Security of supply
The obligation to maintain stocks in order to cope with possible supply crises was initially applied in Spain in 1927 as a consequence of the country’s energy dependency. The stockholding obligation was progressively increased as a result of the international commitments assumed by Spain when it joined the International Energy Agency in 1974 and the European Union in 1986.
Spain has a mixed stockholding system in which responsibility for maintaining hydrocarbon stocks is shared between CORES and the industry. Temporarily, from 1st of April to 31st of December 2021, the 42 days’ worth of strategic reserves of liquid hydrocarbons maintained by CORES, will increase to 50 days. Consequently, the number of days of minimum-security obligation that the obligated subjects have to maintain is proportionally reduced to 42 days.
Since its creation in 1995 CORES has contributed to ensuring the security of supply for hydrocarbons in Spain by holding petroleum product stocks and controlling the stocks of petroleum products, liquid petroleum gases (LPG) and natural gas maintained by the industry. Moreover, it monitors natural gas supplies to ensure that no single country of origin provides more than the legal percentage established.