Greek authorities are taking steps to prepare for a gas-storage solution ahead of next winter in neighboring Italy, in accordance with EU rules, requiring all member states without – or without sufficient – natural gas storage facilities, such as Greece, to store, by November 1, gas quantities representing 15 percent of annual consumption, based on last year’s level, at existing storage facilities maintained by fellow member states.

Based on this requirement and the country’s consumption level last year, Greece will need to store a total of approximately 900 million cubic meters of gas, or 8 TWh, of which up to 2 TWh will be stored at Italian facilities from October for a five-month period.

Storage costs for such a quantity are expected to reach 250 million euros, under favorable conditions.

A related proposal forwarded by RAE, the Regulatory Authority for Energy, will undergo consultation before final decisions on the country’s gas storage plan are made.