Their final score exceeds 300 million euros. emergency measures which the country was obliged to accept in the context of EU decisions. For Energy Shield of Europe from a possible complete cessation of flows Russian gas.

Measures that were a reflection of the anxiety of the powerful EU countries. with a high dependence on pipeline gas, and they were met with the reaction of the countries of the South, such as Greece and Spain, who LNG terminal infrastructureended up being unnecessary.

However, they have created a financial loophole estimated by the authorities to be in excess of €300 million, about half of which has already been transferred to consumers, and therefore a further €100 million is expected to be transferred, with €50 million to be covered by Energy Transition Fund.

Meanwhile, the Greek gas market is facing new costs associated with mandatory storage. natural gas in third countries and for the next winter season. The EU decided to extend this measure until March 2024, despite an 18% reduction in consumption at the European level compared to the 15% target between August 2022 and March 2023 (meaning the average of the respective eight months from the previous five ). years).

The corresponding reduction in Greece even exceeded 20%. The obligated companies are awaiting the intervention of the new government, which will occur as a result of national elections, and the RAE to the Commission, to limit the storage volumes in the corresponding last year, compared to the 7.5 terawatt-hours they must store this year, based on the European regulation.

Greece was obliged to store 15% of the planned gas volumes in Italy and Bulgaria.

Greece, as one of the few EU countries that does not have natural gas storage facilities, was obliged by European regulation to store 15% of the envisaged volumes in Italy and Bulgaria. This percentage, although corresponding to approximately 9 terawatt-hours, was limited after negotiations with the Commission and the decision of the RAE to 1.14 terawatt-hours, the amount that the Greek system could recover based on the available capacity of the Tap pipeline and the Greek-Bulgarian pipeline. Large quantities did not make sense to store in neighboring countries, since they could not be used in an emergency – such was the reasonable argument of the Greek side of the EU.

Based on a preventive action plan, companies (DEPA, Mytileneos, Prometheus, Elpedison, IRON, PPC) have been asked to store these quantities. (RAE Decision 672 dated September 12, 2022 – Official Bulletin 4792). Storage was carried out in Bulgarian (Chiren) and Italian (mainly Stogit) warehouses. For these volumes, compensation is provided for the responsible organizations for the costs of transportation and storage of natural gas, as well as the difference in the cost of delivery during the storage period (August – September 2022) in relation to the cost of natural gas. gas during the period of export (November 1, 2022 – March 31, 2023). This cost was calculated by the RAE in the amount of 136 million euros and is paid by establishing a supply security fee, which, by decision of the RAE (888.30.12.2022), was transferred to all consumers.

However, the final cost of this measure jumped to 200 million euros as no reduction in natural gas prices was foreseen in the first months of 2023. available on the market at a price of 50 EUR/MWh.

Since the available funds are not sufficient to compensate the users of the Supply Security Account, the Ministry of the Interior has legally given DESFA the opportunity to proceed with a loan of up to 80 million euros, as well as to use for this purpose the proceeds collected from auctions for transferring power to the system. . These amounts, subject to statutory regulation, will be reimbursed by DESFA with interest until 2027 through a supply assurance fee, which will be adjusted in accordance with the decisions of the RAE to cover the corresponding amounts per annum.

Additional LNG cargoes

Finally, DEPA’s compensation costs for the LNG shipments it committed to receive from Total between November 2022 and March 2023, based on a contract they signed as part of the country’s supply security plan, reached 50 million euros. DEPA canceled the acceptance of cargoes due to falling demand, and the contractual compensation of the French company in the amount of about 50 million euros will be covered by the Energy Transition Fund. In fact, yesterday the Ministry of the Interior issued a ministerial decision called for in the recent legislative regulation to pay compensation to DEPA Emporia, based on documents that the company will submit to DAPEEP (resource manager).

Strengthening Revitusa

The cost of the ex-Soviet Union floating tank that was installed at Revituz last July was also over budget. The floating FSU has been leased to DESFA for one year with an option to extend for another year following the appropriate RAE approval for the expansion of the Revitoussa storage facility that served last year and the increased natural gas demand of Bulgaria and other Balkan countries. Ultimately, it functioned only as a storage facility for strategic LNG stocks for electricity producers during the winter. The lease cost was €20 million, but the total cost exceeded €41.5 million according to DESFA calculations, and much more according to market estimates due to high operating costs associated with the loss of stored natural gas.