(Bloomberg) -- Spain doesn’t see a risk of mass power outages, with the country’s energy provision secured under contracts, according to Deputy Prime Minister Nadia Calvino.

“We’re not concerned at all about blackouts -- the supply has been guaranteed very recently again,” Calvino told Bloomberg TV on Monday in an interview. “Our concern has more to do with the way energy markets are regulated and they work.”

While low levels of natural gas in storage for the winter have some European nations fretting about cutoffs, Calvino pointed to Spain’s “excellent” relationship with Algeria, on which it relies for deliveries of that fuel.


She stressed, however, that consumers must be able to take advantage of other options than gas in Spain’s energy mix. Otherwise, “they don’t see the benefit” of the European Union’s Fit for 55 green plan or the transition from fossil fuels as a whole, she said. 

Spain remains committed to alternative sources for that shift. “We want to have the cleanest and cheapest energy as soon as possible, and we think that’s renewables,” according to the deputy premier.

On the immediate impact of costlier energy, Calvino -- who’s also economy minister -- reiterated the view expressed earlier by Eurogroup President Paschal Donohoe that the current bout of elevated inflation will pass.

‘Temporary Phenomenon’

“Everybody agrees this is a temporary phenomenon,” stemming in part from the low base of comparison a year ago, she said. “We’ll see it coming down in the course of next year.”

One area where things are already going well is tourism. The industry is “booming” thanks to Spain’s high vaccination rates meaning it hasn’t suffered the same recent surge in cases as EU member states further east have.“That’s giving confidence to citizens,” Calvino said.

Separately, Calvino said Spain will reduce this year’s net debt issuance to 75 billion euros ($85 billion) -- 25% less than a January forecast -- after tax revenue rose in the euro area’s fourth-biggest economy.

The Treasury said it would cancel its final debt auction of  2021 as financing needs are covered. The government sees net issuance next year in the same range as this one, according to Calvino.

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