Power distribution operator gets €150 mln EIB loan for smart meters

The situation in Greece with illegal power connections has spiraled out of control. An estimated 1.5 million connections are without a taxpayer number (tax registration number, or AFM) connected to them. The authorities are even investigating the case of a major hospital in Attica that may be illegally connected to the grid. The regulatory authority is planning a stricter penalty framework for those who break the law and direct interventions where mass meter violations are observed, such as in certain businesses and in Roma camps. According to the Ombudsman, the cost of electricity theft reached 798 million euros last year.

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...

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