Depa

What Depa does

DEPA Commercial is the state-controlled Greek gas supply and trading arm of ΔΕΠΑ, originally established in 1988 as Greece's national gas utility and restructured in 2019 into three entities (DEPA Commercial, DEPA International Projects, DEPA Infrastructure), with DEPA Infrastructure later privatized. The company operates across the gas value chain: wholesale natural gas procurement and trading for industrial, commercial, and municipal customers; electricity trading; LNG import via its stakes in the Revithoussa LNG terminal and the Alexandroupoli FSRU; cross-border pipeline gas supply through the Greece-Bulgaria Interconnector (IGB); power generation through CCGT assets (840 MW Alexandroupoli JV with PPC at 29%, 792 MW Larissa, 174 MW Fier Albania); and renewable energy via subsidiary North Solar targeting 1 GW of solar PV capacity (500 MW under construction).

The business model is primarily B2B wholesale: long-term negotiated contracts with industrial users, regional gas distribution companies (EPA Attikis, EPA Thessalias), and state-owned utilities in southeastern Europe (Bulgartransgaz, NaftoGaz Ukraine). DEPA monetizes through transactional gas/LNG margins, electricity trading margins, and feed-gas supply to its own generation fleet. Strategic positioning is anchored on the "Vertical Corridor" — Greece as a regional LNG gateway serving Bulgaria, Romania, Moldova, and Ukraine — operationalized through the Atlantic Sea LNG Trade JV with AKTOR Group, which has secured a 20-year, 1 million tonnes-per-year offtake from U.S. exporter Venture Global starting 2030, and won a 0.5 TWh Bulgartransgaz tender for supply via the Balkan Gas Hub.

The company's GTM is enterprise sales-led, with bilateral government-level negotiations (notably U.S.-Greece LNG cooperation), international tenders via Balkan Gas Hub, and direct contracts with regional utilities. Backward integration into U.S. LNG supply and forward integration into power generation and renewables position DEPA as a vertically integrated energy platform rather than a pure trader. State ownership via the Hellenic Republic Asset Development Fund (HRADF), combined with multi-decade infrastructure concessions and ISO-certified operations (ISO 14001, 45001, 50001, 22301), provides regulatory and operational durability, though revenue and profitability data are not publicly disclosed.

Name

Depa

Legal name

ΔΕΠΑ ΕΜΠΟΡΙΑΣ Μ.Α.Ε

Website

https://depa.gr

Company type

Private

Founded year

1988

Operating status

Operating

Headcount range

101–250 employees

Short description

DEPA Commercial is Greece's largest state-controlled natural gas supplier and trader, importing LNG via FSRU terminals and supplying industrial customers, regional gas distributors, and southeastern European utilities. It also operates CCGT power generation, a 1 GW solar pipeline, and an LNG re-export corridor to Ukraine.

Ownership category

akta.pro rank

Product category

Natural Gas Supply and Distribution

NAICS

Natural Gas Distribution (22121), Natural Gas Distribution (2212)

SIC

Natural Gas Distribution (4924), Natural Gas Transmission (4922), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Local Distribution Company (LDC) Natural Gas Distribution Utilities (TLAGADAA)

akta.pro secondary industries

Gas Distribution Operations (Day-to-Day Field & System Operations) (EUAJAAAB), Gas-Fired Power Plant Development & IPP Ownership (Greenfield/Brownfield) (EUACABAI), LNG-to-Power (FSRU/Regas-Fed Gas Power Plants) (EUACABAG), Distributed Energy & Gas Solutions Sales (CHP, Microgrids, On-site Gas Supply) (EUAAADAJ), Gas-to-Power Project Development (IPP/CPP, Permitting, Financing) (EUALALAC)

Keywords

• Natural gas trading
• LNG import infrastructure
• Gas distribution services
• Power generation assets
• Renewable energy development

