Few 2024-25 LNG cargoes scheduled at Alexandroupolis

Users of Greece's new Alexandroupolis LNG terminal have so far only scheduled seven LNG deliveries for the 2024-25 gas year, according to a schedule sent to Argus by terminal operator Gastrade.

TotalEnergies delivered the year's first 1TWh cargo to Bulgargaz on 3 October and the French company is scheduled to bring further 1TWh shipments to Bulgargaz on 25 November and 27 December. And next year, only one cargo is scheduled to arrive each month in January-March — the March shipment being only 509GWh — before a four-month gap until a final scheduled delivery of 509GWh on 27 July (see data and download).

Although still subject to change if spot slots are purchased or swapped in the future, those 6TWh of scheduled deliveries would utilise only a fraction of the terminal's full 66.3 TWh/yr capacity.

Such low utilisation is despite the fact that 69pc of the terminal's capacity is booked for the current gas year, according to the operator. With prices on Bulgaria's Balkan Gas Hub frequently at least €5/MWh ($5.4/MWh) below the TTF, firms have little incentive to bring LNG to Greece. Imports to Greece's Revithoussa terminal have more than halved so far this year, despite much higher Greek consumption.

And the full 90pc of Alexandroupolis' capacity is booked for the 2025-26 and 2026-27 gas years, with just the EU-mandated 10pc held back for offer as prompt products. Bookings drop slightly in the following three years before falling more significantly from 2030 onwards (see bookings table).

The Alexandroupolis terminal is currently undergoing scheduled maintenance on the 15-18 October gas days, halting sendout. Works are also scheduled to freeze sendout on 7-14 June 2025.

There are currently 14 registered users at Alexandroupolis. As well as some of the main regional players such as Bulgargaz, OMV Petrom, Edison, and Depa, there are also some smaller companies such as Attiki Gas Supply, Tibiel EOOD, and Sustainable Energy Supply (see supplier table).

By Brendan A'Hearn