Greece has submitted a request to the European Commission to modify its recovery and resilience plan, to which it intends to add a REPowerEU chapter, according to the European Commission.
The REPowerEU chapter includes energy efficiency measures related to initiatives such as energy renovations for households and utilities, and to stronger infrastructure for renewable energy sources.
Measures also include the promotion of energy storage and reforms that promote the transition towards a smart grid and energy sharing.
Greece's request to modify its plan is based on its request to take up €5 billion in additional loans.
The additional loans are set to 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, digitalisation, increasing export capacity, economies of scale and innovation.
Companies will be able to benefit from easier access to finance through loans at lower cost, according to the European Commission.
Changing market conditions
Altered market conditions are also a factor in Greece's request to modify its plan.
Alongside modification of several measures from the original plan, it anticipates new measures. These include the inspection of seismic resistance of critical public infrastructures, as well as reforms in the areas of the Hellenic Cadastre primary health care, and taxation - including to encourage electronic transactions.
Greece has requested to transfer part of its share of the Brexit Adjustment Reserve, amounting to €25.6 million, to its recovery and resilience plan.
Together with Greece's REPowerEU grants allocation (€769.22 million) and the additional €5 billion loans support requested, these funds make the submitted modified plan worth €18.22 billion in grants support and €17.73 billion in loans support.
The European Commission has up to two months to assess whether the modified plan fulfils all the assessment criteria in the RRF Regulation.
If the European 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.
Greece seeks to add REPowerEU chapter to recovery and resilience plan
