Driven by the energy crisis experienced in Greece for most of last winter, RAE, the Regulatory Authority for Energy, is taking precautionary measures to avoid a repeat of any natural gas supply shortages next winter.
The authority is currently examining options that could ensure direct supply of additional natural gas supply, should extra amounts be needed.
The insufficient storage capacity at the country’s only LNG terminal at present, on the islet Revythoussa, just off Athens, is a key concern. Construction of an additional third storage tank at this facility has been delayed. To counter the issue, authorities appear likely to lease an LNG carrier as a storage facility to be moored at Revythoussa.
The cost of such a solution could be covered by a reserve amount in an account supported by a supply security surcharge. Another option would be to activate a clause against sub-contractors responsible for the construction delays of Revythoussa’s third storage tank and use the resulting penalty amounts to cover the ship’s leasing cost.
RAE is close to completing an updated risk assessment study that is based on data provided by DESFA, the natural gas grid operator, and support from the National Technical University of Athens (NTUA). RAE has also hired a consultant specializing in risk management for the effort.