Sanchez also recalled that Spain represents 37% of the total regasification capacity of the EU and, together with Portugal, it has about half of the EU’s LNG storage and the Iberian peninsula concentrates close to 50% of that LNG extract for the EU.
Speaking to CNBC, Sanchez also noted that Spain has a «very strong presence in renewables», which he believes are more competitive than gas.
He said:
- Renewable energies, hydrogen and energy efficiency, are not only a great ally for countries and economies to face the efforts of climate change but in this geopolitical scenario so complex and so uncertain, they will also provide us with the means to increase our resilience and autonomy
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
In the medium term, Libya and Algeria have ample scope to increase their supplies to the EU.