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ICGB holds annual capacity auctions for the Greece-Bulgaria interconnector

The independent transmission operator ICGB will hold annual auctions for the available capacity of the gas interconnector between Greece and Bulgaria on 1 July 2024.

Quantities will be offered for five consecutive gas years, with the capacity varying for the different interconnection points – with the networks of Bulgarian operator Bulgartransgaz, Greece’s DEFSA and the Trans Adriatic Pipeline (TAP) respectively.

For the upcoming gas year 2024-2025, the ICGB will offer on competitive auctions the available capacity of the two interconnection points in Greece amounting to approximately 1.16 billion normal cubic metres (Nm3) per year, while the available capacity in the amount of 1,03 billion Nm3/year will be offered for the interconnection point in Bulgaria.

Traders will be able to book capacity in advance to transport volumes that will flow from the LNG terminal at the Greek city of Alexandroupolis upon its commercial launch. The auctions will take place on two independent capacity booking platforms, RBP and PRISMA.

“We encourage all interested parties to submit, as this is a key step for the region’s energy independence”, ICGB’s Executive Officers George Satlas and Teodora Georgieva noted.

IGB has a total capacity of 3 billion cubic metres (bcm)/year, with nearly 1 bcm booked on a long-term basis under a 25-year contracts for gas coming from Azerbaijan. The pipeline contributes to supplying over 50 per cent of Bulgaria’s domestic gas consumption in the winter months and up to 80 per cent in the summer season. The operator company ICGB is currently conducting an incremental capacity process, assessing the market’s interest in increasing the total capacity to 5 bcm/year.

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