Greece submits request to Commission to modify recovery, resilience plan by adding REPowerEU chapter

The Greek government on Thursday submitted a request to the EU Commission to modify its recovery and resilience plan, namely, to add a REPowerEU chapter.

According to a press release issued by the Commission, the REPowerEU chapter includes energy efficiency measures related for instance to energy renovations for households and utilities, and to increasing penetration of renewable energy sources, with measures promoting energy storage, as well as reforms promoting the transition towards a smart grid and energy sharing.

Brussels said Athens’ request to modify its plan is based on its request to take up five billion euros in additional loans. The additional loans will be used as a top-up for the loans compartment of the existing loan facility measure, which aims to support private investment related to the green transition, digitalization, increasing export capacity, economies of scale and innovation. Companies will be able to benefit from easier access to finance through loans at lower cost.

Greece’s request to modify its plan is also based on the need to factor in the change in market conditions, the press release added.

The Commission has now up to two months to assess whether the modified plan fulfils all the assessment criteria in the RRF Regulation. If the Commission’s assessment is positive, it will make a proposal for an amended Council Implementing Decision to reflect the changes to the Greek plan. Member States will then have up to four weeks to endorse the Commission’s assessment.