DEPA’s newly announced agreement with Ukraine’s Naftogaz is expected to generate only modest financial returns for the Greek state-backed gas supplier. December revenues are estimated in the range of €1 million to €3 million, and should gas flows continue uninterrupted throughout the winter—December 2025 through March 2026—the total financial benefit could reach between €4 million and €12 million. The final amount will depend on market margins and how fully the contracted capacity is used.
These projections follow an auction held jointly by the gas transmission operators of Greece, Bulgaria, Romania, Moldova and Ukraine. The auction resulted in the booking of 13.68 GWh of capacity per day, nearly 60% of what was available for December and a notable increase from the roughly 30% allocated in the previous round. DEPA secured the bulk of this capacity, more than 10 GWh per day, thereby strengthening its strategic position in the so-called Vertical Corridor—a transit route that elevates Greece’s role as a supplier and conduit for natural gas flowing north toward Ukraine.
Under the arrangement, LNG purchased by Atlantic See will be delivered to Alexandroupolis, where it will be regasified before entering the Greek gas system and transported onward to Ukraine. The deal is structured as a triangular transaction: Atlantic See sells the LNG to DEPA, which then supplies it to Naftogaz.
Early market estimates suggest that Atlantic See’s total commercial profit for the winter period could come to €2 million to €6 million. The earnings would be split according to shareholder stakes, with Aktor Energy—holding 60% of the company—potentially receiving €1.2 million to €3.6 million, while DEPA, which owns the remaining 40%, stands to gain between €0.8 million and €2.4 million from its share of Atlantic See’s business.
