The Commission found the scheme to be in line with EU state aid rules, saying it would further Europe’s energy and climate goals while preserving competition.
Greece’s plans include holding regular auctions for wind and solar beginning this year. Auctions for other renewable technologies will be held “as soon as they become more mature in the Greek electricity market, i.e. when they reach a predefined level of market penetration,” the Commission said.
And it added that Greece will take stock of the auction process in 2020 with an eye to the design of its auctions for 2021-2025.
The Commission had already approved a Greek support scheme for power production from renewables and high-efficiency cogeneration in November 2016.
Commissioner Margrethe Vestager, in charge of competition policy, said Greece will “bring down costs for renewable energy with competitive auctions to support renewable electricity generation. This is very good and the scheme will facilitate Greece's efforts to reach its 2020 climate goals."
Greece aims to get 18 per cent of its energy from renewables by 2020.