Headquarters

HQ city

Athens

HQ country

Greece

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Infrastructure, Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Natural Gas Trading and Supply: DEPA purchases natural gas from upstream suppliers (including LNG from U.S.) and resells to industrial customers, gas distribution companies (EPAs), power generators, and commercial users across Greece and southeastern Europe.
2. Electricity Trading: DEPA trades electricity sourced from its gas-fired power generation assets and renewable energy installations, serving wholesale energy markets and supporting grid stability in Greece.
3. LNG Re-export and Supply via Atlantic Sea LNG Trade: Through its joint venture Atlantic Sea LNG Trade with AKTOR, DEPA imports U.S. LNG via Greek FSRU terminals and resells/supplies to buyers in Ukraine, Bulgaria, Romania, and other southeastern European countries under 20-year contracts.
4. Renewable Energy Generation (Solar PV): Subsidiary North Solar develops and operates photovoltaic parks, generating revenue from electricity sales to the grid under Greece's renewable energy support scheme.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels5 records

Core offering

DEPA Commercial S.A. is a Greek state-controlled wholesale energy company that purchases natural gas (including LNG) from upstream suppliers and resells it to industrial customers, regional gas distribution companies (EPAs), power generators, and commercial users across Greece and southeastern Europe. Beyond gas trading, DEPA trades electricity sourced from its gas-fired and renewable assets, operates LNG import and regasification infrastructure (Revithoussa terminal and FSRU Alexandroupoli), develops a 1 GW solar PV portfolio, holds stakes in CCGT power plants (~1.8 GW combined), and develops hydrogen/biomethane and natural gas vehicle (FISIKON) offerings.

Product overview

DEPA Εμπορίας is a Greek state-controlled energy company offering a diversified portfolio of products and services. Core activities include natural gas trading and electricity trading, complemented by development programs covering small-scale LNG, renewable energy sources (1 GW solar portfolio), hydrogen and biomethane, and natural gas for mobility (FISIKON). Key subsidiaries and joint ventures include ATLANTIC SEE LNG TRADE (for U.S. LNG procurement), power generation companies in Alexandroupoli (840 MW), Larissa (792 MW), and Fier Albania (174 MW), as well as NORTH SOLAR for solar projects and GASTRADE for LNG terminal operations. The company also provides international infrastructure services through pipeline connections and the FSRU terminal in Alexandroupoli.

Differentiator

Problem solved

Functional benefit

Brands

• FISIKON: Natural gas for vehicle mobility (CNG/LNG fueling network)
• Atlantic SEE LNG Trade

Products and services

• Natural Gas Trading (Εμπόριο Φυσικού Αερίου) Core natural gas trading and supply operations for industrial, commercial, agricultural, and residential customers across Greece, with wholesale supply to gas distribution companies (EPAs). DEPA is Greece's largest gas supplier.
• Electricity Trading (Εμπόριο Ηλεκτρικής Ενέργειας) Electricity trading activities sourced from DEPA's gas-fired power generation assets and renewable energy installations, serving wholesale energy markets and supporting grid stability in Greece.
• Small-Scale LNG (Υγροποιημένο Φυσικό Αέριο Μικρής Κλίμακας) Small-scale liquefied natural gas solutions for areas not connected to the main gas grid, enabling flexible energy supply through GASTRADE S.A. infrastructure and related programs.
• Renewable Energy Sources / Solar PV Portfolio (North Solar) Renewable energy project development including utility-scale solar photovoltaic parks, with a planned portfolio of 1 GW capacity (500 MW under construction) under subsidiary North Solar in Western Macedonia and the Kozani region.
• Hydrogen and Biomethane Development (Υδρογόνο και Βιομεθάνιο) Development of hydrogen and biomethane production for injection into natural gas networks, supporting the energy transition and future compatibility of gas infrastructure with renewable gases.
• Natural Gas for Mobility - FISIKON (CNG/LNG refueling) Compressed natural gas (CNG) and LNG solutions for vehicle propulsion under the FISIKON brand, offering cost savings of approximately two-thirds compared to gasoline, including biomethane for injection into the natural gas network for vehicle use.
• High-Efficiency Combined Heat and Power Systems (Σ.Η.Θ.Υ.Α.) High-efficiency combined heat and power (CHP/ΣΗΘΥΑ) systems for industrial and commercial applications, enabling on-site electricity and heat generation.
• International Energy Infrastructure (Διεθνείς Υποδομές) Development and operation of international energy infrastructure including pipelines and LNG terminals connecting Greece to regional energy networks (e.g., IGB interconnector, Vertical Corridor to Bulgaria/Romania/Moldova/Ukraine).

