IPTO and DESFA, the country’s respective power and natural gas grid operators, are currently working on emergency plans, based on mild and extreme scenarios, that would counter energy supply shortages, according to sources.

Pundits have already forecast European electricity and gas markets will face pressure in the coming months, especially if it turns out to be a cold winter.

The level of readiness of an additional third storage tank, whose installation is now being finalized, at the LNG terminal on the islet Revythoussa, just off Athens, will be crucial to the overall emergency effort. Extraordinary measures will most probably not be necessary if the new facility’s commercial launch is ready for the winter.

If needed, the measures being considered in Greece include leasing a floating LNG tanker, for a third year, as an extra storage facility at Revythoussa.

Local natural gas consumption has already reached high levels, lifted by the power grid’s greater reliance on natural gas-fueled power stations as a result of higher CO2 emission right costs that have made lignite-fired power stations less competitive. CO2 emission right costs have shown no signs of easing.