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Greek utility clinches winter LNG deal with TotalEnergies

Greece’s biggest gas utility, DEPA Commercial, has clinched a deal with TotalEnergies TTEF.PA for the supply of liquefied natural gas (LNG) over the winter months if needed, the Greek energy ministry said on Thursday.

The deal stipulates that TotalEnergies will supply Greece with two LNG cargoes a month for five months until March 2023, the ministry said in a statement.

The total LNG that would be delivered for the five months would be 10 terrawatt hours (TWh), though Greece reserves the right not to purchase the gas but pay a cancellation fee.

A deal price was not disclosed, but the ministry said Greece would buy the gas at a benchmark price rather than the highly TTF price.

“It’s a deal of key importance for the country’s energy supplies in the event gas flows from Russia are curbed or halted,” the statement said.

Greece has been receiving Russian gas via the TurkStream pipeline, which also delivers to Hungary via Serbia.

Athens has been working to reduce its reliance on Russian gas, ramping up LNG supplies and reopening some coal-fired power plants while also preparing to switch some gas-fired stations to diesel.
Source: Reuters (Reporting by Angeliki Koutantou Editing by David Goodman)

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