GREECE Trends and Developments Contributed by: Evangelos (Evans) Courakis, Eleni Svoronou, Dimitra Rossopoulou, Maria Konstantina (Mariadina) Lili Kokkori and Evangelos Konitsas, Koutalidis Law Firm
specific consumption profiles and investment timelines of data centres. Altogether, these steps signal that Greece is pre- paring the ground not only for a viable renew- able gas market, but also for the emergence of an integrated clean digital economy – unlocking industrial, technological and regional opportuni- ties in the years to come. In parallel with this strategic trajectory, Law 5202/2025 – adopted in late May 2025 – intro- duced Greece’s national foreign direct invest- ment (FDI) screening mechanism. While not limited to the energy sector, this framework reflects the country’s broader objective of pro- tecting national security and public order from potential risks linked to foreign investments, particularly those involving non-EU or state- affiliated actors. Under the new mechanism, investments in undertakings operating in desig- nated critical sectors – including infrastructure, strategic assets, and essential goods or services within the energy sector – will be subject to prior screening based on multiple criteria, such as ownership thresholds and specific structuring elements. Recent major energy projects in Greece Following the above-mentioned regulatory trends and developments, Greece continues to develop major cross-border and domestic energy infrastructure, strengthening its role as a regional hub. Major cross-border and domestic projects – spanning LNG, carbon capture and electricity interconnections – are reshaping its energy pro- file and enabling deeper integration with Euro- pean and Mediterranean markets.
On the electricity front, Greece is advancing mul- tiple interconnections, including the following. Crete-Attica interconnection (Ariadne) In late 2024, the 1GW high-voltage direct cur- rent (HVDC) subsea interconnection between Crete and Attica was completed, marking a key infrastructure milestone. As one of the deepest projects of its kind globally, it drastically enhanc- es the energy security of Crete while reducing CO₂ emissions by an estimated 500,000 tons annually. The project was co-financed through EU and national funds and is a centrepiece of IPTO’s 2025–2034 TNYDP. North-Aegean interconnections Detailed design and permitting are underway for new HV lines linking Northern Aegean islands – such as Lesvos, Chios and Samos – to the main- land grid. These projects aim to replace age- ing oil-based plants, cut generation costs, and improve reliability in remote regions. Early-stage works, including substation expansion in Rho- des, signal the start of broader island integration supported by IPTO and national planning tools. Cross-border electricity interconnections Greece is advancing a suite of strategic inter- connection projects that reinforce its role as a regional energy hub. These include the EuroA- sia Interconnector, an EU flagship project link- ing Greece, Cyprus and Israel, with the Crete segment led by Ariadne Interconnection S.A.; the GREGY subsea cable to Egypt, a 3 GW line designed to import renewable electricity from North Africa; and GR.ITA, a new high-voltage link with Italy currently under discussion. At the same time, grid upgrades with Albania, North Mace- donia and Bulgaria are progressing, notably the Nea Santa–Maritsa East 1 project (Greece–Bul- garia), recognised as a Project of Common Inter- est (PCI) by the EU. Together, these initiatives
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