Due to a sharp cold snap and heavy snowfalls, Spain has increased its consumption of liquefied natural gas (LNG) to an absolute record in history, Interfax reports.
According to the Gas Infrastructure Europe portal, from January 7 to 9, Spanish LNG terminals delivered 99 million cubic meters of gas per day, although in December this figure averaged 42 million. The same amount of regasified LNG was accepted in all other EU countries combined.
This situation has led to a sharp increase in the cost of gas at the Spanish PVB hub. On Monday, it rose to $ 660 per thousand cubic meters, although ten days ago it was more than twice as low.
In 2019, Spain provided 61 percent of its natural gas needs from LNG, and in 2020 bypassed France in imports and became the leader in the EU. The country is the eighth largest LNG importer in the world and the 28th largest gas consumption country overall. Its largest suppliers are the USA, Russia, Qatar, Trinidad and Tobago and Nigeria.
In general, Europe is experiencing a record extraction of gas from underground storage – in January it is 30 percent higher than over the past five years on average. This situation is associated with both the cold winter and gas shortages in Asia, where prices soared above $ 700 per thousand cubic meters.