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ARCHIVED - Spain rules out gas shortage as a result of Ukraine crisis
Only 5% of natural gas imported by Spain comes from Russia
The Secretary of State for Energy has “guaranteed” that Spain will not experience a shortage of natural gas despite fears over the war in Ukraine. This country is, in fact, in a far better position than other EU nations since it has built up considerable reserves in recent months and is less dependent on Russia for its supply. With the end of winter also placing less demand on gas for heating, the authorities have assured that Spain has a large enough supply to tide it over “for the coming months.”
The cost of this energy source is another matter, however, with the Secretary predicting a sharp rise in prices if Putin responds to the economic sanctions heaped upon him by cutting Europe’s gas supply. Although Spain imports only around 5% of its natural gas from Russia, if other countries are forced to shop around for suppliers this would inevitably push up the prices for everyone in the international market.
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For the moment though, Spain’s natural gas reserves located in Guadalajara, Huesca and Vizcaya are at 58.9%; this is twice the minimum security stock established by the Corporation for Strategic Reserves of Petroleum Products (CORES) and represents the equivalent of 40 days of consumption.
Spain, therefore, is in a much stronger position than our neighbours in Europe, whose reserves are only at around 40%.
On top of the reserves, Spain expects to receive around 56 ships carrying liquefied gas before the end of March to further top up the supply.
Image: Iberdrola
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