The CEO of Aktor Group, Alexandros Exarchou, warns of an energy... dark age, uncontrolled inflation, and shock shortages in Europe, which must intervene with subsidies and emergency measures.
In an interview with S&P Global Energy, Mr. Alexandros Exarchou calls for electricity subsidies and reductions in natural gas transit tariffs, argues that estimates by the EU regarding the stability of natural gas supply «do not correspond to reality», while also referring to the agreement with Motor Oil for a floating FSRU unit in the Corinthian Gulf, with a capacity of 4.5 billion cubic meters of natural gas annually, with commencement of operation in 2031.
European governments should further strengthen subsidies on electricity prices and reduce gas transit tariffs to limit the impact of an impending energy «crisis» this winter, stated Alexandros Exarchou, CEO of Greek infrastructure group and rising energy player Aktor, on October 16.
«It is a crisis, they have to think outside the box», he told Platts, part of S&P Global Energy, in an interview.
«They must act now».
Regarding electricity, Alexandros Exarchou called on the European Union to allow member states to subsidize electricity prices further.
«Otherwise, in my view, inflation will become uncontrollable», he noted.
Regarding natural gas, the CEO called on European governments to drastically reduce the transit cost of imports, as international prices of liquefied natural gas (LNG) soar.
Mr. Alexandros Exarchou referred specifically to the Vertical Gas Corridor, a transit route linking several gas markets in Central Europe and Southeastern Europe with LNG import terminals in Greece.
Operators active along the corridor and the European Commission reached an agreement earlier this year on setting tariffs.
He acknowledged that this agreement was «significant», yet emphasized that it is not sufficient under current high-price conditions.
«They have to do more», he stated.
On October 15, Platts assessed the price of LNG for DES (Delivered Ex-Ship) delivery in the Mediterranean at 27.775 dollars per million British thermal units (MMBtu), a level up 173 percent compared to the corresponding period of 2025.
Alexandros Exarchou criticized the degree to which Europe depends on spot LNG markets ahead of winter, «in an environment that... is not safe at all in terms of securing adequate volumes».
Natural gas experts participating in working groups convened by the European Commission have repeatedly stated that gas supply to the EU remains stable, downplaying the likelihood of shortages.
Alexandros Exarchou disagrees.
«I believe that this does not correspond to reality», he stated.
The CEO also criticized recent calls by European Commissioner for Energy Dan Jørgensen for member states to curb, where possible, demand for natural gas and electricity through measures such as limiting temperatures in public buildings, preventing the use of outdoor heaters, and turning off unnecessary public lighting at night.
«I found it naive and foolish», he stated.
A spokesperson for the European Commission did not immediately respond to a request for comment.
More long-term agreements
Over a longer horizon, Alexandros Exarchou argues that European companies should secure more long-term LNG supply agreements with suppliers from the US.
As he noted, these agreements should have a duration of at least five years.
The US is already the largest supplier of LNG to the EU.
During the first nine months of 2026, it accounted for roughly 60.7 percent of LNG imports to the Union, according to data from S&P Global Energy CERA.
Alexandros Exarchou clarified that he is not necessarily advocating an increase in the share of the US in European imports, but primarily the securing of future supply volumes.
«I do not expect the problem to be solved over the next two years and, therefore, [Europeans] must ensure they will have adequate volumes from the US in the coming years», he stated.
Aktor has already secured long-term access to American LNG through Atlantic SEE LNG Trade, a joint venture between the infrastructure group and Greek gas and LNG importer DEPA.
Atlantic SEE has concluded an agreement for the supply of 1 million metric tons of LNG annually from American exporter Venture Global, for a period of 20 years. Deliveries are expected to begin in 2030.
Earlier this year, Atlantic SEE stated that it wished to secure additional short-term LNG volumes ahead of the impending phase-out of Russian LNG imports by the EU and intensifying pressure exerted on the international market.
However, on October 16, Alexandros Exarchou stated that his companies have not yet secured additional quantities.
«We are in discussions, but we have not managed to achieve it, that is why I am worried», he noted.
«We do not want to take on spot market risk because prices are very volatile.
On the other hand, we do not want to commit ourselves, as we see that at this moment there is no appetite in Europe for undertaking long-term commitments beyond spot markets».
New floating storage and regasification unit for LNG in Greece
Alexandros Exarchou also stated that his company has reached an agreement with Motor Oil to develop another floating storage and regasification unit (FSRU) for LNG in Greece, aiming to further increase the country's LNG import capacity.
According to Alexandros Exarchou, the FSRU unit, which will be located at the port of Agioi Theodoroi in the region of Corinth, will have a capacity of 4.5 billion cubic meters of natural gas annually.
Its commercial startup is expected in 2031, according to him.
Motor Oil did not immediately respond to a request for comment.
Greece already has two other operational LNG import facilities: the onshore terminal on Revithoussa and the offshore FSRU in Alexandroupoli.
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