Backed by substantial capacity commitments from DEPA Commercial, in coordination with Atlantic SEE, and the emergence of new market players such as Metlen, the Vertical Corridor has successfully completed its first major commercial stress test.

The first long-term auctions conducted under the project’s new operating framework demonstrated that changes to transit tariffs and capacity allocation rules are beginning to translate into tangible market interest, creating strong prospects for increasing natural gas exports from Greece to Southeastern and Central Europe.

The outcome is particularly significant because it represents the first real test of the new commercial model, which introduces lower transit charges, long-term transportation products, and greater flexibility in the utilization of booked capacity.

Unlike the previous system, natural gas entering through Greece can now be sold at any point along the route or transported, via interconnections, to additional Central European markets, significantly improving the competitiveness of the Greek corridor compared with alternative European routes.

A clear sign of this new momentum is Metlen’s first major participation in the Vertical Corridor’s long-term auctions. According to market sources, the company secured transportation capacity of 20 GWh per day for five years, through 2031, making one of the largest commitments in the process.

At the same time, DEPA Commercial, through its Atlantic SEE LNG Trade joint venture with the AKTOR Group, secured 13 GWh per day for four years, through 2030, while another company reserved an additional 7 GWh per day. According to industry sources, a total of four to five new participants entered the auctions, broadening the system’s user base and strengthening the commercial credibility of the project.

More Than 45% of Capacity Booked on the First Route

The strongest demand was recorded on the first section of the Vertical Corridor, stretching from Sidirokastro to Kulata, Bulgaria.

According to data from DESFA, more than 45% of the total available capacity for the 2026–2027 gas year, as well as for the following four years, was reserved.

Market participants note that this is among the highest booking rates recorded to date, despite the fact that available transportation capacity had increased substantially following upgrades to Bulgaria’s natural gas transmission network.

Although part of the booked volumes is expected to be absorbed by the Bulgarian market, the new framework now allows gas to be marketed in additional regional markets, reinforcing the export-oriented role of Greece’s energy gateway.

Competition Continues for Amphitrite

Strong interest was not limited to Route 1.

The auction for Route 2, which begins at Amphitrite, an entry point into Greece’s National Natural Gas System, had not concluded late last night and, according to sources, continued today because the high number of bids and intense competition among participants prolonged the process.

This development is viewed as particularly positive for the Alexandroupolis FSRU, as it strengthens the prospects for greater utilization in the coming years.

According to market sources, capacity bookings were recorded both toward Sidirokastro and toward Komotini, the interconnection point with the Greece-Bulgaria Interconnector (IGB), expanding the available LNG export routes from Greece to Northern markets.

By contrast, no interest was expressed in the auctions for Route 3, which uses the Trans Adriatic Pipeline (TAP) via the Nea Mesimvria interconnection point, according to the same sources.

Focus on Supplying Europe with U.S. LNG

The participation of DEPA Commercial and Atlantic SEE LNG Trade extends beyond simply reserving transportation capacity.

It reflects the joint venture’s strategy to develop, between 2026 and 2030, an organized supply network delivering U.S. liquefied natural gas (LNG) to Central and Southeastern Europe. The network is intended to serve as a bridge until the start of the companies’ already planned 20-year long-term LNG supply contracts, scheduled to begin from 2030 onward.

The results of the first long-term auctions indicate that the Vertical Corridor is now moving from the planning stage into commercial maturity.

Growing market participation, substantial long-term capacity bookings, and the expansion of available commercial routes create the conditions for Greece to further strengthen its role as a key gateway for the import and redistribution of natural gas across Southeastern Europe.