Europe has reached the end of winter with depleted gas reserves. A country has a model to save it: Spain

This winter, which is coming to an end, is being colder than expected, something that as we have seen has caused havoc. Without going any further, there have been planes that have not been able to fly due to lack of antifreeze. If we talk about gas for heating, storage has also reached red numbers: the Netherlands has a reserve of approximately 12%, Germany and France are around 21%, according to AGSI data.

In this low-minimum scenario, there are two countries that deviate from the norm: Spain and Portugal, with reserves of 56.87% and 76.7%, respectively. Of course, the difference in capacity is abysmal: 3.57 TWh for the first and 35.9 TWh for the second. It is not a coincidence: it is that the Spanish state has a particular infrastructure that has led it to this point.

The context. The conflict between Ukraine and Russia that began in 2022 accelerated the independence of the old continent from Russian gas. Among the measures from Brussels, an emergency rule by which all EU member states had to start the winter with their gas reserves at 90% to ensure supply.

However, in 2025 the EU decided to maintain that 90% target. but relaxing the norm to optimize costs. This greater flexibility together with a harsher than expected winter has brought an end to winter with reserves that are at their lowest in the last five years.

The harsh European winter. In mid-January, deposits fell below 50%. If the winter ends with a capacity of 30%, Europe will have to inject 60 billion cubic meters of gas. To get an idea, approximately the annual gas consumption of all of Germany.

In short, Europe has to refill its tanks in the summer and it will need a lot of imported gas to do so, which means go out into the market and face other competitors and the logistics of bringing it here in an increasingly complicated geopolitical scenario.

The Spanish strategy. The Spanish gas storage system is based on two pillars: underground storage and LNG regasification. The second leg is providential, insofar as it is where Spain makes the difference and, furthermore, It is a powerhouse. In fact, Spain owns 35% of all LNG storage capacity in the EU, how Sedigas collects.

Its enormous regasification capacity enables diversification of origin, with USA as first supplier with 44.4% of the total gas and another 15 different countries later, according to Enagás data. Spain has an infrastructure of seven plants that makes it possible to receive LNG ships from different sources, thus ensuring supply in case any mishap (technical problems, conflicts, political decisions) fails.

Spain started the winter making decisions. Although the previous strategy gives it an advantage over other member states, Spain adopted a conservative strategy When facing this winter 25/26, adjusting to concentrate reserves in January and February, the coldest and with the most demand. A management decision to not waste that cushion prematurely.

He was absolutely right: in January gas consumption rose 10.2% compared to the previous year, with a 30% increase in that destined to generate electricity because renewables contributed less than expected.

Spain plays in another league. Thanks to its infrastructure, Spain no longer only consumes gas: it re-exports it. It has become a hub for redistributing gas to Europe as a kind of energy logistics platform, providing geopolitical and economic value to a state that, due to its geographical location, is isolated (which, for example, in the electrical field plays tricks on him)

Is there real risk? While it is true that widespread shortages are not expected, there are localized risks in Europe. As summarizes El Economista, Spain has precedents of similar levels, such as 2016, 2017, 2019, 2022, where supply was not compromised.

Of course, we will have to see what happens with the demand for LNG in summer globally, because it could make European replenishment significantly more expensive. In any case, Spain will get to that moment better than most. The scenario is not very rosy at the moment, precisely, with the Strait of Hormuz closed and the diplomatic crisis between Spain and the US, its main supplier.

In Xataka | Europe believed it had won the gas war against Russia. Now it faces a much more uncomfortable reality: its dependence on the United States.

In Xataka | The gas market becomes unpredictable: we have tanks full and ships on the way, but the price remains an enigma

Cover | Pronor