Greece energy sector shifts toward CO2 storage and battery integration

Energean Hellas is shifting its business model toward industrial decarbonization services, specifically focusing on CO2 storage at the Prinos field. The company reported a significant reduction in accounting losses for 2025, decreasing to €16.8 million from €103.7 million in 2024. This improvement follows a period of asset write-downs related to the Epsilon project.

In collaboration with EnEarth Greece, Energean is planning to transform Prinos infrastructure into a platform for underground CO2 storage. This move aims to create new revenue streams by repurposing oil assets for environmental technology.

Simultaneously, energy storage is becoming a critical component of the Greek electrical system to manage the rise of renewable energy sources. Battery storage units are helping to balance the grid by absorbing excess green electricity when production exceeds demand. In August, battery systems prevented an additional 28.8 GWh of renewable energy from being curtailed, reducing potential losses by 15.4% compared to a scenario without storage. This technology helps reduce reliance on expensive natural gas-fired power plants by shifting renewable energy use to periods of higher demand.