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Gas is more expensive in Greece from Bulgaria and Turkey

By Harry Floudopoulos

A significant distance separates the cost of gas supply in our country in relation to the neighboring markets of Turkey and Bulgaria. Specifically in Greece, gas consumers are found to pay twice the price compared to consumers in Bulgaria, while the distance with Turkey is even greater, a fact that is reflected in the prices of electricity in the neighboring market.

In particular, the November gas supply price based on the TTF is ~ 90 € / MWh while the regulatory gas charges for a small industry do not exceed ~ 10 € / MWh. The average price of TTF front month for 2021 is projected at a little less than 40 € / MWh while the average price of 2020 did not exceed 10 € / MWh.

At the same time, BOTAS, according to reports from Platts, announced increases for November with the final supply price being € 28 / MWh. This is reflected in the prices of electricity which range from 60 € / MWh.

Bulgaria, on the other hand, announced reductions in natural gas at € 47.5 / MWh (BGN 93.19), compared to the October price of € 48 / MWh (BGN 94.54).

What are the differences?

According to market sources, this long distance is due to the fact that these countries still have a large percentage of oil and gas contracts, while Turkey does not have CO2. At the same time, the Greek gas market does not have liquidity and due to its inherent weaknesses (limited availability of power at the interconnections) it does not have the ability to supply spot quantities with natural delivery.

Regardless of the reasons, it is clear that in Greece consumers, including large industrial ones, are faced with high gas prices, which affects production costs and the competitiveness of businesses.

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Source From: Capital

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