Greece absorbs $26 billion in energy investments: Europe rewrites its gas map

Greece has become an unexpected continental energy hub: $26 billion in investments in LNG and renewable infrastructure since 2022 are transforming a peripheral country into a strategic node of the post-Russian European energy system.

The Fact

Greece has absorbed over $26 billion in investments in its energy infrastructure since the Russian invasion of Ukraine in 2022 (IEA, Eurostat 2026 data). The expanded LNG terminal at Revithoussa (Athens) and the new floating terminal at Alexandroupolis (FSRUs - Floating Storage and Regasification Units) now enable Greece to re-export LNG to the Balkans and Central Europe via the IGB pipeline (Interconnector Greece-Bulgaria) and the TAP (Trans-Adriatic Pipeline).

In parallel, Greece's solar capacity has doubled since 2022 to reach ~10 GW installed (ENTSO-E, 2026), with targets of 18 GW by 2030-powering local demand and future undersea power cables to Italy (EuroAsia Interconnector) and northern Greece (Great Sea Interconnector project).

Geopolitical context: Before 2022, Europe imported ~155 bcm/year of Russian gas. This volume has fallen to less than 25 bcm (IEA, 2025). U.S., Azerbaijani, and Qatari LNG is replacing it via hubs like Greece, Spain, and the Netherlands.

Our Take

Greece's emergence as an energy hub marks a major geopolitical and economic shift. For a country whose GDP was still under troika supervision a decade ago, attracting $26 billion in energy investments in four years represents a structural change in status-from peripheral debtor to a critical link in continental energy security.

For investors, the key players are: Greek gas infrastructure operators (DESFA, DEPA-partially listed), energy companies involved in Greek renewables (Mytilineos, PPC/DEI in Athens), and indirectly, electrolyzer and undersea cable manufacturers (Nexans, Prysmian) equipping the new interconnections.

To Watch

• Final investment decision (FID) on the Great Sea Interconnector (Greece-Cyprus-Israel undersea cable, 2027).
• Spot LNG prices in Europe (TTF, ICE): determines the profitability of Greek regasification terminals.
• Expansion of the TAP toward Austria/Slovenia (under discussion)-would amplify Greece's pivotal role.