Greek Finance Minister Kyriakos Pierrakakis has formally asked the European Commission to activate the new fiscal flexibility mechanism for energy resilience, allowing Greece to increase strategic investments aimed at strengthening its energy infrastructure without breaching EU fiscal rules.
The request comes as Europe seeks to shield itself from renewed geopolitical uncertainty and energy market volatility by accelerating investments in electricity networks, interconnections, renewable energy and storage capacity.
Targeted Fiscal Flexibility
Under the Commission's proposal, Member States that have activated the national escape clause for defence spending can also use limited additional fiscal flexibility for energy resilience projects.
The mechanism allows eligible countries to allocate up to 0.3% of GDP annually, with a cumulative ceiling of 0.6% of GDP between 2026 and 2028, for investments that strengthen energy security, reduce dependence on imported fossil fuels and accelerate the clean energy transition.
Focus on Critical Energy Infrastructure
Greek officials argue that the additional fiscal room would support projects such as:
- Electricity interconnections;
- Power grid upgrades;
- Energy storage facilities;
- Renewable energy infrastructure;
- Measures to improve the resilience of the national energy system.
According to the government, these investments are essential not only for Greece but also for the European Union's broader energy security strategy.
Pierrakakis: Energy Security Is a Strategic Priority
Pierrakakis has repeatedly argued that affordable, secure and sustainable energy is fundamental to Europe's competitiveness.
He has welcomed the Commission's proposal, describing it as a targeted and justified form of fiscal flexibility that enables Member States to strengthen critical infrastructure while preserving overall fiscal discipline.
Supporting Europe's Green Transition
The proposed flexibility is designed exclusively for investments that contribute to long-term energy resilience and decarbonisation. Measures supporting fossil-fuel consumption are explicitly excluded under the Commission's framework.
If approved, Greece's request would provide additional budgetary space to accelerate strategic energy projects while remaining aligned with the EU's revised fiscal governance rules and climate objectives.
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