In the Greek market, major energy players are positioning themselves to
In the Greek market, major energy players are positioning themselves to capture a share of a pie that, in electricity alone, is estimated at around €13 billion. The electricity market is becoming increasingly concentrated in the hands of a few players, primarily vertically integrated groups, following a trajectory similar to that of the telecommunications sector.
At the same time, other players are building positions through investments aimed at expanding into Balkan markets.
The HERON–NRG deal in electricity
Within the first three months of 2026, the agreement between GEK TERNA and Motor Oil for the consolidation of their electricity supply subsidiaries, HERON and NRG, is expected to be implemented. The joint venture is awaiting approval from the Hellenic Competition Commission in order to proceed.
The new entity will have 1.5 GW of flexible power generation capacity, with its flagship asset being Thermoilektriki Komotinis S.A., the joint natural gas-fired power plant of the two groups with a capacity of 877 MW. Once operational, the new company is expected to hold a 17% market share in electricity, serve 550,000 customers, and command an 11% share in natural gas.
The HERON–NRG joint venture is targeting a 30% market share by
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