Repsol and Naturgy see Spain well positioned in the face of the energy crisis
The presidents of both companies warn that despite the level of reserves, the country will not be able to escape the effects of the closure of the Strait of Hormuz
Spain is "better positioned" than others in the energy crisis due to the closure of the Strait of Hormuz, due to the war in Iran, but it will not be able to escape its effects. This was stated by the presidents of Repsol, Antoni Brufau, and Naturgy, Francisco Reynés, during a round table within the framework of the Annual Meeting of the Cercle d'Economia, held in Barcelona.
During this dialogue, the two senior executives agreed that Spain has more reserves and strategic facilities, such as the gas pipeline with Algeria. However, the country "will not escape" suffering the consequences of the energy shock, stated Reynés. And Brufau warned that it is a "great risk for Europe to look to China and not to the United States" and called for following the American example in fossil fuels.
They also warned that the energy regulation of the European Union (EU) and its determined commitment to sustainability and decarbonization above other criteria are detrimental to the industry of the Old Continent, which suffers from higher energy costs than in other parts of the world.
In their speeches, both executives thus referred to European policy in environmental and energy matters. Brufau was particularly critical of the EU and called it a "huge mistake" that it has opted, in his opinion, solely for electrification and decarbonization.
The president of Repsol assured that "it is difficult" for the EU to be an advanced region "if the weight of industry counts for nothing", and warned of the risk of continuing to lose industrial weight in the coming decades.
However, he assured that, despite this complete commitment to decarbonization, the latest European industrial acceleration regulation represents a "good sign". Brufau denounced that currently European industry pays more for energy than that of the US or China, and in addition, it has to face the "penalty" of paying between 70 and 100 euros per ton of emissions.
For his part, Reynés opined that "there is no" energy policy as such in Europe, but rather, it has approved "a regulation" that causes energy costs to increase for industry. "Europe can make whatever decision it wants, but it must explain and detail it," said Reynés, who added that "no one is expected to be right, but rather to make a decision with a criterion and explain it".
Reynés has argued that "if the consequence" of these decisions is "to go in a direction that affects the planet very little in general and, on the other hand, makes us less competitive in industry", then it must be explained, but "it cannot be making decisions without thinking about the consequences", he added.
Brufau has assured that Europe barely accounts for 6% of the total polluting emissions in the world and that, on the other hand, it has focused its entire energy strategy on sustainability, apart from the industrial strategy, which in his opinion represents "an outrage". And this is so because everything has been based on "decarbonizing the economy", leaving aside competitiveness and security of supply.
