Compass Lexecon client DEPA settles price review dispute with Gazprom

Compass Lexecon advised DEPA Commercial SA (DEPA), the Greek state-owned gas supplier, during the arbitration proceedings against Gazprom Export (GPE) over the prices and contractual terms that it offered to DEPA for supply of natural gas in Greece. In July 2025, prior to the conclusion of the arbitration proceedings, DEPA announced that it had reached an agreement with GPE to settle the dispute.

Background

DEPA, as a Greek wholesaler, has historically relied on GPE’s supplies of natural gas to satisfy the energy requirements of its customers in the Greek wholesale natural gas market. In November 2022, DEPA filed a request for a price revision under its supply contract with GPE. Following an extended period of negotiations, which did not result in an agreement over the prices and supply terms, DEPA filed for arbitration against GPE in March 2024. As part of its arbitration filing, DEPA claimed that GPE had started supplying natural gas to competing Greek wholesalers at lower prices than those offered to DEPA, resulting in market distortions that led to DEPA being unable to fulfil its purchasing obligations with GPE.

Our Role

Compass Lexecon was retained by DEPA and its counsel, Three Crowns LLP, to serve as expert witnesses in the arbitration proceedings against GPE in front of the Permanent Court of Arbitration. The Compass Lexecon team produced several expert reports focusing on the competitive impacts of GPE’s conduct in the natural gas markets in Greece, in particular assessing (i) how GPE’s pricing and supply decisions vis-à-vis competing Greek natural gas wholesalers impacted competition between Greek wholesalers, (ii) the business decisions and performance of DEPA, and (iii) ultimately the welfare of Greek consumers of natural gas.

Outcome

DEPA announced in July 2025 prior to the conclusion of the arbitration proceedings that it had reached a settlement with GPE. The agreement resolves all disputed issues between the parties and ensures continuing supply of gas by GPE to DEPA and the Greek market.

Team

Compass Lexecon’s Jorge Padilla served as the expert witness economist for DEPA in the arbitration proceedings, and was assisted by Antón Garcia, Segye Shin, Cecilia Nardini, Angelos Stenimachitis, Fabrizio Vasselli, Sander Heinsalu, Valentina Bianchi Vimercati, Lars Martinez Ridley, Daryl Tiong, Erkka Heikkinen and Roberta Montebello.

Compass Lexecon conducted its analysis under instruction of legal teams from Three Crowns LLP and Essex Court Chambers.

Three Crowns LLP acted as counsel for DEPA, with a team led by partners Georgios Petrochilos KC, Ilija Mitrev Penushliski and Todd Wetmore, which also included Rudolf Simone-Pont, Thomas Villalon, Oscar Collins, Lucie Perrier and Ai Lin Tai.

Thomas Sebastian and Ellen Tims of Essex Court Chambers also acted on behalf of DEPA.