Marios Nikologiannis

The EU has set ambitious targets to combat climate change. Incorporating renewable energy technologies to reduce greenhouse gas emissions is a critical aspect of achieving the European Union’s (EU) 2030 climate goals. Similarly to all member countries of the EU, Greece shares the same climate goals. In order to achieve these goals, ensuring a consistent supply and the effective use of clean energy is pursued, as it has a significant impact on the sustainable development and growth of the country. As the Greek tourism sector is one of the most energy-consuming of the national economy and a major contributor to the country’s GDP, opportunities are presented for innovation and investment in sustainable practices. Such investments must focus on buildings and facilities, where the energy consumption is concentrated. One of the most popular holiday destinations in Greece is the island of Crete. Visitation patterns are seasonal, which means during the summer months, Crete is exceptionally popular and more demanding energy-wise. One of the highest energy-demanding types of tourism-based businesses is the hospitality industry. Energy demands in hotels are driven by factors such as heating, cooling, lighting, and hot water. Thus, such activities require thermal and electrical energy to function. Electrical energy is one of the most essential forms of energy for hotels, as it powers a wide range of critical systems and services throughout the establishment. Therefore, the hotels are highly susceptible to fluctuations in energy prices which can significantly impact the operational costs of hotels. This paper presents an analysis of the annual consumption for the year of 2022 of five hotels located in Crete. An algorithm is also implemented which strives to minimize the capital expenditure (CAPEX), while ensuring a sufficient percentage of self-sufficiency.