Repsol warns of supply risk in Europe next winter as Russian gas fails to replace

This European Union It has offered to reduce its reliance on gas from Russia and has set itself a target of reducing imports by two-thirds by the end of the year. The largest Spanish oil company warns of the difficulties Europe will face in substituting Russian gas, and Problems that European countries may face next winter.

Josu Jon Imaz, CEO of Repsol, stressed this Wednesday “There is practically no way to cover 40% of it. gas In Europe, and this will provoke a “brutal tension”. In his speech at the Business Meeting organized by the Basque employers’ association Cebek in Bilbao, he said, “Today, 150 billion cubic meters of natural gas that Europe buys from Russia cannot be replaced.” Pandemic and war years in Europe: How companies face new challenges”.

Imaz warned that the community had to make a “very important” effort. reduce consumption and accelerate renewable generation as much as possibleEuropa Press warned there is a supply security issue that will “have a dramatic impact” in the next six or seven months. “We need to think about how we’re going to address the supply security risks that may arise in the coming months,” he said.

Gas cap, “reasonable”

Isolating himself from the criticism made by the big electricity companies, Repsol CEO finds it “reasonable” to temporarily limit gas prices to reduce electricity in Spain and Portugal in a time like today. “Regulatory Spain is a stable country”argued.

Imaz provided this. Needs “stability” and “vague” signals cannot be given, but he believes Spain is a “regularly stable country” and is “among the best in the world for places in the world for stability and investment”.

Josu Jon Imaz, after stating that free markets should be separated from regulated markets, pointed out that there should be a regulation in this regulated market. “reasonable combination of consumer and producer interests”. As a producer, Imaz stated that in a period of “distortion” caused by high gas prices like the current one, it “sees it reasonable to pay those who have to produce gas by combined cycle”. at this price and with a reasonable return”.

Imaz stated that he can understand why the central government, together with Portugal, chose to temporarily consider this “energy island” and raise gas prices. After stating that renewable energies will not be abandoned, he thinks it is “absolutely reasonable” for the consumer as well.

Iberdrola vs. Iberian exception

At the same event, Armando Martínez, Business General Manager of the Iberdrola group, underlined that Spain and Portugal’s approach to capping the gas price will not “attack” the energy prices problem in the Province of Spain. due to a “Badly designed regulated tariff”.

A person keeps an electricity bill. Archive


Martínez pointed out that energy prices have risen due to “expensive” gas, and noted that the problem with prices in Spain is a “badly designed regulated tariff”. “What is unbelievable is that the most vulnerable customers are at a regulated rate that fluctuates daily… It is as if the pensions of our elders fluctuate with the price of mountain goats every day,” he said.

“If every day vulnerable customers, two million families, see their energy rise to 200 euros, you have a social problem but it’s not a structural problem The Iberdrola executive stressed a year ago that there was a “stable” energy situation and that the vulnerable should be protected against high energy prices. Protecting these groups “isn’t that big of a deal”: they’re “going to be 300 million and the State 4,000 million”, so he believes it can “solve”.

The person responsible for Iberdrola is the one who can’t “change the rules of the game” Based on the gas cap to be approved by the Government when a problem arises. “Prices are going up and now we’re changing the rules, that wasn’t bad, it was reversing. Spain has a huge portfolio of renewable energy and now it’s stalling because the message is being sent that prices are too high. The problem is green energy,” he said.

Source: Informacion

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