By Harry Floodopoulos
The highest price among the Member States of the European Union for imports of American liquefied natural gas (LNG) is paid by Greece, according to the European LNG Tracker of the think tank IEEFA, confirming that the shift towards U.S. liquefied natural gas is accompanied by increased costs for the Greek market.
According to the report, Greece supplied 73% of imports of LNG from the US in the first quarter of 2026, which brings it between the six European countries with over 70% dependence on the American LNG. At the same time, the country paid in 2025 an average price of 38.7 euros per megawatt hour for the American LNG, i.e. 12% higher than the EU average.
This image is of particular importance to the Greek market, as natural gas remains a critical fuel for power generation and wholesale electricity price formation. In other words, the exact supply of LNG is not an isolated energy size, but is transferred to the cost of producing electricity, industrial consumption and ultimately invoices.
IEEFA also notes that the average use of the Greek LNG terminals was only 41% in the first quarter of 2026. This performance is recorded at a time when Greece plans a significant increase in relimitation capacity.
At the same time, the exhibition records a series of new planned infrastructures: the Dioriga Gas FSRU in Corinth, which received approval for opening in 2026, the Argo FSRU in Volos with planned launch in July 2027, Elpedison's FSRU in Thessaloniki until 2029, as well as the Thrace FSRU, which received environmental approval in January 2026 and could operate until 2028. Since all projects progress, the Greek relimitation capacity will increase from 12.5 billion cubic metres in 2025 to 33.5 billion cubic meters in 2030.
Deeper dependence
At European level, IEEFA stresses that removal from Russian gas has led to a deeper dependence on the American LNG. European imports of LNG from the US more than tripled between 2021 and 2025, while in the first quarter of 2026 the US covered 63% of Europe's LNG imports. IEEFA estimates that, due to the disturbances in the LNG exports from Qatar, Europe will cover about two-thirds of its US imports in 2026.
Even more worrying is the provision that, at the current rate, the EU's dependence. from the American LNG can reach 75%-80% by 2030, or even 80% already from 2028 or 2029.
At the same time, Europe has not been rid of the Russian LNG. On the contrary, imports of Russian LNG increased by 16% annually in the first quarter of 2026, reaching a quarterly record. Russia remains Europe's second largest LNG supplier, with a 13% share, while five countries continued to import Russian LNG: France, Spain, Belgium, the Netherlands and Portugal.
Cost
The cost is also revealing. Between 2022 and 2025 EU countries They spent around 281 billion euros on LNG imports, of which 131.5 billion euros were directed to an American LNG, 37.8 billion euros to Russian and 36.2 billion euros to a catalian. The report notes that, on average, the American LNG is the most expensive for European buyers.
IEEFA's conclusion is that Europe is in danger of replacing one dependency with another. The construction of new terminals and the diversification of suppliers have not solved the energy security problem, while reducing gas consumption and turning to cleaner alternatives are shown as the only way to limit exposure to geopolitical and tariff risks.
For Greece, the message is double: on the one hand, the country has an LNG regional portal role. On the other hand, however, the high price of the American LNG and the low use of existing infrastructure raise questions about the cost, viability and real need of all the new FSRUs planned.
The Institute for Energy Economics and Financial Analysis (IEEFA) is an international independent think tank based in Cleveland, USA, which specializes in the analysis of energy, investment and energy policy markets. The organisation systematically monitors international developments in natural gas, LNG, electricity and energy transition, publishing analyses and databases widely used by governments, investors, businesses and international media. The new European LNG Tracker report is based on data from Kpler, Eurostat, Gas Infrastructure Europe and an analysis of IEEFA itself, reflecting LNG flows, infrastructure and consumption trends on the European market.
