Greece’s New Gas Role Could Help Drive Down Europe’s Energy Prices

As Europe moves distant from Russian gas, Greece is emerging arsenic a important introduction constituent for American liquefied earthy state (LNG). 

With nan EU aiming to shape retired Russian power imports wholly by 2028, nan state has been speedy to reposition itself arsenic a hub for replacement supplies.

Greece’s surface science and upgraded infrastructure person made it a cardinal nexus successful nan region’s caller energy map. The alleged “Vertical Gas Corridor” connects Greece pinch Bulgaria, Romania, Hungary and Slovakia, allowing state arriving by vessel successful Greece to beryllium piped northbound into Central and Eastern Europe. This web is helping countries successful nan region trim their dependence connected Russian energy.

Two main sites make this possible, nan LNG terminal astatine Revithoussa adjacent Athens and a newer floating terminal successful Alexandroupolis successful bluish Greece. Together, they tin grip ample volumes of imported LNG and person it backmost into state for home and location use.

According to charismatic data, shipments of US LNG now dress up much than 80 per cent of Greece’s full LNG imports, while Russian pipeline state has dropped from astir 60 per cent to little than half of nan country’s supply.

For Greece, nan displacement brings some economical opportunity and governmental weight. By becoming a cardinal transit way for US state into Europe, it strengthens its position successful location power information and diplomacy.

For neighbouring countries, nan benefits are clear, much reliable and divers power supplies, and little vulnerability to nan instability of Russian state routes.

Energy analysts opportunity that arsenic much terminals and pipelines travel online crossed confederate Europe, title among suppliers could increase, perchance easing prices for consumers complete time.

What is clear is that Europe’s power scenery is changing fast. Russia is nary longer nan ascendant player, and Greece is stepping up, not only to unafraid its ain proviso but besides to support state flowing crossed nan region from new, much unchangeable partners.