This paper studies the electricity production system of the Greek Interconnected Electric System using a development model created with the software package WASP-IV. The period of study is from 2009 till 2030. It consists of three scenarios using three different criteria: energy, environmental, and economic. The three scenarios are the Renewable Energy Source (RES), the lignite-RES, and the natural gas-RES. Subsequently, a sensitivity analysis is carried out for annual growth rate of electricity consumption and load demand. It is considered that there are no other energy sources beyond those already in use (lignite, oil, natural gas, biomass, solar, wind, and hydropower), no CO2 capture policies are implemented, and electricity production from RES meets targets of the European Union in 2020. The present paper completes the study started with the paper "A model for the development of a power production system in Greece, Part 1: RES do not meet EU targets". It is shown that with regard to fossil fuels, the use of natural gas is the best choice. The use of RES, though environmentally friendly, is an expensive solution. (C) 2010 Elsevier Ltd. All rights reserved.