Interest in capacity at the Revythoussa LNG terminal near Athens spiked in January after a prolonged decline in 2023 and 2024, when energy companies canceled bookings in favor of cheaper Russian pipeline gas. Speculation that Russian gas deliveries via the TurkStream pipeline could be disrupted—following the halt of transit through Ukraine—raised concerns about potential supply shortages during peak winter demand. This uncertainty led to a sharp rise in LNG imports at Revythoussa in January.
The terminal received 3.5 TWh of LNG shipments last month, all sourced from the US, marking a 50% increase compared to the 2.5 TWh received in January of the previous year. A key factor driving this resurgence was the lower wholesale gas prices on the Greek energy exchange, making LNG a more appealing option compared to other regional markets. According to the Greek natural gas transmission system operator, DESFA, the rise in LNG imports at Revythoussa aligned with competitive pricing in the market.
In the first ten days of January, local wholesale gas prices in Greece ranged between 42.1 and 42.3 euros/MWh, notably lower than the 45–48 euros/MWh seen at the Dutch TTF hub. Similarly, on January 28 and 29, Greek prices hovered between 43 and 44 euros/MWh, while prices at the Amsterdam exchange ranged from 48 to 51 euros/MWh.
While it is too early to determine if this marks a lasting shift from last year’s market trends, or if companies are increasingly favoring long-term LNG contracts over short-term pipeline agreements, one thing is clear: Russian gas supplies have been inconsistent and unable to fully meet demand in recent weeks. On a broader scale, competition for gas supply in Europe is intensifying, especially as global players speculate on how the market may evolve if the war in Ukraine comes to an end.
