gas

In Spain 10th March 2026

Utility companies suspend fixed-price electricity and gas contracts due to Iran crisis

The wholesale price of gas has surged from less than €30 per megawatt-hour (MWh) just a few weeks ago to over €60 per MWh, representing an increase of more than 100%. Consequently, several energy-intensive companies have recently received letters from their gas suppliers warning that the sudden spike in wholesale market prices—stemming from the U.S. and Israeli offensive against Iran—makes it impossible to maintain the previous pricing conditions. The suppliers…

Spanish economy 11th September 2025

Europe has gas but doesn’t exploit it, “because we are sustainable, so we commit to buying it from the US. A fantastic exercise in continental hypocrisy,” explains Repsol CEO

Europe has significant gas fields in the Netherlands, the North Sea, Poland, and Spain, but they are not exploited. “We say we don’t do it because we are sustainable, and then we make a commitment to buy it from the US, which is a fantastic exercise in continental hypocrisy,” says Repsol’s CEO, Josu Jon Imaz. This is because “these products are then imported, increasing carbon dioxide (CO2) emissions in the…

In Spain 19th September 2023

Spanish gas reserves at full capacity

On 14 September, Spanish gas reserves reached 100% of their capacity, 24 percentage points above the level recorded on the same day last year. This level has allowed the quotation in MIBGAS to remain at an average daily price of €34.80/MWh in the first fortnight. Imports from Algeria remain very solid, at almost 70 mcm/d. In August, 25 LNG tankers unloaded, the same as last year, and in this first…

European economy 28th August 2023

Europe’s gas storage at 90%

Santander | Europe’s gas storage reached 90% of storage capacity on August 16, well ahead of the EU’s requirement to reach that level by November 1, which marks the start of the winter heating season. European Energy Commissioner, Kadri Simson, commented that this “underlines that the EU is well prepared for winter, which will help to further stabilise markets in the coming months. The EU energy market is in a…

European economy 9th March 2023

Gas prices plummet following mild weather conditions

Caixabank Research | Natural gas prices have decreased almost 45% since the beginning of the year, but the outlook remains challenging. The warm start of the year alongside the uptick in LNG imports in Europe since Q4-22, have left European natural gas storages at historical maximums at the end of February (60% vs 40% last 5-year February average). Looking ahead, we have revised prices down for 2023 (to €113/MWh average…

Spanish economy 12th January 2023

Spanish LNG purchases from Russia up 45% in 2022

Spain has increased its imports of liquefied natural gas (LNG) from Moscow by 45%, according to data from the latest Enagás statistical bulletin, published by El Periódico de la Energía. According to the newspaper La Vanguardia, it all started when Algeria closed the Maghreb-Europe gas pipeline (GME), one of the two that supply Spain, after the spanish government changed its position to favour Morocco’s claims over the Sahara, in the…

European economy 20th December 2022

EU launches ‘gas cap’ (€180 MW/h) full of exceptions

A record six (mostly extraordinary) meetings were held in the end and the last one produced a white smoke: an agreement to impose a €180 cap on the price of imported gas. The new ‘gas market correction mechanism’ will operate with a double safety key. It will be triggered automatically when, for 3 consecutive days, the price on the Dutch TTF market reaches 180 euros per megawatt hour (MWh). But…

European economy 13th December 2022

Gas consumption in Europe fell by 19% in November

In Europe, in November, the fall in natural gas demand was 19%, much more than the 15% drop estimated by the EU. In addition, November is the first month in which we can see how the residential and commercial segment is reacting to higher energy prices. Demand from the industrial customer has already been falling for several months (-28% vs 5 year average) and has not been surprising. But the…

European economy, European politics 21st October 2022

Sánchez, Macron And Costa Agree To Bury Midcat And Replace It With “A Green Corridor” Between Barcelona And Marseille

Pedro Sánchez, Emmanuel Macron and António Costa (who, for Portugal, has also been part of the dialogue) have decided to discard the gas pipeline that had been proposed through the Pyrenees, the MidCat. They have agreed that a new project, BarMar, will replace it. This is an underwater gas (or hydro-product) pipeline that will link Barcelona and Marseille via the Mediterranean Sea bed. This solution, however, has its cost: the…

European economy, Interviews 19th October 2022

“Carbon Prices Are Having Perverse Effects”

Carlos Schwartz | Natalia Fabra is a director of Enagás and chair of the European programme “CURRENT TOOLS AND POLICY CHALLENGES IN ELECTRICITY MARKETS”. Q:There seems to be a shift in thinking about pricing mechanisms in the energy sector at the moment. A: Yes, it is part of the paradigm shift. It has been realised that, in the case of the electricity market, it is not correct to remunerate power…

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