Sofia Michelaki – GC Powerlist
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Greece and Cyprus 2025

Energy and utilities

Sofia Michelaki

Chief officer of legal affairs and governance | DESFA S.A., Hellenic Gas Transmission System Operator

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Greece and Cyprus 2025

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Sofia Michelaki

Chief officer of legal affairs and governance | DESFA S.A., Hellenic Gas Transmission System Operator

Team size: 16 people

What are the key projects that you have been involved in over the past 12 months?

Over the past year, our Legal Division has been deeply engaged in some of the most strategic initiatives not only for DESFA, but also for the broader Greek and European energy landscape. Each one of these initiatives has been not only a project, but also an adventure, involving several areas of law and requiring complex and innovative solutions.

Domestically, a highlight has been the successful conclusion of DESFA’s €810m Common Bond Loan, signed in October 2024 with the four systemic Greek banks (Alpha Bank, NBG, Eurobank and Piraeus). By employing EU Recovery and Resilience (Greece 2.0) funds, this financing ensures the implementation of our challenging Ten-Year Development Plan. The Legal Division played a central role in structuring and negotiating this landmark financing, which positions DESFA as a cornerstone of Greece’s energy transition and regional energy hub development.

At the same time, we have actively supported the company’s transition to green gases. All pipelines are hydrogen ready, fully aligned with EU clean energy objectives. The Legal Division has guided the regulatory aspects of our Project of Common Interest for a Greek hydrogen network, co-financed by the Connecting Europe Facility, and RRF contributed to positioning DESFA as provisional Hellenic Hydrogen Transmission System Operator, securing Greece’s representation in ENNOH, the newly established European association of Hydrogen TSOs.

In parallel, we have supported DESFA’s pioneering role in Carbon Capture and Storage (CCS). Through the APOLLO CO₂, developed with the company ECOLOG, DESFA is leading the creation of Greece’s first large-scale CCS (Carbon Capture Storage) hub by 2030. The Legal Division is shaping the contractual and regulatory framework for CO₂ transmission and storage infrastructure, ensuring transparent access and building stakeholder and investor confidence in this emerging value chain.

On the international level, DESFA has advanced several strategic partnerships where our Legal Division was directly involved: our ongoing cooperation with TAP AG for pipeline maintenance in Greece; our participation in the Vertical Corridor, a trans-Balkan project with the support of governments and TSOs of Bulgaria, Romania, Hungary, Slovakia, Moldova and Ukraine and the EU; the development of the interconnection (pipeline) with North Macedonia; and the continuation of our contractual relationship with KIPIC, Kuwait’s state-owned company, for one of the largest LNG terminals worldwide. DESFA’s participation in the Alexandroupolis FSRU (Floating Storage and Regasification Unit) (20% stake) and in the Hellenic Energy Exchange (7% stake) are also examples of major projects in which our legal team successfully navigated complex and uncharted legal waters.

Finally, we have continued our close cooperation with the Greek Energy Regulator (RAAEY), contributing to the elaboration and revision of secondary legislation (tariffs, network codes, technical documents) and ensuring regulatory compliance during this period of energy transition.

In short, the past 12 months have been marked by achievements spanning the structuring of complex financing agreements, the negotiation of major infrastructure developments, establishing DESFA as a leader in the European hydrogen transition, the advancement of carbon capture initiatives, and the continuation of complex international partnerships. The Legal Division has been at the center of these efforts, ensuring legal certainty, regulatory compliance, and strategic alignment with both national priorities and EU energy policy.

How do you approach managing legal aspects during periods of instability or crises, and how does your legal strategy align with the broader business strategy to ensure the organisation’s resilience?

As Chief Legal Officer, I see crises not only as operational disruptions, but also as moments when the legal function becomes central to providing clarity, certainty, and strategic direction.

One recurring challenge has been the accelerated legal transition to new European energy frameworks. Our team has had to transpose complex EU rules into DESFA’s contractual and operational environment within short deadlines, while safeguarding compliance with competition, tariff, and state-aid provisions. These are not simple adjustments, as they often require re-drafting legislation, advising on governance changes, and anticipating obligations before they are formally enacted.

Externally, the war in Ukraine created unprecedented legal demands linked to security of gas supply. For DESFA, this meant swiftly, adopting procedures to ensure that LNG cargoes arriving at the Revythoussa LNG terminal complied with evolving EU sanctions and energy-security provisions. Here, the Legal Division reconciled operational urgency with strict legal compliance, ensuring continuity of supply while mitigating reputational and financial risks.

