Mr. Vasilis Karamouzis, General Manager of Corporate and Investment Banking at National Bank of Greece, during the 11th HAEE Energy Transition Symposium.
As the “Bank of Energy,” National Bank of Greece is committed to continuing to support the energy transition at such a critical juncture. In the same vein, for the 8th consecutive year—from the first edition to the present—it has supported the Greek Energy Market Report, or Energy Bible, the most authoritative and comprehensive study of the Greek energy market, published by the Hellenic Association for Energy Economics (HAEE), with the support of National Bank of Greece.
National Bank of Greece was honored at the “HAEE Energy Transition Initiative Awards 2026” in the “Banking Transformation for the Future” category for its initiative “NBG Transforming Banking to Shape the Future of Energy.” This distinction recognizes National Bank of Greece, which has consistently been at the forefront of the banking sector’s transformation.
According to Mr. Karamouzis, developments in recent months confirm that geopolitical instability is now directly reflected in energy prices and, by extension, in financing terms.
We saw this clearly in practice: within a short period of time, the price of natural gas in Europe rose from levels near €30/MWh to over €60/MWh, while the intensity of the reaction was similar for oil prices.
At the same time, increased reliance on LNG—with imports to Greece projected to rise by approximately 65% on an annual basis (30.84 TWh by 2025)—has made the market more vulnerable to international disruptions.
This volatility is not merely theoretical. It is now measurably reflected in the electricity market, where the Greek wholesale market records average prices in the range of €100–110/MWh, as well as peaks that can exceed €500/MWh, while hundreds of hours with zero or negative prices have even been observed throughout the year.
In such an environment, the key parameter shifts: it is not the price level, but the volatility of cash flows, which directly affects the financeability of projects.
As Mr. Karamouzis emphasized, it is very important for a company to approach the bank in the early stages of a project. At National Bank, he added, we have the experience, knowledge, and products to ensure as stable cash flows as possible, thereby enhancing predictability.
He also referred to the unusual fluctuations in ECB interest rates over the past five years, as well as the high volatility in the euro/dollar exchange rate, two developments that heighten uncertainty.
All of the above, together with geopolitical instability, are factors that banks and businesses must address jointly and structure financing that will remain sustainable even in an environment of intense volatility.
Regarding the massive investments required to support the energy transition, the General Manager of Corporate and Investment Banking at National Bank of Greece highlighted the urgent need to hedge risks and develop reliable plans in areas such as energy storage projects.
This prevailing trend is reflected in institutional policies. In 2025, the European Investment Bank signed record-breaking new financing agreements totaling 100 billion euros, with approximately 60% of that amount allocated to green projects. It allocated €11.6 billion to networks and storage alone, demonstrating how major financial ecosystems are directing capital toward “system assets.”
National Bank, Mr. Karamouzis emphasized, has already invested over 7 billion euros in various aspects of the energy sector. At the same time, it has expanded its involvement in energy storage by financing BESS projects that secured 10-year contracts through tenders, which enhances revenue visibility and supports system stability. “We are committed to continuing to support the energy transition at this critical juncture,” he added.
In conclusion, he noted that, overall, the next phase of the energy transition is not merely an investment challenge. It is primarily a matter of proper structure, risk management, and effective coordination between the market, institutions, and the financial system.