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

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 his country — and southern Europe more broadly — could provide an answer to the shortfall in gas supplies from Russia as the region looks to double down on sanctions against 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 told CNBC at the World Economic Forum in Davos late Monday.

Sanchez highlighted that Spain represents 37% of the European Union’s total regasification capacity — where liquefied natural gas is turned back into the end product of natural gas. He also said the Iberian Peninsula, occupied by Spain and Portugal, is home to around 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.

The issue of energy security — and soaring energy prices — has been front and center in the political debate in Spain, with Madrid being one of the most vocal capitals about the need for European action to bring down prices for consumers.

Together with neighboring Portugal, Spain has introduced a temporary cap on the price of natural gas and coal — a move that sets them apart from most of the rest of the EU.

Sanchez said the EU’s energy market is not fit to respond to the current crisis.

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



Source

Asia markets set to fall as U.S. trade talks with China hang in the balance
World

Asia markets set to fall as U.S. trade talks with China hang in the balance

Opening calls Happy mid-week from Singapore. Asia markets are poised for a lower open. Futures for Hong Kong’s Hang Seng Index stood at 25,344, pointing to a weaker open compared with the HSI’s last close of 25,524.45 Similarly, Australia’s S&P/ASX 200 was set to start the day lower with futures tied to the benchmark at 8,662, compared with its […]

Read More
Google execs say employees have to ‘be more AI-savvy’ as competition ramps up
World

Google execs say employees have to ‘be more AI-savvy’ as competition ramps up

Alphabet CEO Sundar Pichai during the Google I/O developers conference in Mountain View, California, on May 10, 2023. David Paul Morris | Bloomberg | Getty Images Google executives are pushing employees to act with more urgency in their use of artificial intelligence as the company looks for ways to cut costs. That was the message […]

Read More
AstraZeneca CEO doubles down on U.S. amid rumors of listing shift
World

AstraZeneca CEO doubles down on U.S. amid rumors of listing shift

A view of the AstraZeneca office in Mölndal, Sweden, on September 12, 2024. Nurphoto | Getty Images AstraZeneca CEO Pascal Soriot on Tuesday reiterated the pharmaceutical firm’s commitment to the U.S. market amid reports that he is considering shifting its listing stateside. Soriot said the U.K.-listed company had many reasons to be in the U.S., […]

Read More