On Wednesday morning, Kyriakos Mitsotakis visited the construction site where the Amfilochia pumped storage unit is being built, which is the largest large-scale energy storage investment in Greece, amounting to 650 million euros, with the aim of supporting the further participation of renewable sources into the country’s energy mix.

“Here in the mountains of Amfilochia, a pioneering project is underway, not only for Greek but also for European standards. This important pump-saving project should essentially be imagined as a very large battery. When we have a surplus of electricity, we move water from the low reservoir to the high one, and whenever the system needs electricity, it is exactly the reverse”, said the Prime Minister.

As he noted, “this project is particularly important because it will ultimately reduce the cost of electricity and allow us to use more renewable energy sources and utilize them in the best possible way”.

PM Mitsotakis was shown around the construction site and was briefed on the progress of the works by the President and CEO of GEK TERNA, George Peristeris, and the Project Manager Dimitris Vragkos.

“It is a project that is financed by the Recovery Fund with 250 million and when it is completed, within the next two to three years, it will have a very important added value for the overall stability of the electricity system, as we cannot expect the maximum possible participation of renewable energy sources without having storage methods. And pumped storage is the storage method that has the greatest added value, as this construction site will employ almost 1,000 workers in its full development, so we are also talking about many more jobs for the wider region. So, we look forward to the quick completion of this very innovative, as I said, also for the European standards project”, added Kyriakos Mitsotakis.

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“It is a project that has a very large domestic added value, 70% of the project cost will remain in Greece in contrast to other storage systems. And we are moving fast with great employment. We believe that in a few years this will be able to serve the electricity system of the entire country and allow the further penetration of RES so that Greece becomes more self-sufficient and cheaper in electricity”, said Mr. Peristeris.

The pumped storage station in Amfilochia will have a total capacity of 680 MW and the ability to produce more than 800 gigawatt hours of green energy per year, helping to reduce the use of imported fuels and serving the goals of the green transition. The total benefits of its integration into the electricity system are estimated to exceed 120 million euros per year, with a significant reduction in electricity costs for consumers.