Greece battery storage capacity projected to reach 5 GW by 2030

Aurora Energy Research estimates that Greece's installed battery storage capacity could reach between 4 and 5 GW by 2030. While the theoretical potential of the project portfolio is approximately 6.8 GW, actual implementation is expected to be lower due to grid connection constraints, implementation deadlines, and financing difficulties.

The market is transitioning from subsidized projects to a larger merchant investment phase. Current developments include 900 MW from storage tenders and approximately 300 MW of storage systems combined with photovoltaics for commercial consumers. A significant upcoming wave involves 4.7 GW of merchant batteries, which do not receive investment subsidies but may receive priority grid access. Investor interest in this segment has been high, with applications reaching approximately 12 GW.

Regarding profitability, Aurora presented indicative internal rates of return (IRR) for a two-hour standalone battery operating from 2027, ranging from 9% to just under 12%. Combined renewable energy and storage projects may see returns exceeding 11%. Revenue for standalone batteries is expected to rely heavily on purchasing energy during low-price hours and selling it when prices rise.