Italian gas company purchases and vows to modernise Greece’s largest gas grid

Italian gas company, Italgas has concluded its acquisition of Greek gas grid, DEPA Infrastructure, from asset management company, Hellenic Republic Asset Development Fund (HRADF) and petroleum company, Hellenic Petroleum.

In the announcement the Italian company made on Thursday, Italgas expressed their intention to expand and digitise the Greek grid.

DEPA Infrastructure, which sold for 733 million euros, holds stakes in Greece’s three main gas distribution operators, which together manage 7,500 km of the gas network. It is the largest gas distribution operator in Greece.

The acquisition of 100% of #Depa Infrastructure S.A., the largest gas distribution operator in Greece, by #Italgas was completed today in Athens.

"Today we start writing an important page in the history of Italgas." Paolo Gallo, Italgas CEOhttps://t.co/epC7hMuygQ pic.twitter.com/T7bzBrHcLf

— Italgas (@Italgas) September 1, 2022

Italgas CEO, Paolo Gallo, commented: “We will put our experience and our technological know-how at the disposal of the country to build an infrastructure of excellence and with it contribute to achieving the coal and lignite phase-out targets set by the government.”

He added that Italgas aims to expand the Greek grid to serve around 1 million customers, up from the 600,000 customers currently being served and that the grid will be fully digitised so as to facilitate easier and increased use of greener fuels.

“In the European scenario, Italy and Greece can aim to become the benchmark for the strategic role of smart, digital and flexible gas networks fostering the energy transition,” he added.

CEO of HRADF, Dimitris Politis said the sale is “one of the most important asset development projects carried out by HRADF, with significant benefits for the Greek economy and the Greek citizens.”

“It is also an important step towards realising the ambitious goals of our country’s energy transition by reducing greenhouse gas emissions and ensuring that the company will have plentiful access to financing for the expansion of the natural gas distribution networks,” he concluded.