhagen Offshore Partners has also shown some signs of interest. As for local companies, TERNA Energy, the Copelouzos Group, and RF Energy have, in the past, submitted applications for offshore wind farms to the Regulatory Authority for Energy.
