Spain paints itself as the answer to Europe’s Russian energy problem

The President of the Spanish Government, Pedro Sanchez.

Europa Press News | Europa Press | Getty Images

Spanish Prime Minister Pedro Sanchez has said that his country – and southern Europe more broadly – could respond to the shortage of gas supplies from Russia as the region seeks to double sanctions against Moscow.

“Spain and, I would say, southern Europe, will have the opportunity to respond to this energy dependence of Russia’s fossil fuels,” Sanchez told CNBC at the World Economic Forum in Davos late Monday.

Sanchez highlighted that Spain represents 37% of the total restructuring capacity of the European Union – where liquefied natural gas becomes the last product of natural gas. He added that the Iberian Peninsula, which is occupied by Spain and Portugal, has about half of the EU’s LNG storage.

“This war has also taught us a very important lesson, which is that renewable energy, hydrogen, energy efficiency is not only a great partner for the country and the economy in tackling climate change, but also our resilience and autonomy in this highly complex and highly uncertain geopolitical situation.” It will also provide ways to increase, ”he added.

As Madrid is one of the most vocal capitals on the need for European action to reduce consumer prices, the issue of energy security – and rising fuel prices – is at the center of Spain’s political debate.

Together with neighboring Portugal, Spain has introduced a temporary cap on natural gas and coal prices – a move that sets them apart from the rest of the European Union.

Sanchez said the EU’s energy market was not ready to respond to the current crisis.

“This is the beginning of a big reflection that we have to face at the European level,” he said.

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