In the early months of 2023, U.S. liquefied natural gas (LNG) has accounted for nearly a third of Spain’s total gas imports. Data shows that from January to February, American LNG imports rose to 31.8%, up from just over 27% during the same period last year. This increase came at the expense of dwindling imports from Russia, reflecting Europe’s increasing reliance on U.S. energy in response to cold weather and heightened market prices. During the first two months of the year, Spain imported approximately 19,711 gigawatt-hours (GWh) of gas from the United States, representing a significant rise from 17,454 GWh during the same timeframe in 2022.
This positions the U.S. as the foremost supplier of natural gas to Spain, surpassing Algeria for the first time in many years. The shift underscores a growing strategic alignment as Spain looks to diversify its energy sources. Despite an overall decline of almost 3% in Spain’s gas demand, the market share of U.S. gas imports has increased. Conversely, Russian LNG imports have seen a dramatic decrease, plummeting by about 38% in both absolute terms and as a percentage of total imported gas.
The share of Russian LNG fell from 22% in 2022 to just 14% this year, signifying a major shift in supply dynamics for Spain and for Europe as a whole. This change not only highlights the evolving landscape of energy imports but also reflects broader geopolitical trends influencing global energy markets in 2023.