The increase is comparable to that of the rest of the other European markets. Nearly half of the gas was imported from Algeria (42.7%) and 8.9% was imported from Russia, according to the bulletin of the National Commission of Markets and Competition
Euskaraz irakurri: Gasaren prezioa % 500 baino gehiago igo zen Espainian 2021ean
the increase of gas price on the Spanish market it was exponential between December 2020 and December 2021, a month after the Russian invasion of Ukraine broke out.
Specifically, the price on the MIBGAS (Iberian Gas Market) was set at 1€ 8.11/MWh in December 2020 and increased to € 111.14/MWh (508.6% more) in December of the following year, as published by the CNMC in the 2021 Wholesale Gas Market Newsletter.
All this, in a context where the world production of LNG (liquefied natural gas) grew by 5% in 2021, mainly due to the increase in production in the United States (+50%), which is the third largest producer of the world, after Australia and Qatar.
The increase in LNG has been constant since the autumn of 2020, as a result of the economic recovery after the end of the pandemic, which reactivated the demand for hydrocarbons.
“In particular, the increasing demand for liquefied natural gas (LNG) in the Asian market is putting pressure on the price of the international LNG market, both in Asia and in Europe,” the bulletin said.
Already in the autumn of 2021, specifically in October, underground gas storage was at a very low level compared to the previous year, mainly due to “the restriction of Russian gas influx on the long-term contracted quantities and because of the uncertainty geopoliticsdue to the tensions between Russia and Ukraine, and the delay in the certification and start-up of the NordStream 2 Pipeline
Almost half gas, from Algeria
The main country supplying the Spanish market is during this period Algeria, with a rate of 42.7%, (16.6% more than in 2020); then they were: United States (14.2%), Nigeria (11.5%), Russia (8.9%) and Taste (6.3%).
“Own gas production (1,418 GWh), mainly from the recent Viura field (La Rioja), accounted for only 0.34% of the natural gas supply,” the report said.
Another notable fact is the cessation of supply to through the Maghreb gas pipelinedue to the lack of agreement between Algeria and Morocco to extend the gas transit contract.
Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
