DEPA S.A.

The Hellenic Competition Commission (HCC) accepted a proposal from DEPA to revise partly the commitments adopted with earlier HCC’s decisions (551/VII/2012, 589/2014 and 596/2014), and in particular to amend the specific terms of the system for the supply of natural gas through electronic auctions, also in view of the forthcoming annual auction, in particular aiming at promoting a more efficient functioning of electronic auctions, until assessment of the effects that may result from the application of the recently enacted Law 4336/2015.

In particular, according to the revised commitments undertaken by DEPA:

1. The total quantity that is to be made available through auctions for the corresponding year increases from 50% to 60%, with a simultaneous adjustment of the quantities made available through quarterly auctions (par. 5(a) of Decision No 589/2014).

2. In the event that, after the forthcoming annual auction, a quantity of natural gas is still not disposed, it will be proportionally allocated (pro rata) between the participants being awarded the largest quantities at the auction (capped at 15% of the auctionable quantity per tenderer), if the latter intends to buy an additional quantity, with Decision No 589/2014 being partly amended to that end (par. 4). Such redistribution reserve price will be the original auction price, without any additional charges.

As for the rest, earlier decisions 551/2012, 589/2014 and 596/2014 shall also apply. Given the recent broadening of the Selecting Natural Gas Customer group and the resulting possibility thereof to be directly supplied with natural gas through auctions conducted by DEPA, as well as the change brought to the scheme of the existing three Gas Suppliers, amendments recently adopted by Laws 4336/2015 and 4337/2015, the HCC will review this matter of the natural gas disposable quantities through auctions, in collaboration with the Regulatory Authority for Energy (RAE), also in the light of the development of demand after the forthcoming annual auction.