Greece’s DESFA Announces 37.6% YoY Revenue Increase
Greek gas grid operator DESFA announced impressive financial results for 2022. The company recorded a 37.6% year-on-year (YoY) revenue increase, reaching €278.3 million from €202.6 million. The results further include a 29% YoY profit growth, recording €81.6 million from €63.1 million a year earlier.
“In conditions of great instability and huge volatility, DESFA’s business model has proved resilient, with the company occupying a strong position at the forefront of initiatives launched at national and European level to enhance the security of supply in Greece and southeastern Europe,” DESFA’s CEOMaria Rita Galli said in her message to shareholders.
“The speed with which DESFA reacted to the interruption of Russian gas flow to Bulgaria, transforming the Greek gas grid into a transit corridor, led to a gas exports increase of approximately 300 percent compared to the previous year, supported by 78 LNG cargoes unloaded at the Revythoussa terminal, whose storage capacity increased by more than 60% in record time with the installation, in June 2022, of a floating storage unit,” she continued.
Towards the end of July, DESFA was granted approval to establish a gas pipeline network to be installed in northern Greece’s west Macedonia region. The five-year project is set to run a total of 158.34 kilometers, connecting Imathia, Pella and Florina regions to the Kozani region, north of Ptolemaida.
According to energypress, over a third of the gas pipeline project has already been constructed. Its completion is expected in the autumn of next year.
