Spain's gas demand soars as power plants burn more since blackout
Conventional power plants like gas-fired combined cycle plants provide more stability to the grid's voltage than renewable sources such as wind farms and photovoltaic panels.
As a result, overall national gas demand rose 5.6% in the first half of the year, boosted by a 41.2% increase in demand to generate electricity, Enagas said.
Gas exports also rose in the period, in particular flows to France to fill its underground storage. Spain does not produce natural gas but re-exports gas shipped from producers such as the United States, Qatar and Russia to other European countries.
"Gas infrastructure plays a critical role in ensuring the security of the energy and electricity system and enabling the energy transition in Spain and Europe," Enagas Chief Executive Arturo Gonzalo said on Tuesday.
Spain's own underground gas storage facilities are over 75% full, he said, adding that this is above the 64% minimum the European Commission set for July 2025.
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Telegraph
11 minutes ago
- Telegraph
Switzerland scrambles after Trump makes it Europe's biggest loser
For more than 200 years, Switzerland's approach to foreign policy has been to stay neutral. Yet when it comes to Donald Trump, a man who demands loyalty, neutrality doesn't get you much. The peace-loving Alpine nation has found itself at the forefront of Trump's erratic trade war, with exports such as Swiss chocolate and watches now subject to US tariffs of 39pc. 'Basically, we are all shocked,' says Jan Atteslander from Economiesuisse, a business lobby organisation representing 100,000 businesses in the country. 'We are one of the most open economic partners of the US. We have no tariff and non-tariff barriers for US goods or services. We are number six for foreign direct [investment] in the US. 'In this context, to find early on Friday, at 3am, that you are among the four countries that have – by way out now – the highest import tariffs in the US across the board, it's really a shock.' The outcome could hardly be worse: Only Syria, Laos and Myanmar face steeper rates than Switzerland of up to 41pc. Even Taliban-run Afghanistan was handed a more favourable deal of 15pc. To add insult to injury, the announcement came on Switzerland's National Day. 'There are two days in the year – one is Christmas, and the other one is Aug 1 – where normal people are on holiday,' shrugs Atteslander. The tariff shock has left Bern scrambling. Karin Keller-Sutter, the Swiss president, and Guy Parmelin, the economy minister, are flying to the US on Tuesday for crisis talks. It comes after a disastrous last-ditch call between the Swiss leader and Trump late on Thursday. The unexpected tariff blow has unleashed anger and soul-searching in Switzerland, with the tabloid Blick declaring it the country's greatest defeat since a battle against France in 1515, which ushered in its policy of international neutrality. 'We're joining the Canadians in protest against the US,' says Nikolay Markov, an economist at Pictet Asset Management in Geneva. He argues that the Swiss shouldn't have been caught flat-footed. 'It shouldn't be surprising because Switzerland has a significant trade surplus with the US. That's one of the reasons why Switzerland is on the monitoring watch list of the US treasury,' he says. Switzerland sold £28.8bn more goods to the US last year than it bought, with £47.6bn-worth of items heading to America. Exports range from luxury watches to precision instruments such as pneumatic screwdrivers and micrometres to medicines and Nespresso pods. Its trade surplus with the world's largest economy grew by 56.1pc from 2023. Trump initially subjected Switzerland to import duties of 31pc on 'liberation day' on April 2. Most goods exports, apart from pharmaceuticals and gold, will be subject to the new tariff from Thursday unless Keller-Sutter can strike a better deal. The US president has demanded that Swiss drugmakers lower their prices, an issue that may well come up in negotiations. Swiss business leaders and politicians are, for now trying to keep cool heads, hoping that this will be another example of the phenomenon that traders refer to as 'Taco': Trump always chickens out. While the president likes to announce large headline rates, he tends to use them as a bludgeon to negotiate better deals rather than following through. The stakes are high. Markov says he initially expected tariffs to shave 0.2pc of the Swiss economy's growth. 'Now it's 1.8pc, so it implies no growth for Switzerland in the coming year. It really changes the economic outlook – potentially materially,' he says. Such a knock to growth would plunge Switzerland into a technical recession and leave many workers unemployed. Chocolatiers are among those bracing for the impact. 