Home Energy Spain paints itself as the reply to Europe's Russian vitality downside

Spain paints itself as the reply to Europe's Russian vitality downside

Spain paints itself as the reply to Europe's Russian vitality downside

Spanish Prime Minister Pedro Sanchez has mentioned his nation — and southern Europe extra broadly — may present a solution to the shortfall in fuel provides from Russia because the area appears to be like to double down on sanctions in opposition to Moscow.

“Spain and, I would say, Southern Europe, will have a chance to provide an answer to this energy dependence of Russia fossil energy,” Sanchez informed CNBC on the World Economic Forum in Davos late Monday.

Sanchez highlighted that Spain represents 37% of the European Union’s complete regasification capability — the place liquefied pure fuel is turned again into the tip product of pure fuel. He additionally mentioned the Iberian Peninsula, occupied by Spain and Portugal, is house to round half of the EU’s LNG storage.

“This war also gave us a very important lesson, which is that renewable energy, hydrogen, energy efficiency is not only a great ally for countries and economies to tackle the climate change efforts, but also in this very complex and very uncertain geopolitical scenario that will provide us also means to increase our resilience and autonomy,” he added.

Energy costs have soared this 12 months as Russia’s onslaught in Ukraine destabilized the markets and Western nations slapped sanctions on Moscow. Prices on the Dutch TTF hub, a European benchmark for pure fuel buying and selling, greater than tripled between Feb. 16 and Mar. 7 as Russia launched the unprovoked invasion of its neighbor.

The difficulty of vitality safety — and hovering vitality costs — has been entrance and heart within the political debate in Spain, with Madrid being some of the vocal capitals concerning the want for European motion to deliver down costs for customers.

Together with neighboring Portugal, Spain has launched a short lived cap on the value of pure fuel and coal — a transfer that units them aside from many of the remainder of the EU.

Sanchez mentioned the EU’s vitality market just isn’t match to answer the present disaster. “This is just the beginning of a big reflection that we need to face at the European level,” he mentioned.

Spain angered Algeria earlier this 12 months after Madrid determined to re-export fuel to Morocco, amid a diplomatic standoff between the 2 North African nations who share a land border.

Sanchez on Monday dismissed the concept that Spain was substituting Russia for an additional unstable provider Algeria, which has threatened to close off fuel flows to Madrid because of its take care of Morocco.



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