Quantifiable outcome

• 800 MW of solar power generating electricity for approximately 278,000 households in Greece
• +4 more outcomes

Named customers6 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

13 partnerships are on record, tiered core, major and minor.

• Venture GlobalcoreTechnology or Integration · 12 June 2026DEPA's joint venture Atlantic Sea LNG Trade (with AKTOR) expanded its long-term LNG sales agreement with U.S.-based Venture Global. The agreement secures 1 million tonnes per year of U.S. LNG for 20 years starting in 2030 — Greece's first such deal with a U.S. LNG exporter. The LNG will be delivered to Greece's FSRU terminals and distributed through the Vertical Corridor to southeastern Europe and Ukraine.
• NaftoGaz (Ukraine)majorChannel Partner/ Reseller/ Distributor · 1 February 2026Through Atlantic Sea LNG Trade, DEPA signed its first commercial agreement to supply U.S. LNG to Ukraine's state energy company NaftoGaz, delivered via pipeline through Bulgaria, Romania, and Moldova — part of the Vertical Corridor to support Ukraine amid its wartime energy crisis.
• United States Government (U.S. Embassy in Greece)coreStrategic or Co-development Partner · 1 November 2025The U.S. and Greece held a high-level meeting in Athens focused on energy and geopolitical cooperation. DEPA (through Atlantic Sea LNG Trade) is the central Greek entity in U.S.-Greece LNG agreements. U.S. Ambassador Kimberly Guilfoyle attended the 'Greece-US Alliance for Energy Security' event hosted by Atlantic Sea LNG Trade.
• AKTOR Group (Construction JV Partner)coreStrategic or Co-development PartnerDEPA and AKTOR Group (led by CEO Alexandros Exarchou) formed the Atlantic Sea LNG Trade joint venture for the purpose of importing, trading, and supplying U.S. LNG to southern Europe. The JV also pursues power generation projects, including the 840 MW Alexandroupoli CCGT plant.
• Public Power Corporation (PPC/ΔΕΗ)coreStrategic or Co-development PartnerDEPA and PPC co-invest in power generation assets: the 840 MW Alexandroupoli CCGT plant (DEPA 29%, PPC 71%) and other generation projects. PPC operates the plants while DEPA supplies gas feedstock and provides strategic oversight.
• DAMCO Energy (Kopelouzos Group)coreImplementation/ SI/ Consulting PartnerDAMCO Energy, part of the Kopelouzos Group, serves as the contractor for construction of the 840 MW Alexandroupoli CCGT power generation plant in the industrial area of Alexandroupoli.
• IGI Poseidon S.A.majorStrategic or Co-development PartnerDEPA holds a stake in IGI Poseidon S.A., the project company developing the Poseidon (EastMed) gas pipeline — a proposed subsea pipeline to transport East Mediterranean gas from Israel/Cyprus to Greece and onward to Italy and Europe.
• ICGB ADcoreStrategic or Co-development PartnerDEPA is a shareholder and executive director in ICGB AD, the project company that developed and operates the Greece-Bulgaria Interconnector (IGB) gas pipeline — a key route for gas supply from Azerbaijan and LNG from Greece to Bulgaria.
• DESFA (National Natural Gas System Operator)coreStrategic or Co-development PartnerDESFA operates Greece's national natural gas transmission system and LNG terminals. DEPA works closely with DESFA for gas system access, capacity bookings, and coordination of LNG imports and pipeline exports.
• Bulgartransgaz (Bulgaria)majorChannel Partner/ Reseller/ DistributorBulgartransgaz, Bulgaria's gas transmission operator, sources LNG through DEPA's Alexandroupoli FSRU terminal. DEPA won Bulgartransgaz's international tender to supply 0.5 TWh LNG. The two companies are connected via the IGB pipeline.
• GASTRADE S.A.majorStrategic or Co-development PartnerGASTRADE S.A. is a DEPA subsidiary developing small-scale LNG infrastructure and projects, complementing DEPA's energy transition strategy.
• POSEIDON MED2 / Eurogas / IGUminorStrategic or Co-development PartnerDEPA participates in Poseidon MED2 initiative, Eurogas (European gas association), and the International Gas Union (IGU) for the promotion of natural gas and hydrogen technologies, sharing best practices and shaping regulatory frameworks.
• FISIKON (Natural Gas for Mobility)minorChannel Partner/ Reseller/ DistributorDEPA supports the FISIKON program for natural gas vehicle (NGV) refueling, including production of biomethane for injection into the natural gas network for vehicle use. FISIKON is a joint initiative for CNG/LNG distribution to vehicle fleets.

