Greece is proceeding with the nationalization of DEPA Commerce, the country’s public gas corporation, through the acquisition of the 35% stake held by Helleniq Energy in the company.
The acquisition is expected to take place on Thursday, Dec. 12, following the passage of a legislative amendment that effectively enabled the Hellenic Republic Asset Development Fund (HRADF) to proceed.
Currently, the HRADF holds a 65% stake in DEPA Commerce, while Helleniq Energy owns the remaining 35%.
Although the Greek government refrained from nationalizing energy companies during the energy crisis—unlike France and Germany—it is now proceeding with the nationalization of DEPA Commerce. According to reports the acquisition is expected to cost around 200 million euros.
The acquisition is moving ahead after, Paneuropean Oil & Industries, the primary shareholder, of the energy group, holding a 40.41% stake, decided to divest from DEPA Commerce.
On Monday, Dec. 9, it was announced that the group acquired 100% of the shares of the electricity and natural gas production and trading company Elpedison.
Helleniq Energy submitted a proposal to the HRADF, which also holds a 31.18% stake in Helleniq Energy, to acquire the 35% stake in DEPA Commerce. The HRADF, in coordination with the Prime Minister Kyriakos Mitsotakis’ office, is finalizing the agreement, bringing DEPA Commerce under public ownership.
This move signals a shift in the Greek government’s energy strategy. By nationalizing DEPA Commerce, the government gains direct control over natural gas pricing, impacting both the buying and selling prices, and further strengthening its position in several key energy investments.
These investments include a new natural gas facility in Alexandroupolis and 500 MW of renewable energy projects planned by the company.
Furthermore, through DEPA Commerce’s subsidiary, “Natural Gas Greece,” the Greek state also secures a significant role in the supply of electricity and natural gas.
