Greece Pays Highest Price for U.S. LNG in Europe

Greece pays the highest price among European Union member states for importing U.S. Liquefied Natural Gas (LNG), according to data from the European LNG Tracker by the IEEFA (Institute for Energy Economics and Financial Analysis) think tank. This data highlights the challenges of the new energy reality at both the national and European levels.

The Burden on the Greek Market

During 2025, Greece paid an average of €38.7 per megawatt-hour for U.S. LNG, a price 12% higher than the European average. This has a direct impact on the national economy, as natural gas remains a decisive factor for power generation. The increased procurement cost is passed through to the cost of electricity production, affecting both industry and final consumer tariffs, according to an analysis on the energy crisis and new pressure on Greece. Furthermore, in the first quarter of 2026, Greece sourced 73% of its LNG from the U.S., ranking it among the six European countries with a dependency on American gas exceeding 70%.

Infrastructure Development and Low Utilization

Despite high dependency, the average utilization of existing Greek LNG terminals stood at just 41% in the first quarter of 2026. However, the country is proceeding with an ambitious program to expand regasification infrastructure. Planned projects include the Dioriga Gas FSRU (Floating Storage Regasification Unit) in Corinth (approved to start in 2026), the Argo FSRU in Volos (July 2027), the Elpedison (a major Greek energy joint venture) FSRU in Thessaloniki (by 2029), and the Thrace FSRU (by 2028). With the implementation of these projects, national regasification capacity is expected to increase from 12.5 billion cubic meters (bcm) in 2025 to 33.5 bcm by 2030.

The European Shift and Costs

At the European level, the effort to decouple from Russian natural gas led to a rapid increase in imports from the U.S., which more than tripled between 2021 and 2025. In the first quarter of 2026, the U.S. covered 63% of European LNG imports, while due to market disruptions in Qatar, this figure could reach two-thirds for the whole of 2026. Estimates suggest that EU dependency on U.S. LNG could reach 75%-80% by 2030, following the agenda of critical energy talks on an international level.

The economic burden of this transition is immense. During the 2022-2025 period, the EU spent €281 billion (approx. $306.3 billion) on LNG. Of this, €131.5 billion (approx. $143.3 billion) was spent on American gas, which, according to the report, is on average the most expensive. This was followed by Russian gas at €37.8 billion (approx. $41.2 billion) and Qatari gas at €36.2 billion (approx. $39.5 billion).

The Russian Gas Paradox and Energy Security

Despite efforts to pull away, Europe has not fully cut ties with Russia. In the first quarter of 2026, Russian LNG imports hit a quarterly record, marking a 16% year-on-year increase. Russia remains the second-largest supplier (13%), with countries such as France, Spain, Belgium, the Netherlands, and Portugal continuing imports.

The IEEFA report concludes that Europe risks simply replacing one dependency with another. Supplier diversification and the construction of new terminals do not solve the structural problem, especially when inflation and economic policy contradictions intensify uncertainty. The essential path to limiting pricing and geopolitical risks is identified in reducing natural gas consumption and transitioning to cleaner alternative energy sources.