ICGB to conduct annual capacity auctions for Greece-Bulgaria interconnector on July 1

The independent transmission operator ICGB will hold annual auctions for the available capacity of the gas interconnector between Greece and Bulgaria on July 1, Report informs referring to the operator’s message.

“Quantities will be offered for five consecutive gas years, with the capacity varying for the different interconnection points - with the networks of Bulgarian operator Bulgartransgaz, Greece's DEFSA and the Trans Adriatic Pipeline (TAP) respectively.

For the upcoming gas year 2024/2025 ICGB will offer on competitive auctions the available capacity of the two interconnection points in Greece amounting to 1,161,784,139 Nm3/year or 37,333,058 Kwh/d/y. The available capacity in the amount of 1,027,334,020 Nm3/year or 33,012,605 Kwh/d/y will be offered for the interconnection point in Bulgaria.

Traders will be able to book capacity in advance to transport volumes that will flow from the LNG terminal at the Greek city of Alexandroupolis upon its commercial launch,” reads the message.

The auctions will take place on two independent capacity booking platforms, RBP and PRISMA. Less than two years after the start of commercial operation, the IGB interconnector already has more than 40 registered users who can participate in the upcoming auctions.

IGB has a total capacity of 3 bcm/year, with nearly 1 bcm booked on a long-term basis under a 25-year contracts for gas coming from Azerbaijan. The pipeline contributes to supplying over 50% of Bulgaria's domestic gas consumption in the winter months and up to 80% in the summer season.

The operator company ICGB is currently conducting an incremental capacity process, assessing the market’s interest in increasing the total capacity to 5 bcm/year.

This will allow the transmission of larger quantities of natural gas, further securing the country's domestic consumption. It also strengthens Bulgaria’s and Greece’s transit role to third countries.

The binding phase of the process will take place after the annual auctions, and the deadline for submitting registration documents is at the end of the day on June 24.

“We encourage all interested parties to submit, as this is a key step for the region’s energy independence”, ICGB’s Executive Officers George Satlas and Teodora Georgieva noted.