Liquefied natural gas deliveries to Greece and Italy rose sharply in Week 42 as Southeast Europe entered the winter period with elevated gas prices. Greek inflows reached 572.43 GWh, up 42.41% from the previous week, while Italian volumes increased 28.01% to 2,789.46 GWh. Croatia recorded LNG inflows of 432.39 GWh.
The European TTF benchmark averaged €86.54/MWh in Week 42, an increase of 11.6% week on week, and ended Friday at €87.55/MWh. The Week 42 gas market figures show higher LNG deliveries alongside elevated prices. Diversified supply routes can strengthen physical security, but they do not remove exposure to global LNG pricing.
Greece has become an increasingly important southern entry point for gas moving towards Bulgaria and the wider Balkan region. Croatia’s LNG infrastructure offers Central and Southeast European buyers another route, while Italy combines substantial LNG facilities, pipeline connections and one of Europe’s largest gas markets. Together, the three systems form part of a southern supply network that can reduce reliance on a single source or corridor.
Global LNG competition and regional power prices
LNG cargoes are traded internationally, so stronger Asian demand or a disruption to global supply can force European buyers to bid more for replacement shipments. Europe’s relatively weak storage position adds to that sensitivity. Prices could remain elevated beyond the immediate winter period if the continent must compete aggressively for LNG during the next storage-refilling cycle.
Gas-fired generators remain important sources of flexible electricity across Southeast Europe, and higher fuel prices raise their marginal generation costs. The effect can reach countries with relatively little gas-fired generation because regional power markets are interconnected. Expensive gas plants operating elsewhere may still set the marginal electricity price.
Greece illustrates that link between fuel and power markets. Despite elevated gas prices, its gas-fired electricity production increased materially in Week 42, while the country also expanded electricity exports. High regional power prices can therefore support gas-fired generation even when its fuel costs are elevated.
Infrastructure costs for investors and industrial buyers
The role of LNG terminals, pipelines and interconnectors extends beyond gas supply security. These assets affect electricity-market competitiveness by determining where flexible gas-fired generators can obtain fuel and at what cost. Gas infrastructure can provide security and flexibility during the energy transition, but projects exposed to international LNG prices can face substantial operating-cost volatility.
That exposure creates opportunities for investors but also calls for caution. Gas-fired power projects may need strong hedging strategies, capacity revenues or complementary renewable portfolios to remain commercially resilient. For industrial buyers, diversified gas infrastructure lowers the risk of a physical interruption without guaranteeing stable prices.
When imported gas becomes more expensive, the economics of electrification, energy efficiency, renewable power purchase agreements (PPAs) and flexible consumption can improve. Week 42 showed Greece and Italy taking in more LNG, with Croatia also receiving cargoes, while European gas prices remained exceptionally high. Southeast Europe may be more diversified and physically secure than in the past, but its exposure to global commodity prices remains substantial; the challenge is to use LNG for security and flexibility without making globally priced gas the dominant driver of regional electricity costs.