Room for additional measures to mitigate impact of war on energy markets – EURACTIV.com

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“There is room” for further action at EU level to mitigate the impact of the war in Ukraine on energy supply and prices, Spain’s transition minister said on Monday ecological, Teresa Ribera, adding that this can also be done at national level in Europe. , EURACTIV partner EFE reported.

Ribera, who took part in an online workshop organized by Expansión from Brussels on Monday, said there was still room in the EU for new measures to ensure the energy supply of the most vulnerable consumers. , to bring energy prices closer to costs and to correct the imbalances in the costs associated with each electricity generation technology.

“The biggest problem we are facing right now is Europe’s huge dependence on suppliers of basic raw materials for energy security,” she said.

In the same workshop, the Executive Director of the International Energy Agency (IEA), Fatih Birol, called on governments to adopt measures to mitigate the effect of Ukraine’s invasion on European economies.

“Governments need to minimize the impact on energy prices,” Birol said. This is necessary to address “how Europe can reduce gas imports from Russia”, he insisted.

Portugal “invited” Spain on Monday to create an “Iberian alternative”, as part of a joint effort between Lisbon and Madrid, to help supply the rest of Europe with natural gas through a “common gas pipeline”. , El Mundo reported on Monday.

Ribera, however, pointed out that the idea is, for now at least, not feasible.

She added that Spain is in a better position than other EU member states, which are more dependent on Russian gas, such as Germany.

Madrid is committed to using all available resources to invest more in self-consumption, local energy solutions and to accelerate the energy transition, Ribera stressed.

Spain has a third of the total regasification capacity in Europe, although there is a ‘bottleneck’ in the form of the lack of interconnections beyond the Pyrenees with the Central European gas system .

Despite this, the large capacity offered by the Spanish regasification terminals would provide a guarantee and proximity to consumers in the rest of Europe. This is one of the axes promoted by the European Commission, with the coordination of gas storage and the constitution of compulsory strategic reserves for gas, as is the case for oil.

In any case, the adjustment should not be caused by a reduction in demand due to the fall in industrial production, but rather by smarter consumption, promoting efficiency, the minister insisted.

Asked about the existence of a European consensus on the electricity pricing system in Europe, she replied that there is a consensus on “the seriousness of the situation we are going through” and the need to find appropriate responses.

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