Dateline: ATHENS, July 8, 2025 – Greek gas supplier DEPA Commercial reached an out-of-court settlement with Gazprom over natural gas pricing disputes, securing competitive rates through 20261.
- DEPA settles arbitration dispute with Gazprom over gas prices
- Agreement covers 2025-2026 period with competitive pricing terms
- Settlement resolves 2022-2023 supply contract disagreements
Market reaction & context
The settlement resolves a prolonged dispute that began when DEPA filed for arbitration in March 2024 over pricing terms in its long-term supply contract with Russia’s gas export giant7. The agreement strengthens DEPA’s competitive position in Greece’s liberalized energy market, where natural gas pricing has become increasingly volatile following geopolitical tensions.
In January 2022, DEPA signed a contract with Gazprom for two billion cubic meters of gas per year through 2026 at a price 80% indexed to oil prices1. The dispute centered on pricing for the 2022-2023 period when energy costs surged globally.
Detailed analysis
The out-of-court agreement ensures competitive pricing for the remaining contract years 2025 and 2026, according to Bloomberg reporting2. This settlement allows DEPA to avoid lengthy arbitration proceedings while securing favorable terms for its gas supply operations.
DEPA Commercial CEO Constantinos Xifaras had previously announced the company’s decision to seek arbitration over the gas supply contract, citing pricing disagreements that emerged during the energy crisis7. The resolution comes as European gas markets continue to face supply chain uncertainties and price volatility.
Financial implications
Based on the expected positive arbitration outcome, DEPA was positioned to demand compensation from Gazprom for amounts previously disputed3. Previous reports suggested the two sides had discussed reducing gas prices to $398-399.50 per 1,000 cubic meters, though this was not officially confirmed8.
The settlement eliminates legal uncertainty that could have impacted DEPA’s financial planning and customer pricing strategies in Greece’s competitive gas market. For investors in European energy companies, the agreement demonstrates how supply contract disputes can be resolved through negotiation rather than prolonged arbitration.
Outlook
The resolution positions DEPA Commercial to maintain stable gas supplies while managing cost pressures through 2026. The company’s ability to secure competitive pricing enhances its capacity to serve Greek consumers and industrial customers effectively.
This settlement reflects broader trends in European energy markets where suppliers are renegotiating long-term contracts to reflect current market conditions and geopolitical realities.
Conclusion
DEPA’s successful settlement with Gazprom removes a significant overhang for the Greek gas supplier while securing favorable pricing terms for the remaining contract period. The agreement demonstrates the company’s ability to navigate complex international supply relationships during a challenging period for European energy markets.
Not investment advice. For informational purposes only.
References
1 (July 8, 2025). “Greece’s DEPA clinches out-of-court deal with Gazprom over gas”. Reuters. Retrieved July 8, 2025.
2 (July 8, 2025). “Greece’s Depa Reaches Settlement With Gazprom on Gas Pricing”. Bloomberg. Retrieved July 8, 2025.
3 (July 8, 2025). “DEPA reached deal with Gazprom”. eKathimerini.com. Retrieved July 8, 2025.
4 (July 8, 2025). “Public Gas Corporation S.a.”. Reuters. Retrieved July 8, 2025.
5 (July 8, 2025). “A dispute between DEPA Commercial and Russia’s Gazprom over”. Facebook. Retrieved July 8, 2025.
6 “Greece’s DEPA files for arbitration over prices in Gazprom deal”. Yahoo Finance. Retrieved July 8, 2025.
7 (March 29, 2024). “Greece: DEPA to go to arbitration with Gazprom over gas prices”. Serbia Energy. Retrieved July 8, 2025.
8 “Greek DEPA hopes for big discount on Russian gas”. TASS. Retrieved July 8, 2025.