The State natural gas company and the Russian energy giant Gazprom have announced that they have to an agreement for the price of natural gas. The new deal will see the price of natural drop from 460 to 393 euros per 1,000 cubic meters of natural gas, marking a 15% reduction.
Furthermore, the deal is retroactive effective from the 1st of July 2013, meaning that DEPA will save about 130 million euros and will be in the position to pass on the discount to its customers.
According to the official announcements, the 15% price drop brings Greek prices closer to mainland EU averages and is lower than the current prices of liquefied natural gas (spot LNG). Additionally, Greece will pay lower prices that its neighboring countries who have long-term contracts with Gazprom.
DEPA customers (such as DEI, industries and households) will see their next bills drop by about 10%, as Greece is also supplied with natural gas from Turkey and Algeria. The new prices and deal will be in effect until 2016, with the possibility of extending it for a further ten years. The deal also makes provisions for two price reviews, the first of which is meant to take place two years into the deal.