Scale indicators9 records

Recent moves9 records

Expansion highlights8 records

Direct peers

• Gasunie: Dutch state-owned gas infrastructure operator with a pipeline network, LNG terminals, and growing hydrogen network. Gasunie is a comparable northern European national gas champion transitioning to renewable gases, with similar European cross-border infrastructure and energy transition strategy.
• Fluxys Belgium: Belgian gas infrastructure operator with transmission, storage, LNG terminalling (Zeebrugge), and hydrogen development activities. Comparable to DEPA in operating cross-border gas infrastructure with European interconnection and a transition strategy toward low-carbon gases.
• DESFA: DESFA operates Greece's national natural gas transmission system and LNG terminals, having been originally established by DEPA. It is the closest peer within the Greek gas value chain, providing transmission and terminal services that DEPA Commercial depends on for its gas supply business.
• Eustream: Slovak gas transmission system operator owned by the Slovak state. Eustream is a direct comparable for DEPA's transmission and cross-border pipeline interests, particularly the Eastring and other corridor projects serving Central and Southeastern Europe.
• SNAM: Italy's leading natural gas infrastructure operator with transmission pipelines, LNG terminals, and storage assets across Europe. SNAM is a comparable regulated gas infrastructure operator that has expanded into energy transition (hydrogen, biomethane) similar to DEPA's renewables and hydrogen development plans.
• Enagás: Spain's gas system operator manages the country's LNG terminals, pipeline network, and underground storage. Enagás is a comparable infrastructure-heavy gas utility serving as Spain's national gas backbone, with similar LNG regasification and cross-border pipeline operations as DEPA's FSRU and IGB interests.
• BOTAŞ: Turkey's state-owned Petroleum Pipeline Corporation is one of DEPA's most direct comparables as a state-controlled wholesale natural gas importer, distributor, and trader with pipeline and LNG infrastructure. BOTAŞ similarly serves as the national gas champion for industrial, power generation, and regional distribution customers.

Broad incumbents

• Public Power Corporation (PPC/DEI): Greece's dominant power utility and DEPA's joint venture partner in the 840 MW Alexandroupoli CCGT plant (PPC holds 71%). PPC is the primary off-taker of DEPA's gas feedstock for power generation and the natural counterpart in the Greek electricity-gas value chain.

Regional players

• Plinacro: Croatian state-owned gas transmission system operator with pipeline connections across the Balkans. Plinacro is a regional comparable serving the same southeastern European gas market where DEPA operates the Vertical Corridor, with similar exposure to LNG import and EU diversification trends.

Others

• Venture Global LNG: U.S. LNG exporter that is DEPA's largest long-term LNG supplier via the Atlantic Sea LNG Trade JV (1 MTPA for 20 years from 2030). A counterpart rather than competitor, but a critical supply-side relationship that defines DEPA's procurement economics and competitive position in southeastern Europe.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks3 records

Key highlights7 records

Customer concentration

• Xx.com/depa_commercial
• Facebookfacebook.com/depa.gr
• LinkedInlinkedin.com/company/depa-commercial

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries13 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Depa