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Argus Media Launches First Daily Natural Gas Prices in Greece

On December 9, 2024, Argus Media, a recognized global agency for energy and commodity pricing, rolled out its inaugural daily assessments for the Greek natural gas market, setting a precedent for transparency in Europe’s fluctuating energy landscape. This significant development comes at a time when price disparities are increasingly pronounced across different regions of Europe.

The growth of gas trading in Greece, mirrored across Southeast Europe, has received a robust push from infrastructure improvements and shifts in gas supply patterns. With the launch of its second liquefied natural gas (LNG) terminal in October 2024, Greece is now well-positioned to cater to the import demands of not just its own market but the broader southeastern European capacity as well. The nation also serves as a vital channel for gas routing throughout Europe in both the north-south and east-west corridors. The Trans Adriatic Pipeline, for instance, transports Azeri gas via Greece to Italy, while the newly operational Greece-Bulgaria interconnector has been functional since October 2023. In addition, Southeast Europe continues to depend on supplies of Russian gas transmitted through the Turkish Stream pipeline, contrasting with the northwest regions of Europe that severed such imports back in 2022.

The change in the supply dynamics of LNG in Europe, particularly due to the surging global demand, and the uptick in gas-fired power generation, have both contributed to increasing price disparities across the continent. Consequently, Greece stands to become a premium market in periods marked by physical supply constraints, which may limit its access to further pipeline gas supplies. Conversely, during fluctuating local demand, Greece could experience supply surpluses that would undercut its prices relative to neighboring countries in the north and east.

Argus Media’s chairman and CEO, Adrian Binks, commented on the launch, emphasizing that this addition to the Greek market marks an exciting moment for Southeast European gas trading and enhances their already comprehensive European gas price coverage. The methodology for these price assessments, which are expressed in €/MWh, is anchored at Greece's virtual balancing point, adding a new layer of insight for stakeholders in energy trading.

These price assessments are incorporated into the Argus European Natural Gas report, which also includes other significant features like delivered LNG prices for both Greece and Turkey, solidifying Argus's role as a trusted contributor to the energy market’s transparency. With this new service, Argus aims to equip market players with the necessary intelligence for navigating the evolving landscape of natural gas trading in Greece and its surrounding regions.

About Argus Media

Founded in 1970 and headquartered in London, Argus Media has grown to become a premier independent provider of market intelligence for the energy and commodity sectors globally. With a workforce exceeding 1,400 and a presence in 30 critical commodity trading cities, Argus offers indispensable pricing data, and news, and insights that help businesses, governments, and trading firms make informed choices and mitigate risks.

In conclusion, the launch of Greece's daily natural gas price assessments by Argus Media represents a landmark initiative designed to foster a more transparent and structured trading environment, crucial for the region’s evolving energy dynamics.