Two of Greece’s largest industrial groups, Motor Oil and GEK TERNA, have agreed to merge their core electricity and natural gas businesses to create a new, powerful energy company that will be a dominant player in the Greek market.
The deal, announced Thursday, will combine the retail electricity and gas supply activities of Motor Oil’s nrg and GEK TERNA’s HERON brands, creating a new, equally-owned joint venture. The new company will immediately become one of the country’s largest energy providers, serving nearly 500,000 electricity customers and holding a market share of approximately 17%.
The merger also includes the companies' gas-fired power generation assets, most notably the new, state-of-the-art 877-megawatt plant in Komotini, giving the new entity a significant and efficient portfolio for producing electricity.
In a joint statement, the companies said the move will create a vertically integrated energy provider poised for faster growth. The merger comes as electricity demand in Greece is forecast to grow steadily and as the country’s rapid expansion into renewable energy sources like wind and solar increases the need for flexible gas-fired plants to ensure a stable power supply.
The transaction is expected to be finalized in early 2026, pending approvals from regulatory authorities and the shareholders of both companies.