At 33% the reduction of natural gas consumption in Greece after August

It exceeds the European target to reduce natural gas consumption in the four months of August-November 2022, which contributed to the large (-98.3%) decrease in Russian natural gas imports in that month.

These data are derived from analysis of Green Tank on trends in natural gas consumption and imports.

The goal set for Greece by the EU foresees the reduction of gas consumption in the period August 2022-March 2023 by 15% compared to the corresponding period 2021-2022. The reduction achieved in the August-November 2022 quarter was 33%. In addition, Greece “caught” and exceeded the -15% reduction target not only in relation to the corresponding period last year but also in relation to the five-year average (16.26 TWh).

According to Green Tank’s analysis:

-In the first half of the eight-month reduction period, all end uses show significant reductions compared to the same period in 2021. Industry leads (-63.9%), followed by power generation (-30.1%) and distribution networks ( -29.6%).

Cumulatively for the first 11 months of 2022, natural gas consumption was 18.8% lower than the same period in 2021.

-The substitution of gas by RES for the production of electricity, combined with the very large share of electricity generation in the consumption of fossil gas and the limitation of its use in industry, are the main reasons that led to the significant reduction of the total gas consumption in 2022.

-In terms of natural gas flows from the country’s 4 gateways, in November 2022, the liquefied natural gas (LNG) arriving at Agia Triada (Revythoussa) almost doubled (+92.8%) compared to same month of 2021 and was by far the main source of gas for the country with 3.7 TWh and a share of 77% of the total natural gas flows imported by Greece in November. On the contrary, imports of Russian gas from Sidirokastro that cover domestic consumption were almost zero (-98.3%) and amounted to only 0.039 TWh. Imports from TAP via Nea Mesimvria showed a large decrease (-41.4%) contributing only 0.75 TWh, while imports from Turkey via Kipi showed an increase of 165% but still remain at low levels (0.31 TWh ).

– Cumulatively for the first 11 months of 2022 Russian gas imports covering domestic consumption decreased by 68.4% compared to the same period in 2021. Thus, with 8.12 TWh and a share of 14.4% among the four sources entry, Russian gas intended for domestic consumption dropped to third place from first in the first eleven months of 2021 with a share of 40.4%. In contrast, LNG imports via the Holy Trinity moved into first place reaching 34.14 TWh and a share of 60.5%, an increase of 56.5% compared to 2021. A decrease of 2.9% was shown by imports of Azeri gas from TAP with 12 TWh (21.3% share), thus surpassing Russian gas imports for the first eleven months of 2022. Finally, a large decrease of 41.7% was noted by the cumulative Turkish gas imports from the fourth quantitative source, Kipis, which amounted to only 2.2 TWh (3.9% share).

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