The Minister of Environment and Energy, Stavros Papastavrou, during an event held at the Athens Chamber of Commerce and Industry (ACCI), organized at the initiative of New Democracy MEP Dimitris Tsiodras and titled “Energy Challenges for Greece and the EU: Pathways to Sufficient and More Affordable Energy.”
During a discussion with New Democracy MEP Dimitris Tsiodras, the minister emphasized that energy security is now a top national priority, particularly at a time when the international energy market is being affected by developments in the Persian Gulf and uncertainty surrounding the Strait of Hormuz.
Responding to a question about the possibility of a prolonged crisis and continued pressure on international energy prices, Mr. Papastavrou emphasized that Greece currently has significant advantages compared to previous periods. As he noted, the high share of renewable energy sources in the Greek energy mix acts as a “shield,” absorbing part of the international price hikes and preventing them from being fully passed on to consumers.
At the same time, he pointed out that the country now enjoys fiscal stability and sufficient room for maneuver. “Since 2019, the government has demonstrated that when necessary, it stands by society with targeted measures rather than across-the-board interventions,” he noted, adding that the country’s exit from enhanced surveillance and the maintenance of strong fiscal performance allow for support to be provided where it is needed.
The minister’s message was clear: as long as the crisis in the Middle East affects energy markets and as long as uncertainty persists regarding shipping and the transit of energy products through the Strait of Hormuz, the government will closely monitor developments and intervene where necessary to protect citizens and the economy.
The minister’s remarks on hydrocarbon exploration were also of particular interest. Mr. Papastavrou argued that the potential success of the first exploratory wells could serve as a catalyst for the Greek economy, as it would enhance the overall value of Greece’s subsoil and strengthen international confidence in the country’s prospects as a future natural gas producer.
As he noted, a positive discovery will not only be significant for that specific field but will serve as validation of Greece’s overall potential. “Success in one block automatically boosts the value of the entire offshore area,” he said, noting that the country could become a natural gas producer in the coming years, thereby strengthening its energy independence.
Regarding the shift in interest by international energy groups toward the Ionian Sea, the minister appeared reassuring, clarifying that national planning remains unchanged. He explained that companies manage their investment portfolios and choose to direct resources where they believe there are greater chances of success at a given time. However, he emphasized that seismic surveys south of Crete are proceeding as normal and that the shift of focus to the Ionian Sea does not mean abandoning the other areas.
“We are proceeding with seismic surveys south of Crete. The fact that ExxonMobil is moving toward drilling in the Ionian Sea does not mean it is abandoning the other areas,” was the minister’s message.
He linked the surveys to the broader goal of energy security, arguing that natural gas production can complement the green transition rather than compete with it. According to the minister, the utilization of domestic energy resources, combined with the development of renewable sources, creates a more resilient energy mix that reduces dependence on imports and external crises.
In the same context, Mr. Papastavrou defended the government’s position in favor of a “realistic green transition,” arguing that Europe must maintain its environmental goals without, however, placing an excessive burden on businesses and households. He made special mention of the need to revise the timeline of certain European policies, such as ETS 2, in order to avoid further increases in citizens’ heating and transportation costs.
Finally, referring to the so-called “Vertical Corridor” for natural gas, the minister described it as a project of broader geostrategic importance for Greece and Southeast Europe, arguing that it could transform the country into a key energy hub for the region and strengthen the interconnection of markets serving over 100 million people.
The central message of his speech was that Greece is called upon to simultaneously leverage all its available energy advantages—from renewable sources and interconnections to hydrocarbons—with the aim of achieving greater energy security, lower costs for citizens and businesses, and a stronger geopolitical position in the wider region.
D. Tsiodras: Without strong networks and a single market, Europe will fall behind in global competition
For his part, New Democracy MEP Dimitris Tsiodras focused on the challenges facing Europe in the energy sector, emphasizing that the EU continues to function essentially as a collection of separate markets rather than as a truly single energy market. As he noted, the energy crisis that followed Russia’s invasion of Ukraine, as well as recent developments in the Middle East, have highlighted the need to accelerate investments in networks, interconnections, and new infrastructure in order to strengthen energy security and limit large disparities in energy prices among member states.
Mr. Tsiodras argued that Europe must remain committed to the goals of the green transition; however, the policies implemented must take into account the resilience of the economy and society. In this context, he referred to the need to re-examine certain aspects of the emissions trading system, and specifically ETS 2, so that the transition to a “greener” energy model does not lead to disproportionate burdens on households, businesses, and industry.
At the same time, he emphasized that Greece is currently in an advantageous position, as it is emerging as a critical energy hub in Southeast Europe through its natural gas infrastructure, electricity interconnections, the so-called Vertical Corridor, and projects connecting the European market with the Eastern Mediterranean and North Africa. As he noted, strengthening interconnections is a key prerequisite for Europe to achieve greater energy autonomy, lower energy costs, and increased competitiveness vis-à-vis the United States and China.
G. Bratakos: Competitive energy costs and security are prerequisites for development
In his opening remarks at the conference, the president of the Athens Chamber of Commerce and Industry (ACCI), Yannis Bratakos, highlighted the importance of energy as a driver of growth, competitiveness, social welfare, and strategic autonomy for Europe. As he emphasized, there can be no strong economy without energy security and competitive energy costs, noting that many European companies continue to bear higher energy prices compared to their competitors in the U.S. and Asia.
Mr. Bratakos noted that Greece has made significant strides in recent years in developing energy infrastructure, interconnections, and renewable energy sources, while strengthening its geopolitical role as an energy hub for Southeast Europe. He further emphasized that the growing energy needs of the economy and new technologies, such as artificial intelligence, make it necessary to formulate policies that will ensure energy sufficiency and competitive prices.
At the same time, he noted that the green transition will be judged not only by the reduction in emissions, but also by Europe’s ability to maintain a strong industrial base and competitive businesses. For this reason, he noted, investments are needed in networks, storage, and new energy infrastructure, as well as close cooperation between the government, the business community, and European institutions.