Greece Warns EU: Green Transition Risks 'Waterloo' for Industry

08:37 22/10/2025 - Πηγή: iEfimerida

Prime Minister Kyriakos Mitsotakis has warned that the EU's green transition must be re-evaluated to avoid a "waterloo" moment for member states, stressing that Greece will not sacrifice its industrial competitiveness and social cohesion.

The warning comes as Greek industries face crippling energy

costs. According to the Greek Industrial Energy Consumers Association (EBIKEN), wholesale electricity prices in Greece have been up to 40% higher than the European average over the last five years. The Hellenic Federation of Enterprises (SEV) reports energy costs now represent as much as 60% of operating expenses for many companies.

The trend is worsening, with average wholesale prices climbing to €118.14 per megawatt-hour in October, up from €92.77 in September.

Mr. Mitsotakis argued that while decarbonization is vital, it cannot be the sole objective. He suggested that accepting some emissions temporarily may be necessary to protect jobs and industries.

Industry groups are pushing the government to adopt a model similar to Italy’s “Energy Industrial Reset.” This plan would offer high- and medium-voltage industries stable, fixed-price energy loans for up to three years. In exchange, the companies would repay the loans over 20 years by contributing an equivalent amount of new clean energy capacity.

The government is reportedly hesitant to adopt the SEV-backed proposal due to its high potential cost, estimated to exceed €280 million annually, and concerns over extending aid beyond the most energy-intensive industries.

by Yiorgos Pappous

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