New law introduces significant changes to energy regulatory framework
(Article by Mira Todorovic Symeonides, Partner, published in the Energy & Natural Resources Newsletter of the ILO on June 19, 2023)
New law introduces significant changes to energy regulatory framework Law 5037/2023, published in the Official Journal,(1) introduces significant amendments regarding various energy- and environment- related practices. This article sets out the changes.
Law 5037/2023, published in the Official Journal, introduces signicant amendments regarding various energy- and environment- related practices. This article sets out the changes.
Regulatory Authority for Energy
The law renames the Regulatory Authority for Energy to the Regulatory Authority of Waste, Energy and Water (RAAEY). It also regulates
issues regarding RAAEY’s additional powers and stang. In making these changes, the law aims to establish and operate a single
regulatory authority which will monitor and regulate water, wastewater and waste management, as well as the energy market.
Harmonisation of Greek and EU legislation
The law harmonises Greek legislation with the:
- Renewable Energy Directive EU 2018/2001; and
- Electricity Directive EU 2019/944.
Specically, the law implements the EU Renewable Energy Directive which:
- regulates that at least 14% of renewable energy sources (RES) will be used in transport by 2030 (1% by 2025);
- imposes this obligation on transport fuel suppliers; and
- regulates rules on the calculation of the above percentages.
RE communities
The law provides for important amendments regarding energy communities. From now on they will be formed as renewable energy
communities (RE communities) or energy communities of citizens. Communities that were previously established in compliance with
law 4513/2018 may be transformed in line with these new communities.
RE communities may produce electricity from RES, and either store, consume or sell it. They should be invested in the local area; at least 70% of their profit should remain within the community. Additionally, they should have at least 30 members (made up of either individuals, small to medium enterprises, agricultural partners, decentralised local government or non-governmental organisations) or at least 15 members if all of them are small to medium enterprises. For private legal entities, electricity production should not be the main commercial activity.
The law provides various benets for RE communities, including priority in the licensing procedure and the ability to have virtual net metering.
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