'It's quite a shock because with tariffs at that level, it will be hard to serve the US market,' says Roger Wehrli. He is the Bern-based chief executive of Chocosuisse and Biscosuisse, trade bodies representing chocolatiers and confectionery makers. 'Combined with the exchange rate changes, this leads to an increase of costs in certain US markets by around 55pc compared to the beginning of the year,' he says. He warns that Switzerland being singled out leaves it particularly vulnerable. 'The UK has only a tariff of 10pc, the European Union 15pc. So our companies will have a comparative disadvantage. This leads to the conclusion that if this tariff remains, a lot of companies will pull out of the US market,' Wehrli says. The 39pc rate is beyond even the worst-case scenarios companies had planned for, Wehrli says. He also fears the wider damage to the Swiss economy. 'When we look at this economy in general, we export around 15pc to the United States. I'm very much concerned. It will pose severe challenges to the labour market.' Atteslander at trade body Economiesuisse says: 'There are thousands of jobs at risk, but I can't really tell if it is really going to happen or not.' For now, companies like Swatch are temporarily able to rely on all of the stock they rushed into the US in the first half of the year. The watchmaker has enough sitting in US warehouses to last it for at least three to six months, according to its chief executive. Knife maker Victorinox, another Swiss brand, meanwhile, said it was looking to make its operations more efficient through automation and 'collaborative solutions with our distribution partners'. 'This is not the first big challenge these export companies have faced over the last 15 to 20 years,' says Atteslander. If 39pc tariffs do remain in place, companies could explore workarounds. One unlikely benefactor of Trump's trade offensive could be Slovenia, according to Markov, the economist in Geneva. 'Slovenia is a major trading partner and is part of the European Union and the eurozone, so they're subject to 15pc tariffs. Switzerland could, to some extent, bypass the 39pc tariffs by exporting to Slovenia for re-exports to the US.' Swiss pharmaceuticals have already invested billions into production facilities in the small central European nation. Other industries could follow. Ultimately, though, Swiss leaders will be hoping to avoid all that. The federal council – the country's governing cabinet – on Monday said Switzerland was prepared to make a 'more attractive offer' to Trump in an effort to negotiate lower tariffs.
Telegraph
11 minutes ago
- Telegraph
Where to buy a beautiful house in France for less than £100,000
It's hard not to marvel at just how far your money goes in lovely pockets of rural France. A cute village house with dove-grey shutters, an apartment in a bustling mountain town, or even a four-bedroom house in a bastide – these are all options for just £100,000. This is even the case now that French property has emerged from its slump: latest national sales figures from Notaires de France from April showed the number of transactions was up 3pc on October last year. But how to find a bargain? 'Be willing to step outside high-demand zones and consider renovation work,' says Benoît Galy, of property website Think about what you might compromise on, adds Daniela Harris of Beaux Villages Immobilier, an international associate of Savills. 'A property within walking distance to a boulangerie will command a premium. Are you prepared to get in the car for a five-minute drive instead?' A recent report by Safer, the French land agency, showed that overseas buyers make up more than 10pc of all sales in Poitou-Charentes, Limousin and Dordogne. 'Part of the attraction is that all three of these regions offer such terrific value for money, and finding a beautiful property for under £100,000 is absolutely possible,' says Graham Downie, of Leggett Immobilier, an estate agency. But other areas are good hunting grounds too. Here's proof that you can find tempting properties across France. Haute-Garonne (Pyrenees) For outdoorsy types, the Pyrenees offers much better value than the Alps, as well as that Catalan twist. Take a look at the elegant old spa town of Bagnères-de-Luchon – known as the Queen of the Pyrenees – and the surrounding villages for an affordable dual-season home. For active types, the Tour de France regularly passes by, and there's a swimming lake, hikes and cycling, paragliding, and horse-riding. There's also a vibrant summer scene of village fetes, live music in bars and many restaurants open all year round, and there's direct access to Superbagnères ski resort. As for transport options, the A64 motorway, which runs from the Mediterranean to the Atlantic, is nearby; Toulouse airport is a little under 90 minutes away; while Tarbes/Lourdes airport is around a 70-minute drive. It is possible to buy a one-bedroom apartment in Luchon for under €100,000 with strong holiday rental