Greek Ministry of Energy announced that DEPA Trade has signed an agreement with French TotalEnergies for the supply of liquefied natural gas (LNG) during the winter months if needed.
According to the agreement, TotalEnergies will supply two LNG cargoes per month for a period of five months, namely until March 2023. Total amount of LNG supplied to DEPA Trade is 10 TWh, but the company has the right not to purchase the gas but to pay a cancellation fee.
The Ministry did not disclose the price at which this gas would be purchased, however it said that the gas would be purchased at the benchmark price, significantly lower than the TTF price.
Greece 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 power plants to diesel.
