DEPA Commerce: Historical record of profitability in 2021

The highest financial performance since its establishment was achieved in 2021 by DEPA Commerce.

According to OT sources, the company is said to have registered a record in its profitability, which is the highest since 1988, ie the year that DEPA was founded.

The increase in these economic figures is attributed to the large increase in gas prices, as a result of the sharp demand for consumption after the lifting of the lockdowns imposed on COVID-19. DEPA Commerce took advantage of this situation and given the energy transition where gas will be the strategic fuel, it looks forward to continuing its performance in the coming years.

According to well-informed sources in OT, indicative of the increase in its profitability is the fact that DEPA Commerce allocated part of its profits for the financial relief of consumers. So far, it seems to have given discounts on prices totaling 80 million euros. The same sources note that as long as the energy crisis lasts, it will follow the same trade policy.

It is worth noting that according to the results published by the company in 2020, its turnover was at 549.8 million euros and profits before taxes at 43.1 million euros.

The portfolio

DEPA Commerce, with the completion of the supply agreement with the Algerian state company SONATRACH, has, as reported, has formed a diversified portfolio of natural gas capable of meeting the needs of its customers at competitive levels. Given, of course, the conditions created by the energy crisis, where the main role is played by the major international producers of fuel.

In conclusion, DEPA Commerce has secured an annual gas supply from Russian Gazprom of 2 billion. sq.m., from the TAP pipeline consortium 1 billion sq.m. of Azeri gas, while from SONATRACH the agreement provides for the annual supply of quantities of 550 million cubic meters. The agreement with the Algerian national company is for 2022. DEPA Commerce also expects quantities of 330 million cubic meters from the Greek-Turkish pipeline. Of course, spot loads at competitive prices are also on the company’s radar.

Privatization

Regarding the front of the privatization of DEPA Commerce (Hellenic Republic Asset Development Fund 65% and HELPE 35%), everything shows that the relevant tender process has been frozen…

According to information, and given the well-known legal dispute with ELFE, the Greek state has decided not to proceed with the tender. The last tender, conducted by the HRADF, is stuck in the last stage of submitting the binding offers.

Sources want the government to seek to keep DEPA Commerce under state control, especially in this phase of the energy crisis. In this way the Greek state can exercise the necessary social policy to support households and businesses.