Unlocking Low Cost Renewables in South East Europe

This report analyzes how political and financial de-risking measures can reduce the cost of renewable energy projects in South East Europe by up to 20%, specifically highlighting the potential for onshore wind in Greece and Serbia. It identifies the proposed EU budget guarantee mechanism (2021-2027) as a primary driver for reducing financing costs, which currently hinder renewables from competing with fossil-fired generation.

• Renewable energy investments in South East Europe are more expensive than in Western and Northern Europe because countries in the region face higher financing costs due to perceived higher investor risks. These high costs prevent renewables from outcompeting fossil-fired generation.
• Implementing de-risking measures can reduce the cost of renewable energy projects by 20 per cent. For onshore wind, this could result in costs falling to 46 EUR/MWh in Greece and 54 EUR/MWh in Serbia.
• The most impactful de-risking measures include corporate power purchase agreements, well-functioning regionally integrated balancing and intraday markets, reliable long-term renewables targets and remuneration regimes, and the proposed EU budget guarantee mechanism. The EU budget guarantee mechanism for 2021-2027 alone is responsible for 40 per cent of the decline in financing costs analyzed in the study.
• There is a significant opportunity for energy transition in South East Europe because approximately 50% of the region's existing capacity must be replaced within the next decade due to age-related reasons.

APA

NewClimate Institute (2019). Unlocking Low Cost Renewables in South East Europe. http://www.newclimate.org/resources/publications/unlocking-low-cost-renewables-in-south-east-europe

Chicago

NewClimate Institute. Unlocking Low Cost Renewables in South East Europe. 2019. http://www.newclimate.org/resources/publications/unlocking-low-cost-renewables-in-south-east-europe.

Wikipedia

{{cite report |author=NewClimate Institute |title=Unlocking Low Cost Renewables in South East Europe |date=16 October 2019 |url=http://www.newclimate.org/resources/publications/unlocking-low-cost-renewables-in-south-east-europe |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{newclimateinstitute2019unlocking, author = {{NewClimate Institute}}, title = {{Unlocking Low Cost Renewables in South East Europe}}, institution = {NewClimate Institute}, year = {2019}, month = oct, url = {http://www.newclimate.org/resources/publications/unlocking-low-cost-renewables-in-south-east-europe}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }