The Environment, Energy and Climate Change Ministry announced on February 25 that Greece’s Public Gas Corporation (DEPA) has reached an agreement with Russia’s Gazprom for a 15% reduction in natural gas prices, applied retroactively from July 2013.

The rebate will be rolled over to both industrial and household consumers and the supply contract will be extended for a 10-year period, that is, until 2026. Ministry officials said that the agreement is expected to be signed by mid-March, after being approved by the DEPA and Gazprom boards.