Greece on Tuesday specified the terms for awarding exploration licences for its geothermal potential, a first step towards tapping a domestic resource to cut energy costs and achieve zero net greenhouse emissions by 2050, the energy ministry said.

The move comes as the Russian invasion of Ukraine has exacerbated a rise in energy prices and increased concerns over the security of gas supplies.

Greece has been ditching coal and ramping up renewables capacity in power generation but still relies heavily on gas imports, mainly from Russia, and looks to diversify its fuel resources to secure cheaper and cleaner energy.

Athens has received strong interest by potential investors seeking to tap its geothermal potential and will soon define which areas will be tendered, the energy ministry said in a statement, after launching a public consultation on the issue.
Source: Reuters (Reporting by Angeliki Koutantou; editing by Jonathan Oatis)