Greece has ranked at the bottom of a 24-country European Union assessment of industrial energy conditions and electricity network reliability, with high power costs emerging as a major obstacle to business investment.
According to preliminary findings from a study conducted by the Federation of Greek Industries (SBE), published by Greek newspaper Kathimerini on Friday, the country’s industrial competitiveness is being undermined by expensive electricity and heavy reliance on imported energy.
The findings, presented on Thursday, gave Greece a score of just 4.31 for its energy environment and network reliability, significantly below the European average of 6.26.
Greece also placed 23rd among the countries assessed for industrial electricity costs, highlighting the financial pressures faced by manufacturers and other energy-intensive businesses.
The study found that 72% of Greek businesses identified energy expenses as their biggest barrier to investment, placing the country last on this indicator.
Concerns extended beyond electricity prices, with Greece ranking 23rd for both diversification of energy supplies and dependence on energy imports.
The findings highlight the challenges facing Greek industry as businesses contend with high operating costs, limited energy diversification and dependence on external suppliers.
The preliminary assessment suggests that improving energy affordability and supply security will be important to strengthening Greece’s industrial competitiveness and investment environment.