The next DEPA (Public Gas Corporation) natural gas annual auction, planned for November 8 following a previous postponement, will be rescheduled for November 18 as a result of additional time required by RAE, the Regulatory Authority for Energy, to examine proposals forwarded by the corporation as well as other sector officials, through a public consultation procedure, on the formula determining the auction starting price, energypress has been informed.

As part of the country’s bailout agreement, Greek officials have agreed to gradually double DEPA’s gas release, the gas amount the corporation supplies to the market through its auctions, from 10 percent to 20 percent by 2021, in order to generate market competition.

A 16 percent gas release figure has been set for 2017, followed by 17 percent in 2018, 18 percent in 2019 and 20 percent in 2021.

According to sources, DEPA’s proposals have been favorably received by RAE officials.