Gas utility DEPA is expected to submit an appeal by Wednesday challenging an Athens Court of First Instance verdict delivered in October that vindicates ELFE (Hellenic Fertilizers and Chemicals) for gas supply overcharging claims made against the utility.
The court ruling has ordered DEPA to return a sum of 63 million euros to ELFE for supply between 2010 and 2015 as a result of the application of a pricing formula used by Gazprom, pegging gas prices to international oil prices.
The Athens court ruled the pricing procedure should be based on formulas used by northern Europe hubs, which are not pegged to fluctuating international oil prices.
DEPA, in its appeal, will argue the pricing formula is not a local creation but, instead, used by Gazprom customers in the wider area such as North Macedonia, Bulgaria and Romania.
The gas utility, in its appeal, will also contend the Greek gas market, still isolated, cannot be compared to those of west and northern Europe as interconnected gas trading hubs operate in these regions.
The case could have wider ramifications for DEPA if ELFE is victorious because other customers supplied by the Greek gas utility could emerge to dispute the Gazprom pricing formula and also request pricing revisions.
Also, if unsuccessful, DEPA would need to recalculate ELFE’s entire outstanding amount, currently worth 126 million euros.