European governments should increase electricity price subsidies further and cut natural gas transit fees to limit the impact of an impending energy “crisis” this winter, Alexandros Exarchou, chief executive of Greek infrastructure group and emerging energy player Aktor, said on 16 October.
“It is a crisis — they need to think outside the box,” he told Platts, part of S&P Global Energy, in an interview. “They need to act now.”
On electricity, Exarchou called on the European Union to allow member states to provide further subsidies for power prices.
“Otherwise, in my view, inflation will become uncontrollable,” he said.
On natural gas, the chief executive urged European governments to sharply reduce the cost of transit for imports as international liquefied natural gas (LNG) prices surge.
Exarchou referred specifically to the Vertical Gas Corridor, a transit route connecting several gas markets in central and south-eastern Europe with LNG import terminals in Greece.
Operators along the corridor and the European Commission reached an agreement earlier this year to set tariffs. Exarchou acknowledged that the deal was “significant”, but stressed that it was not enough in the current high-price environment.
“They need to do more,” he said.
On 15 October, Platts assessed the price of Mediterranean LNG on a DES (Delivered Ex-Ship) basis at $27.775 per million British thermal units (MMBtu) — up 173% from the same period in 2025.
Exarchou criticised Europe’s reliance on spot LNG markets ahead of winter, “in an environment which… is by no means secure when it comes to ensuring sufficient volumes”.
Gas experts taking part in working groups convened by the European Commission have repeatedly said that the EU’s gas supply remains stable, playing down the likelihood of shortages.
Exarchou disagrees.
“I believe that this does not reflect reality,” he said.
The chief executive also criticised recent calls by European Energy Commissioner Dan Jorgensen for member states to curb demand for gas and electricity where possible, through measures such as limiting temperatures in public buildings, discouraging the use of outdoor heaters and switching off unnecessary public lighting at night.
“I found it naive and foolish,” he said.
A European Commission spokesperson did not immediately respond to a request for comment.
More long-term agreements
Looking further ahead, Exarchou argued that European companies should secure more long-term LNG supply agreements with US suppliers. He said the agreements should run for at least five years.
The US is already the EU’s largest LNG supplier. In the first nine months of 2026, it accounted for about 60.7% of the bloc’s LNG imports, according to data from S&P Global Energy CERA.
Exarchou clarified that he was not necessarily advocating an increase in the US share of Europe’s imports, but primarily seeking to secure future supply volumes.
“I do not expect the problem to be resolved in the next two years, so [Europeans] need to ensure that they have enough volumes from the US in the years ahead,” he said.
Aktor has already secured long-term access to US LNG through Atlantic SEE LNG Trade, a joint venture between the infrastructure group and Greek natural gas and LNG importer DEPA.
Atlantic SEE has agreed to buy 1 million metric tonnes of LNG a year from US exporter Venture Global for 20 years. Deliveries are expected to begin in 2030.
Earlier this year, Atlantic SEE said it wanted to secure additional short-term LNG volumes ahead of the EU’s impending phase-out of Russian LNG imports and mounting pressure on the international market.
However, on 16 October, Exarchou said his companies had not yet secured additional volumes.
“We are in talks, but have not managed to do it — that is what worries me,” he said. “We do not want to take on spot market risk because prices are highly volatile. On the other hand, we do not want to commit, as we see that at the moment there is no appetite in Europe for taking on long-term commitments beyond spot purchases.”
New LNG floating storage and regasification unit in Greece
Exarchou also said his company had reached an agreement with Motor Oil to develop another floating storage and regasification unit (FSRU) in Greece, with the aim of further increasing the country’s LNG import capacity.
According to Exarchou, the FSRU, which will be located at the port of Agioi Theodoroi, in the Corinth area, will have capacity to handle 4.5 billion cubic metres of natural gas a year.
It is expected to begin operations in 2031, he said.
Motor Oil did not immediately respond to a request for comment.
Greece already has two other LNG import facilities in operation: the onshore terminal at Revithoussa and the FSRU at Alexandroupolis.