ADMIE’s €6 Billion Power Bet Reshapes Greece’s Energy Future and Drives Explosive Returns

Manos Manousakis unveils one of Europe’s most ambitious electricity infrastructure programs, aiming to double ADMIE’s regulated asset base, accelerate EBITDA growth and transform Greece into a strategic energy gateway connecting Europe, Asia and Africa.

Electricity is rapidly becoming the new geopolitical currency of Europe — and Greece’s Independent Power Transmission Operator, ADMIE, is positioning itself at the center of that transformation.

With a massive €6 billion investment plan for 2026–2029, ADMIE is entering the largest expansion cycle in its history, seeking to double its Regulated Asset Base (RAB) while evolving into one of the fastest-growing transmission system operators in Europe.

During a teleconference with analysts ahead of the upcoming capital increase scheduled for June, the management of ADMIE Holdings presented a clear message to investors: the company is preparing for a new era of aggressive infrastructure growth, predictable regulated returns and expanding geopolitical importance.

At the heart of this strategy stands ADMIE Chairman and CEO Manos Manousakis.

Manousakis presented a vision that goes far beyond electricity grids. The plan effectively redefines Greece’s strategic role in the energy architecture of Southeast Europe and the Eastern Mediterranean.

“We are doubling the regulated asset base and creating the conditions for annual EBITDA growth of up to 25%,” management emphasized during the presentation.

The upcoming capital increase of ADMIE Holdings represents the first major financing step in this transformation. ADMIE Holdings will participate proportionally in ADMIE’s approximately €1 billion capital increase, contributing up to €530 million.

The Greek State, through DES ADMIE, has already confirmed its participation and will effectively act as guarantor for the transaction, sending a strong signal of confidence to the market.

But the real significance of the plan is not merely financial.

It is geopolitical.

ADMIE is increasingly evolving into a strategic infrastructure pillar for Greece at a time when Europe is pursuing energy autonomy, decarbonization and large-scale electrification.

The €6 billion investment program includes projects capable of reshaping the energy map of the Eastern Mediterranean and Southeast Europe.

At the center of the strategy are Greece’s major island interconnections.

The Dodecanese interconnection project, budgeted at €2.9 billion, is one of the Mediterranean’s largest electricity infrastructure projects and is expected to eliminate oil-based power generation on the islands by connecting them to the mainland grid by 2030.

At the same time, the North Aegean interconnection project, valued at €1.4 billion, will integrate Lesvos, Chios, Samos and Limnos into the national transmission network, significantly improving energy security while enabling greater renewable energy penetration.

ADMIE is also aggressively expanding international electricity interconnections.

The second Greece–Italy interconnector (GRITA 2), with a capacity of approximately 1.5 GW, will dramatically increase cross-border transmission capacity and deepen Greece’s integration into the European electricity market.

Additional interconnection projects with Turkey and Albania are also under consideration, while ADMIE is actively participating in initiatives designed to transport green electricity from Egypt and the Middle East into Europe.

In practical terms, Greece aims to become a three-continent electricity gateway.

And this is precisely what gives ADMIE growing strategic importance.

Management presented investors with a highly predictable regulated-return model. The company’s framework is based on the Regulated Asset Base mechanism and a pre-defined pre-tax WACC of 6.87% for 2026, ensuring stable cash flows and protection against macroeconomic volatility.

In an increasingly uncertain international environment, ADMIE is emerging as one of the most visible and structurally secure infrastructure investment stories in the Greek market.

The financial performance already supports that narrative.

Between 2022 and 2025, EBITDA grew at a compound annual rate of 16%, net profits increased by 31%, and shareholder dividends rose by 30%.

For 2025, the company expects a dividend of €0.15 per share, representing a 25% increase compared to the previous year. Management also reaffirmed its commitment to distributing nearly all profits received by ADMIE Holdings from ADMIE itself.

ADMIE Holdings Chairman Ioannis Karabelas highlighted that total shareholder returns have already exceeded 80% — more than double those of comparable European transmission operators.

But the broader story lies in Greece’s rapidly changing energy landscape.

Electricity demand is expected to surge over the next decade, driven by electrification, artificial intelligence, data centers, digital infrastructure and the transition toward clean energy systems.

According to Greece’s National Energy and Climate Plan, domestic electricity demand is projected to rise from 57.1 TWh in 2025 to 73.1 TWh by 2035, while renewable energy sources are expected to account for 93% of electricity generation.

At the same time, Greece’s complete phase-out of lignite generation by 2028 makes large-scale grid expansion unavoidable.

ADMIE is positioning itself ahead of that curve.

And if the strategy succeeds, Greece will no longer function merely as a national electricity market.

It will emerge as one of Europe’s most strategically important energy transmission hubs

Source: pagenews.gr