Gas grid operator DESFA has posted impressive financial results for 2022, including a 37.6 percent year-on-year revenue increase to 278.3 million euros from 202.6 million euros, as well as a 29 percent rise in profit, to 81.6 million euros from 63.1 million euros a year earlier.

Analyzing its financial results, DESFA’s administration mainly attributed last year’s significant revenue increase, up by over 75 million euros, to higher regulated earnings, which grew by 69.2 million euros.

In her message to shareholders, DESFA’s chief executive officer Maria Rita Galli, made note of the business model followed by the company. “In conditions of great instability and huge volatility, DESFA’s business model has proved resilient, with the company occupying a strong position at the forefront of initiatives launched at national and European level to enhance security of supply in Greece and southeastern Europe,” DESFA’s CEO noted.

“The speed with which DESFA reacted to the interruption of Russian gas flow to Bulgaria, transforming the Greek gas grid into a transit corridor, led to a gas exports increase of approximately 300 percent compared to the previous year, supported by 78 LNG cargoes unloaded at the Revythoussa terminal, whose storage capacity increased by more than 60 percent in record time with the installation, in June 2022, of a floating storage unit,” she continued.

DESFA also announced it is currently looking to separate regulated and non-regulated activities, through the formation of a new company, following a request by RAAEY, the Regulatory Authority for Waste, Energy and Water.