Power distribution operator gets €150 mln EIB loan for smart meters
Power grid operator HEDNO has secured a €150 million loan from the European Investment Bank (EIB) to install 3.12 million smart meters, the first stage of a plan to upgrade Greece’s distribution network, HEDNO and the EIB said on Tuesday.
The long-delayed investment will allow HEDNO, which is majority owned by Power Public Corporation (PPC), to offer real-time information to end customers, will facilitate energy savings and support demand response, said a joint statement by the EIB and HEDNO.
Greece already covers about half of its electricity needs with solar, wind and hydroelectric power and aims to increase that share to 80% by 2030.
Smart meters will be key in the country’s pursuit to improve network reliability, harness solar and wind energy potential and help Europe build a greener economy.
“Our homes, places of work, and other buildings are among the main emitters of CO2, partially because of inefficient electricity use,” Werner Hoyer, EIB president, said in the statement.
“Smart meters like the ones that HEDNO is installing, will play an important role in increasing energy efficiency and preventing waste,” he added.
The Greek project is estimated to cost a total of €546 million and will also get €273 million in financing from Europe’s Recovery and Resilience fund, the statement said.
The EIB has provided more than €4.3 billion in energy investment in Greece over the last decade.
Prime Minister Kyriakos Mitsotakis, who attended the signing of the EIB- HEDNO deal, said the new meters would save households money.
“The agreement we are signing today on financing smart meters is a very good indication of where we want to go in the future in terms of our climate change policies and making sure that electricity systems are as efficient as possible,” he said.
“Households will have much better control over their bills and will be able to save money, that’s what the smart meter is all about. They will be able to control their consumption in a much more transparent way,” he noted. [Reuters, AMNA]
