Evangelos Mytilineos participated in the panel on Energy Transition in Greece, as part of the conference organized by Morgan Stanley and the Athens Stock Exchange, in London.
Asked what the energy transition means in Greece and what tools the country has to achieve decarbonization, Mytilineos replied that this is not solved exclusively by the RES. “This was a myth that has now been dispelled, as it happens more and more often that we have zero prices, because of RES. And this is because there is an oversupply at certain times and the opposite at others, such as during the winter. And this is now becoming a big problem. If we don’t invest in building networks and enhancing their capacity then the situation will derail.”
Mytilineos underlined that the future model should be based on a mixture of RES and natural gas, which will be gradually enriched by other “green” products such as hydrogen and biomass. The main thing should be the security of supply, so that the planet is not threatened by factors such as the war in Ukraine, for example. “Let’s not take energy security for granted, in the middle of the flare-up in the Middle East. And this was understood even by countries like Germany that enjoyed cheap energy for decades.
Greece and Europe as a whole are currently facing two risks: On the one hand, the high cost of the green transition, which is now also affecting European politics, leading to a shift towards anti-systemic parties. On the other hand, the high cost of fossil fuels also affects electricity prices, with serious effects on industrial production. The impact will be greater on most industrialized countries. The numbers show that high RES production will ultimately benefit our country and its industrial production.”