Request submitted to activate the escape clause for energy resilience

The Minister of National Economy and Finance, Kyriakos Pierrakakis, today submitted a request to the European Commission to extend the scope of the existing National Escape Clause, so that it also includes measures aimed at strengthening the country’s energy resilience.

The new investments are expected to exceed €1 billion by 2028. They will be financed through national resources and will be exempt from the limit on the increase of net primary expenditure under the European economic governance framework, up to 0.3% of GDP annually and up to 0.6% cumulatively by 2028.

It is noted that the relevant expenditures will still be included in the primary balance and public debt calculations.

According to a relevant announcement by the European Commission, this possibility is provided through the expansion of the existing National Escape Clause for defence, so that it also covers measures that strengthen the resilience of the European energy system and accelerate the transition away from fossil fuels.

The submission of the Greek request implements the strategy of the government and Prime Minister Kyriakos Mitsotakis to strengthen the country’s energy resilience within the European framework.

The investments for energy resilience will include projects for energy storage from renewable sources, energy efficiency measures, the energy upgrade of buildings, as well as infrastructure projects that contribute to strengthening the country’s energy resilience.

The specific details of the investments will be determined in the coming period, in cooperation with the relevant ministries.