Possible cessation of Russian gas supply brings 108% increase in LNG imports

More than double the current imports of liquefied natural gas (LNG) will be required to meet electricity and gas consumption needs in Greece and neighboring countries if Moscow cuts off gas supplies through pipelines to our northern borders.

This results from the cost-benefit study prepared by the Hellenic Natural Gas System Operator (DESFA) for the supply and installation of the fourth LNG storage tank in Revythousa. The new storage space will be nothing more than a tanker which will be permanently anchored off the Terminal located on the island opposite Megara.

The relevant study was published by the Energy Regulatory Authority in order for the participants in the energy market to make comments and observations until April 15 on the necessity or not of the increase of the LNG storage capacity of Revythousa.

The scenario

According to the scenario developed by DESFA in case of interruption of the supply of Russian gas, the country automatically loses two of the four entrance gates: Sidirokastro and Kipi and is left with Agia Triada (LNG Terminal) and Nea Mesimvria (TAP pipeline). .

In such a case, 50 additional LNG loads with a total capacity of 45 TWh (Terawatt hours) will be required for the next 12 months, which will be added to the 46 loads with a total capacity of 38 TWh already planned for import.

With a 108% increase in imports, no fuel cuts will be needed to meet the energy needs of the domestic market as well as neighboring countries.

DESFA proposes the addition of a floating tanker with a capacity of 150,000 cubic meters, in order for the current capacity of Revythousa (225,000 cubic meters with the three existing tanks) to rise to almost 380,000 cubic meters. In this way, the capacity of the terminal is increased by 70%, covering an additional demand of 25%.

The cost

The addition of the FSU will give great breath to its supply as based on the above scenario the unloading of the total 96 additional loads of LNG will be able to be served more comfortably.

Finally, the Manager considers the solution of the tanker purchase market more advantageous than the leasing one. Based on his calculations which in turn are based based on its maintenance for five years, the rent in terms of net current value would cost 110.6 million euros. The market for the same period costs 172.8 million euros. However, the remaining value after the lapse of five years is estimated at 108 million euros. Amount that can be recovered by reselling the floating tank. Thus the real cost of the purchase is at 62.2 million euros.