Investing in the future of Greece’s national electricity distribution network

Macquarie Asset Management is supporting the development of an extensive investment and transformation program to prepare Greece’s national electricity distribution network for the future.

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Sector Infrastructure
Sub-sector Utilities
Location Greece


Hellenic Electricity Distribution Network Operator (HEDNO) is responsible for the operation, development and maintenance of Greece’s sole national electricity distribution network. Its infrastructure serves approximately 7.7 million customers across mainland Greece and its islands.

Powering households, businesses and industry, the regulated utility manages network infrastructure that is critical for the country’s economy and society. However, significant investment is required to modernise HEDNO’s extensive and aging infrastructure so it can continue to deliver high-quality service, while ensuring a secure power supply for customers nationwide.

At the same time, the grid must be upgraded to support Greece’s energy transition. Greece has an ambition to achieve net zero by 2050 and has set an interim goal of reducing greenhouse gas emissions by 55 per cent by 2030.1 Achieving these goals will involve a dramatic shift away from a small number of conventional energy generators towards a more decentralised system comprised of numerous and diverse sources of renewable energy generation. HEDNO’s infrastructure must also be reinforced to support growing electrification, as consumers increasingly turn to electricity to meet their energy needs across heating, transport and industry.

Following 70 years of public ownership, Greece’s government sought a partner to help deliver this investment. In 2021, funds managed by Macquarie acquired a 49 per cent stake in HEDNO, investing in the essential infrastructure operator alongside co-shareholder Public Power Corporation.


Macquarie is supporting HEDNO as it takes forward a multi-year investment program, representing more than €3 billion through to 2030. The program aims to transform HEDNO into a modern and efficient utility operator, delivering a safe, reliable and resilient power supply across its approximately 248,000-kilometre network.

Macquarie brings deep expertise and regulatory understanding from its extensive footprint in regulated utilities across Europe. It is leveraging this experience to support the delivery of a broad-based transformation of the system on Greece’s mainland while enabling greater connectivity with its islands. By unlocking efficiencies in its processes and systems, and investing in the development of its talent, HEDNO expects to deliver significant improvements for its customers.

Macquarie is committed to its long-term investment in HEDNO, with a focus on fostering its deep relationships with Greece’s government, regulators and consumers to support the growth of the company and sector.


Taking a long-term approach to the development of the network, annual investment in HEDNO has more than doubled since Macquarie’s investment.

The investment program includes several digitalisation initiatives. HEDNO’s ambitious smart meter rollout will drive the installation of more than three million smart meters in the first phase of the project,2 aiming to reduce non-technical losses, support the delivery of energy efficiency objectives, and improve the customer experience. The introduction of smart grid technology is also expected to reduce supply interruptions, network losses and recovery times while supporting the creation of jobs, and enabling growth across Greece's economy.

In partnership with HEDNO’s management team, Macquarie is helping the company deliver its strategic health and safety improvement plan. The plan includes promoting and implementing international best practices in training, communication and preventive actions, while creating robust oversight.

Macquarie is also supporting HEDNO as it implements its first net zero plan, enabling the investment required to support national climate objectives and accelerate the integration of renewable energy into its network. Additionally, resilience is being improved through large-scale construction projects, such as the undergrounding of cables and network reinforcement to protect against extreme climate events.

~248,000 km


~7.7 million




Significant investment in electricity distribution infrastructure is needed to facilitate the rapid change in how electricity is produced, transported and used across Greece’s economy to ensure that households and businesses across the country continue to have access to safe, reliable, affordable, and low-carbon electricity in the years ahead.”

Martin Bradley
Senior Managing Director, Head of Infrastructure, EMEA
Macquarie Asset Management

  1. Greece 2023 Energy Policy Review, International Energy Agency,
  2. Jonathan Spencer Jones, ‘Greece’s HEDNO to deploy 3.1 million smart meters’, Smart Energy International, 8 November 2023,

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