Negotiations themselves often enter tentative phases when interests collide under strict time pressure, whether in discussions with regional authorities over the West Macedonia pipeline, in renewing our cooperation framework with TAP, or in partnerships for CO₂ transportation and the Vertical Corridor, to name a few. In each case, the Legal Division must bridge divergent perspectives, translate technical complexity into workable agreements, and secure outcomes that respect national priorities, environmental obligations, and the distinct requirements of the gas regulatory framework.

A recent example is our work with the Hellenic Energy Regulator (RAAEY) and the European Commission to safeguard DESFA’s role in ENNOH, the new European association of Hydrogen TSOs. Navigating regulatory uncertainty, we secured Greece’s continued representation at the European decision-making table despite the absence of a fully transposed national framework.

By embedding legal foresight into crisis management, we transform negotiation impasses and regulatory uncertainty into opportunities for progress, ensuring not only legal compliance but also DESFA’s resilience and long-term positioning in Greece and abroad.

Based on your experiences in the past year, are there any trends in the legal or business world that you are keeping an eye on, of which you think other in-house lawyers should be mindful?

The most significant trend I have observed over the past year is the acceleration of the European energy transition and the way it reshapes the legal landscape for infrastructure operators. For in-house lawyers in this sector, the challenge is not only to track regulatory developments but to anticipate how they will interact with existing legal texts, financing frameworks, and cross-border obligations.

A key area I am closely monitoring is the implementation of the new EU Gas and Hydrogen Directive. Its transposition will fundamentally redefine the role of transmission system operators, particularly with respect to unbundling, certification, and the emergence of hydrogen network operators. In parallel, DESFA itself is undergoing a governance transformation to adapt to this new framework: we have established a subsidiary structure (end 2024) to host non-regulated businesses, particularly in innovative services. This shift is becoming increasingly common among TSOs across Europe, and it expands the role of in-house lawyers from ensuring regulatory alignment to shaping corporate structures and supporting strategic diversification.

Another important development is the rise of partnerships beyond the traditional regulated environment. New initiatives in CO₂ transportation, hydrogen, and biomethane, increasingly involve consortia with industrial players, financial institutions, and start-ups. These stakeholders often operate under very different legal and regulatory cultures, which makes the whole legal process more demanding but also more creative. In-house counsel must be prepared to act as translators between these worlds, building agreements that are both workable and compliant.

Finally, I believe that in-house lawyers in the energy sector must remain vigilant on security and infrastructure protection, including new challenges such as security measures. These concerns are becoming integral to risk assessments and contractual frameworks, particularly as critical infrastructure like pipelines, LNG terminals, and compressor stations attract increased scrutiny under both EU and national security regimes.

In my view, three converging trends will shape the work of in-house counsel in the years ahead: regulatory transition, corporate and governance transformation, and security considerations for critical infrastructure. Anticipating their legal implications will be essential for positioning legal teams as true strategic partners to their organisations.

What do you think are the most important attributes for a modern in-house counsel to possess?

The role of the in-house legal team has evolved from a guardian of legal compliance to a strategic partner shaping corporate direction. To succeed, the team must demonstrate strategic foresight, namely anticipating how regulatory, financial, and societal developments will affect the company’s future. This requires continuous study, and engagement with new legislation, case law, and market practices, so that legal advice is always timely and relevant. In the energy sector, this means preparing not only for established gas and LNG frameworks but also for the legal realities of hydrogen, CCS, and digitalisation.

Equally vital is the ability to build bridges in complexity. At DESFA, our legal team’s work ranges from structuring hydrogen-ready financing to negotiating pipeline routes with local authorities, and from partnering with European TSOs in the Vertical Corridor to developing CO₂ transportation frameworks with industrial players. Reconciling diverse legal systems and stakeholder interests into workable agreements requires both technical mastery and the interpersonal skills to mediate conflicting perspectives.

Another essential attribute is a deep understanding of the business itself. For DESFA, this means recognising our role as a regulated transmission system operator serving the public interest, while also exploring new opportunities in non-regulated areas such as green gases and CCS. Our legal team must balance regulatory limitations with the liberties available for innovation. It is for this reason that we helped formulate DESFA’s framework for corporate social responsibility, embedding our mission as a responsible operator into the legal structure of the company.

Finally, the modern in-house legal team must show resilience. In an era marked by rapid regulatory changes, geopolitical volatility, and technological disruption, the ability to remain calm under pressure and to manage crises with clarity is essential. Resilience allows the legal function to provide stability and confidence when it is most needed, transforming challenges into opportunities for growth.

In short, a modern in-house legal team must combine strategic vision, adaptability, business understanding, and resilience. These qualities enable the function to empower the organisation, guiding it through complexity while safeguarding long-term credibility and success.

Sofia Michelaki - Greece and Cyprus 2022

Legal affairs and governance division director | The Hellenic Gas Transmission System Operator (DESFA)

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