The Greek government  on Thursday submitted a request to the European Commission to extend the scope of the existing National Escape Clause so that it also covers measures aimed at strengthening the country’s energy resilience, National Economy and Finance Minister Kyriakos Pierrakakis announced today.

According to a statement issued by the Ministry of National Economy and Finance, the new investments are expected to exceed 1.0 billion euros by 2028. They will be financed through national resources and will be exempt from the ceiling on the growth of net primary expenditure under the EU’s economic governance framework, up to 0.3% of GDP per year and up to a cumulative 0.6% of GDP by 2028. The statement notes, however, that the related expenditure will continue to be counted towards the primary fiscal balance and public debt.

According to a separate announcement by the European Commission, this possibility is available under the expansion of the scope of the existing National Escape Clause for defence, so that it also covers measures designed to strengthen the resilience of the European energy system and accelerate the transition away from fossil fuels. The submission of Greece’s request implements the government’s and Prime Minister Kyriakos Mitsotakis’s strategy to enhance the country’s energy resilience within the European framework.

The planned investments in energy resilience will include renewable energy storage projects, energy efficiency measures, building energy upgrades, and infrastructure projects that contribute to strengthening the country’s energy resilience. The specific investment projects will be determined in the coming period, in cooperation with the relevant ministries.