Bloomberg News

IEA Calls for Reform of Greek Energy Market to Boost Economy

October 27, 2011

Oct. 27 (Bloomberg) -- Greece could contribute to its economic recovery by increasing competition and reducing the role of the state in the country’s energy industries, the International Energy Agency said.

“Reforming Greece’s electricity and gas markets is a policy imperative that should add efficiency and dynamism to the Greek economy,” Maria van der Hoeven, the executive director of the Paris-based IEA, said in an e-mailed statement today. “This in turn should help generate self-sustained employment and prosperity for the country.”

Greece adopted in August a law to give regulatory authorities the necessary power and independence to reduce the market power of dominant companies and “the government’s key focus should now be on implementing this law in full without delay,” she said.

Renewable energy also provides opportunities for new industrial growth, especially if linked to research and development, the IEA said.

--Editors: Alan Purkiss, Chris Peterson

To contact the reporter on this story: Paul Tugwell in Athens at ptugwell1@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net


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