Annual Report 2018
60 Years Producing Energy

Natural Gas

The Group is active in the natural gas sector through its participation in DEPA S.A. (35% HELLENIC PETROLEUM S.A., 65% HRDAF). The DEPA Group is active in the supply of Natural Gas in Greece (through import pipelines and the Revithoussa LNG terminal), as well as in the trading of Natural Gas to large scale customers such as power generation plants and industries. DESFA, a 100% subsidiary of DEPA until December 2018, manages and develops the National Natural Gas Transportation System. DEPA is active in natural gas supply through ΕPA Attiki, which distributes Natural Gas to small and medium scale consumers, as well as in the distribution of low-pressure gas through the Gas Distribution Companies (EDA), following the unbundling of distribution and supply activities. DEPA also participates in international gas transportation projects.

At the end of 2018, the sale of 66% of the share capital of DESFA to a consortium of European companies Snam S.p.A, Enagas and Fluxys was concluded, for a consideration of €535 million (HELPE share of sale proceeds: €284 million).

In the context of restructuring its position in the retail market, DEPA proceeded to similar transactions throughout 2018, in EPA ATTIKI and THESSALONIKI-THESSALIA (ZENITH), as well as EDA ATTIKI. More specifically, DEPA sold 51% of the share capital of ZENITH to the Eni Gas e Luce, for a consideration of €57 million and purchased 49% of the share capital of EPA and EDA Attiki from Attiki Gas BV (Shell) for a consideration of €39 million and €111 million respectively.

DEPA’s profitability results declined in 2018 vs 2017, mainly due to intense competition, which had a negative impact on margins, as well as the supplier's fee intended to cover the deficit of the Special Account for RES.

Domestic consumption of Natural Gas was marginally reduced by 2% in 2018, as compared to the same period of last year (domestic consumption in 2018 at 4.6% bcm), mainly due to reduced demand from power producers.

DEPA Sales Volumes

DESFA sale process
DEPA Group restructuring
Successfully completed