ECONOMY

Geothermal exploration licensing terms

Geothermal exploration licensing terms

Greece on Tuesday specified the terms for awarding exploration licenses for its geothermal potential, a first step toward tapping a domestic resource to cut energy costs and achieve zero net greenhouse emissions by 2050, the Energy Ministry said.

The move comes as the Russian invasion of Ukraine has exacerbated a rise in energy prices and increased concerns over the security of gas supplies.

Greece has been ditching coal and ramping up renewables capacity in power generation but still relies heavily on gas imports, mainly from Russia, and is looking to diversify its fuel resources to secure cheaper and cleaner energy.

Athens has received strong interest from potential investors seeking to tap its geothermal potential and will soon define which areas will be tendered, the Energy Ministry said in a statement, after launching a public consultation on the issue. [Reuters]