The energy ministry has delivered to the European Commission, for approval, a special support framework proposal concerning a 680-MW pumped-storage hydroelectricity project planned by GEK TERNA in Amfilohia, western Greece.
The project has been on the EU’s list of Projects of Common Interest (PCI) since 2012, while its studies have received Juncker Plan financing.
The total budget of the project, planned to generate 816 GWh annually, is expected to exceed 500 million euros.
Pumped-storage hydroelectricity allows energy from intermittent sources, such as solar, wind and other renewables, or excess electricity from continuous base-load sources, including coal, to be saved for periods of higher demand.
Also, pumped-storage hydroelectricity is a technology that promises major support for domestic value-added sectors as its investments concurrently create thousands of jobs, boost public revenue, tax collections and social security fund contributions, besides resolving energy issues.