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ARCHIVED - Spain generates more wind power than ever before but doubles gas imports from Russia
Spain is now purchasing twice as much gas from Russia than it did before the war
A breezy and blustery August has contributed heavily to reducing energy costs in Spain, with wind generation increasing by more than 4% compared to this time last year, reaching its highest figure ever. So far in 2022, wind has become the second largest source of power production, a much-needed resource for consumers who will see their electricity bills climb by another 8.51% on Tuesday August 30.
Despite this homegrown and essentially free energy source, Spain has dramatically increased the amount gas it is purchasing from Putin’s Russia; when Ukraine was first invaded in February, the Spanish government was importing 2,174 gigawatt hours (Gwh), but this figure reached 5,317 Gwh in July, effectively doubling.
This increase in dependence on Russian gas goes against the grain in Europe, where other nations are casting about for alternative suppliers in full threat of a possible shortage this winter.
The anomaly could have a very straight-forward explanation though, according to market sources: you guessed it, money. Spain has a larger gas storage capacity than most countries and the simple reality is that Russian prices at the moment are far cheaper than other areas, so Spain appears to be ‘stocking up’. This tactic could prove very valuable in the coming months, when nations short on energy supply like Germany will need a dig-out.In fact, the Nord Stream I gas pipeline between Russia and Germany will be interrupted from August 31, a closure that Europe predicts will end up being long-term. Nevertheless, the Spanish government has reiterated that there is no threat to gas supply in Spain and that energy rationing in homes is not on the cards this winter.
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