Underground gas storage in Spain is currently filled to 78% of capacity, with storage levels approaching the Brussels recommendation to maintain at least 40% in early spring. This buffering is aimed at ensuring a more secure stance heading into next winter.
Three national storage facilities—Serrablo in Huesca, Gaviota in Bizkaia, and Yela in Guadalajara—reported a total of 27.6 TWh as of March 20, according to Gas Infrastructure Europe (GIE). This volume equals about 29 days of national consumption during winter.
One year ago, during the early days of Russia’s invasion of Ukraine and as Brussels urged replenishment ahead of the recently ended winter, Spain held a storage level of 58% with 19.9 TWh.
Brussels’ push to rapidly bolster gas reserves contributed to record highs in the gas price last summer, exceeding 300 euros per MWh in some markets.
Nevertheless, both in March 2022 and today, Spain’s warehouses remain well above the European average, a margin supported by diversified suppliers, notably the United States, and a rise in LNG purchases.
Across the European Union, reserves average 55.8% with total stored gas around 626.5 TWh. That figure is more than double what Europe had a year earlier, when only 25.8% of full reserves were in place. The current level sits at 286.9 TWh.
Spain shows strong storage discipline
With these figures, Spain stands among the best aligned EU members. Its target for the upcoming winter is considerably more ambitious than this year’s, requiring European partners to fill about 90% of their reserves by November.
Only Portugal (about 95.5%) and Sweden (about 95.2%) surpass Spain’s occupancy percentage, making Spain the third best in this regard among EU members. In absolute terms, Germany (159.8 TWh), Italy (109.9 TWh), and the Netherlands (81.6 TWh) stored the most gas at the end of the winter, yet each has room for improvement, with current reservations around 60% full.
Austria (63.9 TWh), France (38.8 TWh), and Hungary (30.8 TWh) have more gas stored, but they do not exceed the occupancy rate of the top three national stocks. Spain, however, benefits from multiple regasification plants that boost flexibility. The IEA recently warned of potential supply problems in Europe in the coming months, especially if Chinese demand rebounds.
LNG facilities operate at roughly 45% capacity
Six regasification plants in Spain—Barcelona, Cartagena, Huelva, Gijón, Bilbao, and Sagunto—are currently operating at about 45% of their capacity. This translates to roughly 11.6 additional TWh, enough to cover about two weeks of national gas consumption, strengthening Spain’s buffer alongside underground reserves and regasification capacity. This combination could bring winter demand coverage to about 36–40 days on average.
Cartagena (Murcia) and Bilbao boast the highest regasification capacity and occupancy rates, at roughly 74% and 86%, respectively, underscoring their critical role in Spain’s gas system.
Gas prices show signs of stabilization
On the price front, both Europe and Spain appear better positioned for the coming winter compared with the previous year. The Dutch TTF market has fallen below 40 euros per MWh this week, a relief after last year’s spike. This value remains far below the hundreds of euros seen during the peak in 2022. While such declines reduce near-term market risk, analysts warn that ongoing geopolitical and economic uncertainties could reintroduce volatility in the coming months.
In Spain, prices have stayed under 60 euros per MWh in the Iberian Market (Mibgas) since the start of the year, helped by a warmer winter and government signals to limit gas usage and bolster energy security. The overall picture points to a more resilient gas system for Spain and its European partners as winter approaches, with a mix of storage, LNG imports, and regasification capacity providing additional buffers [IEA attribution].