potential, says Carole Macgregor of Leggett. The agent has a furnished one-bedder with private parking priced at €99,000. Properties in the surrounding villages can be cheaper and you can find a good choice of small houses or apartments for just over €100,000, such as a three-bedroom apartment with a huge private terrace in a scenic village for €115,000. Cher, Centre-Val de Loire Packed with recreational lakes, forest walks within easy driving access, and trains to Paris or the airport at Clermont-Ferrand (an hour and 15 minutes journey), this pocket of central France is popular with Parisians seeking a country escape, along with the Dutch and Belgians, who can drive there. It's a five-hour drive from Dieppe. Consider this area if you want to escape the crowds. 'It's one of the least occupied areas of France, but ideal for the Jacques Coeur walk – a circuit of historical monuments and chateaux – as well as the Puy de Dôme for hiking, hang-gliding and skiing,' says Shelley Brackenridge of Leggett. However, it's not completely off the beaten track. ' Gîte owners do often stop by to break up journeys to other parts of France,' she adds. And your money goes far. Currently for sale is a five-bedroom house in a pretty hamlet near Le Châtelet for €119,900, and a three-bedroom cottage on the edge of the Tronçais forest for €117,720, both from Leggett. Nièvre, central-east France Look to the often-overlooked département 58 for a peaceful home in the heart of nature. 'Close to the Parc Naturel Régional du Morvan, it is possible to spend hours exploring without meeting anyone,' says Galy. 'Far from the bustling tourist trails, it offers a sincere rural lifestyle with lush landscapes, historic villages, Burgundy's famous vineyards and friendly local communities.' It's a six-hour drive down from Calais, while you can get from Clermont-Ferrand airport in two and a half hours. This part of the Bourgogne-Franche-Comté region is a top-three location for searches of less than €100,000 on In 2024, over 3,000 real estate transactions were recorded in Nièvre, according to the council of Notaries, with a price per transaction averaging €90,000 for a typical 95sq m property. You can get a cute one-bedroom detached cottage in Luxy for €98,000, or a three-bedroom house with a basement for €99,000 (through the agent). Orne, Normandy Easiest to reach, full of history and packed with potential for tourism businesses, Normandy is as popular as ever with British home hunters – especially with those who prefer to drive rather than fly, or to avoid the increasingly hot summers of the south. The D-Day beaches and Bayeux Tapestry attract visitors from all over the world, and away from the coast there are plenty of options for under £100,000 – with scope for B&B or gîte income. Valley of the Orne spans Calvados and Orne departments, and has affordable homes tucked away in quaint hamlets, the lakes of La Ferrière-aux-Étangs, Château de Domfront and the rugged gorges of this area known as 'Norman Switzerland'. Rita Bryan, of Leggett, picks out Chanu as a good example of a vibrant village hub with a welcoming atmosphere, where you can find a four-bedroom house for €120,000. There is no need to take on a major project, she says. 'You can find many super little villages with flourishing restaurants, such as at Saint-Jean-des-Bois and Tinchebray-Bocage.' In the latter, a two-bedroom modern home costs €101,500. Or, if you do fancy a project, there's a four-bedroom detached house for €109,800. Northwest Charente With some of the charm of the Dordogne (rolling countryside, stone houses, sunflowers and vineyards) but lower prices, the Charente is nearly as popular these days. Life here is peaceful and authentic, says Peter Top from Leggett. 'You're surrounded by beautiful villages like Verteuil-sur-Charente or Nanteuil-en-Vallée, weekly markets, and gentle river landscapes and forests for cycling, walking and kayaking. 'There's also a strong community of international buyers, so you're never completely isolated,' he adds. Poitiers and Angoulême are closest TGV hubs (with links to Paris and Bordeaux), and airports like Poitiers, Limoges, and La Rochelle are all within reach. From the Channel ports, it's around six to seven hours' drive. Find stone farmhouses, barns with land, or small village houses to update. Currently for sale is a three-bedroom stone house fixer-upper for €75,000, or a two-bedroom house in Nanteuil-en-Vallée for €86,000 from Lot-et-Garonne For charming barns, stunning views and charming bastides, look to the Lot-et-Garonne, and especially around Villeneuve-sur-Lot. Straddling the River Lot, near Agen, the town of Villeneuve-sur-Lot is well known for its beautiful bastide (and its plums), and offers a weekly market, arcaded shops as well as boating and fishing. The nearby village of Pujols is officially listed as one of the most beautiful villages in France. It is an appealing destination for property buyers not wishing to sacrifice amenities and culture, says Galy. Only 4pc of homes sold in 2024 were second homes, so it's ideal for relocation – and it's halfway between the big cities and airports of Toulouse and Bordeaux. 