DEPA, Gazprom settle take-or-pay clause amount for 2014

DEPA, the Public Gas Corporation, has reached an agreement with Gazprom Export on the total amount to be paid by the Greek firm following the activation of a take-or-pay clause by the Russian giant for unabsorbed natural gas amounts ordered for the Greek market in 2014.

An initial amount of 82 million dollars, determined by the take-or-pay clause’s terms, has now been reduced to 36 million dollars, DEPA announced today.

DEPA’s gas amount order from Gazprom Export for 2014 was not fully absorbed as a result of the subdued overall demand in recession-struck Greece.

The reduced 36 million-dollar amount agreed to will be paid in two installments. The first, set at 20 million dollars, needs to be settled on January 31, while the remaining 16 million dollars are due to be paid two months later, on March 31.

As has been previously reported by energypress, the amount to be paid by DEPA to Gazprom will be rolled over onto the bills of the former’s consumers – gas-fueled power stations, regional EPA gas suppliers, and industrial enterprises. The issue carries a regulatory dimension and will need to be examined by RAE, the Regulatory Authority for Energy.