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Date Published: 18/02/2025

Spain is now the second-largest importer of Russian gas in Europe

Europe is pushing gas restriction policies to reduce Spain’s dependence on Russian fuel

Spain has emerged as the second largest European importer of Russian liquefied natural gas (LNG) in 2024, trailing only France. This development comes despite Spain's efforts to reduce its reliance on Russian fuel, with LNG imports plummeting by 28% to 18 billion cubic meters (bcm) last year.

According to the European LNG Tracker, prepared by the Institute for Energy Economics and Financial Analysis (IEEFA), Russia remains the top supplier of LNG to Spain, accounting for 35% of total imports.

However, this trend is a far cry from the dramatic surge in Russian gas imports that Spain experienced in 2023. Just a month before the EU imposed another embargo on Russian exports, LNG imports from Russia skyrocketed by a staggering 192.5%.

This sudden increase propelled Russia to the fourth-largest supplier of natural gas to Spain, behind Algeria, the US and Nigeria. Russian gas went from making up a mere 5.8% of total imports in 2022 to a significant 19.2% in 2023.

Fast-forward to 2024, and the landscape has shifted once again. While Russian LNG still dominates Spain's imports, the US has emerged as a close second, accounting for 30% of the market share. However, US LNG imports also declined by 27% last year, to 5.4 bcm.

Algeria, Nigeria, and Qatar round out the top suppliers of liquefied gas to Spain, with 12%, 12% and 6% market shares, respectively.

But why does Spain rely so heavily on Russia despite the almost global disapproval? The answer lies in this country’s extensive regasification capacity, which stands at 67.1 bcm - the largest in all of Europe. This enables Spain to receive LNG shipments on behalf of other countries that lack the necessary infrastructure, making it a critical hub for European energy trade.

“EU efforts to curb gas demand have been crucial to maintaining the continent’s energy supply security. However, with EU gas demand remaining flat last year, further work is needed to diversify energy supplies and reduce Europe’s exposure to LNG market volatility,” said Ana Maria Jaller-Makarewicz, IEEFA’s Senior Energy Analyst for Europe.

The report's data show that liquefied gas demand across Europe will fall by 19% in 2025, with demand already at its lowest level in 11 years. The reasons include Europe's strong push for renewable energy since the start of the war in Ukraine and gas restriction policies to wean itself off Russian dependence - a push that should continue, according to the IEEFA.

In other news: Spain heading for second winter without a cold snap

Image: Freepik

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