Greece's policy of investing billions of euros in natural gas infrastructure is in the wrong direction as it relies on a fossil fuel with a limited life span, according to experts in the sector.
Greece's energy blueprint is dominated by the construction of new pipelines, such as the EastMed project, that will hook the country up with Cyprus and Israel, and the IGB pipeline, connecting Greece with Bulgaria. However, in the US and Europe, discussions have started on how to end the use of natural gas as the fight against global warming picks up.
In Greece, like in other countries, natural gas is seen as helping bridge the country's shift from lignite to renewable energy sources (RES). Natural gas is seen as being the cleanest fossil fuel when compared to the likes of lignite or oil. Natural gas units are also seen as helping fill the energy gap created by the shut down of coal-powered stations amidst ongoing delays to green projects brought on by bureaucracy and opposition from local communities, particularly in wind parks.
But in 2019, several key steps were taken globally to replace natural gas, in a trend expected to pick up.
At a conference held in the Greek capital last week, called Athens Energy Dialogues, experts told Business Daily that Greece is investing heavily in natural gas networks that could end up being stranded assets.
"I was very surprised by all this noise - and enthusiasm - in Athens created by the natural gas networks," said a senior official from a leading energy group. "What is the future of these pipelines in 10 or 20 years? After this, Greece will be paying for an asset that is no longer that useful," the official added.
In a bid to reduce power emissions, authorities in New York have decided to block any new natural gas pipelines, while in California newly built homes are not allowed to accommodate natural gas-fuelled appliances. In Brussels, the European Investment Bank decided in November that it will no longer fund projects involving fossil fuels as of 2022
At last week's conference, Arthouros Zervos, chair of think tank REN 21 and former chairman of PPC, said that the solution for Greece is to turn to green energy and "not to turn from lignite to natural gas."
Natural gas may also expose the country to geopolitical risks in the region, with countries such as Turkey and Russia, added Zervos in comments made on the panel he was participating in.
Experts pointed out that natural gas pipelines can be converted to networks able to transport gas from renewable energy means, such as hydrogen. But the conversion requires changes further outlays and the success of the switchover depends on each project's specifications.
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