Spain does not see any risk in increasing its reliance on U.S. Liquefied Gas

Sara Aagesen, Spanish Energy Minister, said that she saw no risk in Europe’s growing dependence on US liquefied gas despite President Donald Trump’s threats to escalate the global trade war.

She said that imports of U.S. natural gas had grown significantly, but the U.S. model of business meant "we don't see any risks from the entry into Europe of American gas."

She told reporters in Madrid that "American gas plays a crucial role but there are other (exporting states) such as Qatar and diversification." Europe must still think about its future autonomy with less imported natural gas and more renewable energies.

Spain is now the leading re-exporter in the area of liquefied natural gas via seaborne transport. This is due to the fact that Russian exports by pipeline have dropped dramatically since the Ukraine war.

In the beginning, Spain's LNG exports to Russia were astronomical, but in recent years, the U.S. supply has replaced Russian imports as the primary source of gas.

Aagesen says that the European Union needs a plan for weaning itself off Russian Gas without harming its households and industries.

She stated that Spain would approve 700 million euros ($759 millions) in subsidies for energy storage investment.

(source: Reuters)