'For around €100,000 you will need to do at least some refreshing,' he adds. Typical of this is a five-bedroom 1960s townhouse at €99,900. In Pujols, there's a four-bedroom detached house with wraparound balcony for £108,435 (possibly negotiable) through South Deux-Sèvres Between the Loire Valley and the Atlantic coast, Deux-Sèvres is one of France's best-kept secrets for UK buyers. With verdant valleys, woodland and characterful towns, it offers the kind of lifestyle many dream of. Easy access to airports such as Poitiers, La Rochelle and Nantes, as well as good road and rail links, make it a practical choice for second home owners or those looking to relocate. The Atlantic coast is just over an hour away, and larger towns like Niort and Parthenay offer more amenities, says Nicola Hancock of Leggett. 'A major draw for families is the internationally acclaimed Puy du Fou historical theme park – one of France's top attractions.' Sophie Stokes of Beaux Villages says you can find three to five-bedroom properties with outbuildings for around €115,000 in towns such as Bressuire, Chef-Boutonne, Sauzé-Vaussais, Melle, Brioux-sur-Boutonne and Celles-sur- Belle, or the peaceful village of Boussais. The agent is currently selling a lovely two-bedroom house near Sauzé-Vaussais for €109,000, while Leggett has a pretty three-bedroom house in Pamplie a bit over budget at €129,000. West Aude Don't assume that all of the south within easy reach of the Med is out of budget – look to pockets of the Aude in the Occitanie, suggests Daniela Harris. 'You can still find value-for-money gems that are not too close to the coast, with more variable climates rather than purely Mediterranean,' she says. She suggests Quillan, or anywhere around Limoux, Fanjeaux and Chalabre, where local investment into the communes will no doubt bear fruit, and there is hiking, cycling and wineries to hand. 'These locations still experience a mild climate and are not as hot as, say, the coast in summer, [they are] less crowded and have great swimming haunts nearby if you are wanting a beach but not the crowds.' Compromise on a garden to save money – go for a roof terraces or a small courtyard instead. You can also find apartments in nearby Carcassonne for that budget, one of the most under-valued cities in France. In the scenic village of Azille there's a three-bedroom property for €110,000 (through Savills), or a three-bedroom townhouse in Quillan for €71,000 (through
Reuters
11 minutes ago
- Reuters
European Q2 corporate profit outlook improves after U.S. trade deal
Aug 5 (Reuters) - The outlook for European corporate health has further improved, the latest earnings forecasts showed on Tuesday, after the European Union struck a framework trade deal with the U.S. a little more than a week ago. European companies are expected to report average growth of 3.1% in second-quarter earnings, LSEG I/B/E/S data shows. That is an increase from the 1.8% rise analysts had expected a week ago. Before the tariff deal, earnings had been expected to fall 0.3% in the quarter. This earnings season is the first to expose the impact of U.S. President Donald Trump's tariff-fueled trade war on corporate health. From last week, revenue is also expected to increase, the LSEG report showed. Analysts now expect a 2.0% fall, compared with a 3.3% drop expected before. It compares with a 3.0% increase in earnings and a 0.8% drop in revenues a year ago. After the EU agreement, Trump last Friday slapped new import tariffs on other countries, including a much higher 39% on EU-neighbour Switzerland. The framework trade agreement with the EU, which sets out a 15% import tariff, will apply broadly to EU goods from next month. But the trading bloc is still waiting on executive orders that would bring down the tariff on some products, a senior EU official said on Tuesday. The deal compares to a 30% tariff Trump had threatened to apply earlier in July. Before the agreement, U.S. President Trump's tariff policies have changed frequently since April, the most common start of the second fiscal quarter. Some were imposed while others were proposed and then delayed. German logistics giant DHL ( opens new tab on Tuesday confirmed its 2025 core profit expectations, opting to exclude potential tariff or trade policy impacts. Continental ( opens new tab meanwhile said on Tuesday that it suffered a net impact in a mid-double-digit million euro range from Trump's tariffs. Companies still to report this week include Novo Nordisk ( opens new tab, Commerzbank ( opens new tab, and Bayer ( opens new tab. As of Monday's close, the STOXX 600 was up about 7% year to date. ($1 = 0.8545 euros)
