MADRID (Reuters) – Spanish Energy Minister Sara Aagesen said on Thursday she did not see any risk in Europe’s growing reliance on liquefied natural gas from the United States amid threats by President Donald Trump to escalate a wider global trade war.
Imports of U.S. gas have grown substantially, she said, though the U.S. business model meant that “we do not see any risk from the entry of American gas in Europe.”
“American gas has a fundamental role, but there are also other (exporting) states, such as Qatar, and there is diversification,” she told reporters in Madrid, adding that Europe still needed to think about its future strategic autonomy, with less imported gas and more renewable energy production.
Thanks to the largest stable of import terminals in the European Union, Spain has become the top re-exporter of sea-borne liquefied gas supply in the region as Russian exports through pipelines have plummeted following the war in Ukraine.
Initially, Spain’s LNG imports from Russia soared, but recently supply from the U.S. has replaced Russian imports and become the main source of gas for Spain.
Still, Aagesen said the European Union needed a plan to wean itself off Russian gas without hurting households and industries.
She said Spain would approve a 700 million euro ($759 million) subsidy for energy storage investments.
($1 = 0.9225 euros)
(Reporting by Pietro Lombardi, editing by Inti Landauro and Bernadette Baum)
Comments