The largest gas company DEPA Commercial, recently sold to Italy’s Italgas, has entered into a deal with France’s TotalEnergies for the supply of liquefied natural gas (LNG) for the winter period, if necessary, Greece’s Ministry of Energy announced on Thursday.
The deal provides that TotalEnergies will supply Greece with two LNG carriers per month for five months, until March 2023, the ministry said in a statement.
The total amount of LNG that will be delivered during this period will be 10 terawatt hours (TWh), although Greece reserves the right not to buy gas, but to pay a penalty for canceling the deal. The price of the deal was not disclosed, but the ministry said that Greece will buy gas at the base price, and not at the high price of the TTF exchange.
“This deal is of key importance for the country’s energy supply in the event that gas supplies from Russia are limited or stopped,” the statement said. Greece receives Russian gas through the Turkish Stream pipeline, which also provides gas to Hungary and Serbia.
Athens is working to reduce its dependence on Russian gas by ramping up LNG supplies and restarting some coal-fired power plants, and preparing to convert some gas-fired stations to diesel, but with little success, leading the government to urge the public to limit their consumption of energy and electricity.
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