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Greece sees no disruption in gas flows, says minister

Greece sees no disruption in gas flows, says minister

Gas flows to Greece are smooth and Greek gas suppliers have lined up additional gas cargoes if needed, Energy Minister Kostas Skrekas said on Friday, a day after Russia invaded Ukraine.

The invasion exacerbated gas prices that have been soaring since September, fanning fears about supplies key to power generation. Like many European nations, Greece relies heavily on Russia for imports that furnish 40% of its gas and 26% of its oil.

Greek energy ministry officials met gas and power regulators on Friday to discuss the issue.

“We have reviewed all scenarios, even the most adverse ones, about gas and power supplies,” Energy Minister Kostas Skrekas said in a televised statement after the meeting. “Gas flows continue without any disruption so far.”

Gas reserves at Greece’s sole terminal for liquefied natural gas (LNG) off Athens are high and Greek power companies have been in contact with suppliers to secure additional cargoes if needed, Skrekas said. Greece has shut many lignite-fired plants in a decarbonization drive, but some still account for about 6% of its power generation.

Skrekas said lignite stocks can also cover the country’s electricity needs for more than 30 days. Greece has urged France, which holds the rotating European Union presidency, to call an emergency meeting of EU energy ministers to hammer out a collective response that shields against abrupt increases in energy costs.