A new gas pipeline could be an answer to the European energy crisis.
Key details
Spain’s energy and environment minister announced to local media on Friday that a pipeline from Spain to France is expected to be ready in nine months. When completed, it could increase Spain’s gas export capacity between 20% and 30%.
Officials in Germany and Portugal voiced their support for the pipeline.
Spain’s announcement follows Europe’s decision to decrease reliance on Russian fuel supplies. Before Russia’s invasion of Ukraine, Europe relied heavily on Russia for energy supplies.
Why it’s news
Following Russia’s invasion of Ukraine, many European countries have been trying to reduce their reliance on Russian supplies.
In response, Russia has reduced the flow of the Nord Stream 1 pipeline to 20% capacity, creating energy shortages across Europe.
Germany imports the majority of its gas and relies on gas for a fifth of its energy supply. Russia provides 32% of the nation’s gas. Germany also imports 34% of its crude oil and 53% of its hard coal from Russia.
In response to the energy shortage, Germany has been looking to incorporate more nuclear energy. This new pipeline could also be a solution to Germany’s energy concerns.
Backing up a bit
Before much of Europe decided to minimize reliance on Russia, Russia provided around 40% of European energy, Markets Insider reports.
In June 2022, the European Union established a partial embargo on Russian crude oil and petroleum products. The move was an attempt to put pressure on Russia to withdraw from Ukraine.
