A Greek energy bill before Parliament would set up an Island Decarbonisation Fund to co-finance up to 60% of renewable, storage and grid projects on Greek islands. The Ministry of Environment and Energy puts the programme at €2.3 billion. The bill is not yet law.
The bill, which transposes EU Directive 2024/1711 on the electricity market, was tabled on 31 October 2026, the Hellenic Parliament’s bill page shows. The plenary debate began on 10 November, and the debate and vote continue on 11 November, according to Parliament’s agendas for 10 November and 11 November.
Articles 66 to 76 of the bill text create the fund. Its money would come from auctioning up to 25 million EU greenhouse gas emission allowances available to Greece under the EU Emissions Trading System. The European Investment Bank would run the auctions and manage the revenue.
Eligible projects include:
- renewable energy, hybrid systems and stand-alone storage;
- electricity interconnections and grid upgrades;
- shore power for ships and electric vehicle charging;
- offshore wind and multipurpose dams.
The ministry’s General Secretariat for Energy and Mineral Raw Materials would manage the fund. The bill names no islands and no project list. Articles 66 to 75 apply at the latest until 31 December 2032.
The ministry also says, in its 31 October announcement, that the bill would cut the public service obligations charge (ΥΚΩ) on electricity bills by 50% for household consumers in the first consumption tier.
What it means for buyers
The fund does not change any property rule. It concerns the energy infrastructure that island homes depend on, such as grid links to the mainland and storage. Until projects are selected, there is nothing to say about specific islands.
The same bill also includes planning articles, among them a change to the rule on merging adjoining flats, which we covered when it was tabled.
What happens next
After the plenary vote, the law takes effect once it is published in the Government Gazette. Projects would then be selected under the fund’s rules.
