Brattle Experts Support DEPA in Gazprom Gas Pricing Arbitration

In a recent arbitration over a natural gas contract in Greece, Brattle served as expert advisors to DEPA Commercial SMSA (DEPA), the country’s natural gas supplier, in proceedings against Gazprom Export (Gazprom). The dispute centered on the pricing terms of a long-term gas supply agreement, as well as contested take-or-pay claims. It was resolved through a settlement before the arbitration concluded.

The disagreement between DEPA and Gazprom arose in 2022, when DEPA observed that the prices it was paying for Russian pipeline gas were higher than both LNG spot prices and the rates Gazprom was allegedly offering to other buyers in the Greek market. DEPA submitted a price review request in November 2022 and, after negotiations proved unsuccessful, DEPA initiated arbitration proceedings in early 2024. In its claims, DEPA argued that Gazprom breached a contractual clause requiring it to supply gas at prices no higher than those of other forms of energy in its market.

Brattle was retained to provide economic and market analysis of pricing benchmarks for deliveries to the Greek market. Principal Dan Harris led Brattle’s team and provided several expert reports to the tribunal.

In July 2025, DEPA announced that it had reached a settlement with Gazprom. The agreement fully resolved the disputed issues between the parties, including disputes around past offtake obligations, and ensured continued gas supplies at a competitive price.

“Brattle’s rigorous expert analyses were instrumental in demonstrating that the contract price no longer reflected market conditions, which was critical for reaching a settlement for a competitive supply price,” said DEPA’s Head of Commercial & Dispute Resolution Yiannis Papadatos.