The Greek government is moving to strengthen DEPA Emporias with a significant energy sector asset, setting in motion the transfer of the 34% stake in DESFA currently held by the Greek state to the company. The move is part of a broader strategy to reinforce DEPA, which remains under full state control, with the aim of expanding its role in the domestic energy market.
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The primary objective is to strengthen the company’s financial capacity, enabling it to expand its operations while simultaneously contributing to greater competition and security of supply — two priorities that are becoming increasingly critical amid current conditions in the European natural gas market and the ongoing realignment of supply routes.
The path toward this prospect is opened by Article 46 of the Ministry of Environment and Energy’s draft legislation, which is currently under public consultation. This specific provision allows the state’s stake in the Transmission System Operator to be transferred to another company that is wholly controlled, directly or indirectly, by the state.
Strengthening the asset base
The proposed regulation stipulates that the transfer may be carried out through a contribution of DESFA shares to the capital of the acquiring company. In return, the state will receive new shares in the latter. In the case of DEPA Emporias, therefore, the transaction will also be accompanied by a restructuring of its shareholder composition, as the entirety of its shares currently belongs to the National Development Fund.
The addition of the DESFA stake will significantly strengthen DEPA’s asset base, while simultaneously creating the conditions for raising additional financing resources.
This is a key factor, as the company seeks to broaden its footprint in energy production and trading, leveraging, among other things, its participation in power generation units, renewable energy projects, and LNG supply activities.
DESFA’s financial figures further support the value of the asset set to be acquired. The Transmission System Operator posted revenues of €298.6 million in 2025, compared to €321.1 million the previous year, while its net profit stood at €65.5 million. Revenue prospects are expected to strengthen further over time, as the company’s pipeline of projects is gradually brought to completion.
Indicatively, the draft ten-year development plan for 2026–2035 includes investments of approximately €984 million. New natural gas transmission infrastructure, along with projects linked to capacity enhancement and exports, are creating the conditions for an expansion of the regulated asset base and, consequently, of the operator’s future revenues.
The ownership unbundling dimension
However, the planned transfer carries an important regulatory complexity. At issue are the European unbundling rules, which mandate the separation of the management of energy transmission and distribution networks from competitive activities such as production and supply.
The issue arises because DEPA Emporias is active in the supply of natural gas and electricity, and also holds stakes in power generation units. Consequently, the acquisition of shares in a Transmission System Operator raises questions of compatibility with the regulatory framework, which is designed to prevent conflicts of interest and discrimination among network users.
It is no coincidence that Article 46 includes a specific safeguard to address this issue. As the provision stipulates, if the acquiring company is active in energy production or supply, the administrative rights attached to the DESFA shares will remain with the Greek state and will be exercised exclusively by the Minister of Environment and Energy. These rights include voting rights, participation in governance, access to information, and oversight.
In this way, the aim is to separate the economic benefit of the shareholding from the governance of the Transmission System Operator. In any case, under the regulation, the transfer requires the prior approval of the Regulatory Authority for Energy (RAE), before the necessary joint ministerial decision is issued.
