ECONOMY

Natural gas flows uninterrupted

Natural gas flows uninterrupted

The government, and the European Union, are preparing for all eventualities in the supply of natural gas, including a complete cessation of Russian supply.

This last scenario, market managers say, is not the most likely, unless Moscow decides to cut all ties with the EU.

In terms of sufficiency, AMNA understands that, last week, the Greek system responded to a request of the Bulgarian network management company for gas supply with reverse flow from the entry point of Sidirokastro, while there were also significant _over 90 gigawatt hours _ exports of electricity from the Greek system to interconnected countries.
Currently, imports of natural gas from all available sources, including Russia, continue as usual; according to the schedule of DESFA, the gas network transmission operator, the unloading of 140,000 cubic meters of liquefied natural gas (LNG) is expected at the terminal on the island of Revythousa Monday. Two more loads follow, 70,000 and 40,000 cubic meters on Friday and next Monday.

The reserves of the Greek system beyond the LNG depots of Revythousa include the imports of natural gas from Azerbaijan through Turkey from the TAP pipeline as well as the possibility of operating natural gas units with a total capacity of 1,800 megawatts, with diesel fuel. The role of PPC lignite units will also be decisive, although, company sources noted, they do not have the technical ability, like natural gas and hydroelectric units do, to calibrate their production to adapt to the requirements of the network and the fluctuations of the production of the renewable sources: to do so would risk damage that would put the units out of operation for several days.
As far as prices go, the announcement of the new toolkit of the European Commission for the protection of consumers from price increases is expected this week. According to sources, the toolbox will repeat the recommendations for subsidizing the most vulnerable households and businesses that are threatened by the surge in energy costs, while it will not exclude state intervention in energy of prices for certain categories of consumers.

The price of natural gas on Thursday on the Dutch Stock Exchange reached 200 euros per megawatt hour while on Friday it went up to €212. In the Greek Energy Exchange, the spot price for electricity jumped to €362.22 euros per MWh on Friday, historically the second highest price ever, although on Saturday it fell 5% to €344.74.

[AMNA]