First capacity auction signals strong interest in revamped Vertical Gas Corridor

The prospects of the revamped Vertical Gas Corridor received an encouraging first signal on Tuesday after DESFA’s annual capacity auction for the Sidirokastro interconnection point, the first to be held under the new framework agreed by the corridor operators and the European Commission in Athens in late March.

According to the Greek gas transmission operator, more than 45% of the total capacity offered at Sidirokastro — the main export gateway to Bulgaria and, by extension, the countries linked to the corridor — was booked for the next four gas years. Specifically, 46% of the offered capacity was reserved for the 2026/27-2029/30 gas years and 26% for 2030/31, while capacity bookings were also secured through the 2040/41 gas year.

DEPA, Atlantic SEE LNG Trade Secure Capacity

DEPA Commercial, in coordination with Atlantic SEE LNG Trade, the joint venture between AKTOR Group and DEPA Commercial, emerged as a major participant in the auction, securing a capacity of 13 GWh per day, equivalent to around 4.7 TWh annually.

Given that up to 100 GWh per day can flow through the Sidirokastro entry point at maximum capacity, the booking by DEPA Commercial and Atlantic SEE LNG Trade represents roughly 13% of the interconnection point’s maximum daily throughput. Based on DESFA’s announcement that 46% of the offered capacity was booked, the joint venture accounted for approximately 28% of the total reserved capacity.

Market participants had also expected strong participation from Bulgaria’s Bulgargaz, which in previous years had secured around 25% of Sidirokastro’s capacity.

In any case, the capacity reservation by Atlantic SEE LNG Trade sends a clear signal that the joint venture intends to pursue short-term supply agreements for the wider region using U.S. LNG, leveraging the Vertical Gas Corridor before 2030, in line with plans outlined recently by Chief Executive Alexandros Exarchou and Chairman Konstantinos Xifaras.

For the period after 2030, the company has also expressed the ambition of converting at least some of the memoranda of understanding signed with offtakers in corridor countries into binding agreements, potentially before the end of 2026.

Western Branch Also Advances

Progress is also being recorded on the western branch of the Vertical Gas Corridor. Construction of the Greece-North Macedonia interconnector is proceeding on schedule, with completion targeted for 2027, while plans are also advancing for a gas interconnection between North Macedonia and Serbia, further strengthening regional connectivity and supply diversification.

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